Comcast (aviate Buy): solid

Within solid Comcast numbers, evidence of appetite to pay for ‘speed’ continues. 433,000 high speed data net adds and ARPU growth, 17% profit growth driven by cable rate increases and strong Operating Cash Flow over $4.2bn. NBCU sales weak will not surprise given the turnaround strategy. Comcast has underperformed the S&P Media sector by 7% YTD, given best in class broadband speeds, de-equitisation strategy and recent underperformance we would ADD to CMCSA.