![]() ![]() Figure 1 shows Comcast's free cash flow trajectory from 2010 to 2021, normalized for working capital movements, stock-based compensation expense and impairment charges. For this reason, and because the company relies heavily on cable fees, it continued to generate strong free cash flow in 2020, even though the company's Theme Parks and Studios segments suffered a major setback due to pandemic-related measures. The consequences in 2022 in many cases are bloated inventories, and with consumer sentiment increasingly deteriorating, many companies are forced to mark down items to generate needed operating cash flow.Ĭomcast, as a telecommunications company, does not rely on substantial working capital in the traditional sense (i.e., inventories). Primarily due to the difficult environment due to the virus-related lockdowns in 2020, many companies were faced with significant working capital-related challenges in 20. ![]() Key Takeaways from Comcast's Second Quarter Earnings Call Strong Free Cash Flow From The Cable Segment In this article, I will outline why I think the stock is a highly promising value, especially for dividend growth investors, based on the company's second quarter 2022 results. Even then, I thought it was an acceptable value, but in the meantime, things have turned out much better from the perspective of a contrarian value investor. I first covered Comcast Corporation ( NASDAQ: CMCSA) in a comparative analysis back in April, when the stock was trading in the mid-$40 range. ![]()
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