Comcast Faces Challenges, but We Expect Cash Flow Will Remain Strong

Comcast’s core cable business enjoys significant competitive advantages and should deliver strong cash flow for the foreseeable future. Growth will likely be limited, though, as fixed-wireless offerings have proved to be viable broadband alternatives, and competing fiber networks continue to expand at a steady clip. We also don't expect the media business to return to the level of profitability it has enjoyed in the past.