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Non-Tech : Comcast Corporation (CMCSA)
CMCSA 27.33-2.2%3:59 PM EST
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To: nick haines who wrote (6)6/11/1997 6:09:00 AM
From: Grant Froese of Calgary   of 189
 
Nick:

I was more premature than you were and got into Comcast over a year and half ago at $17. For most of that time, owning the stock has been an exasperating experience, along the lines of trying to feed a two year old that just isn't hungry. So naturally, I was delighted with the recent news.

I am not a fan of Mr. Bill or his Microsoft cronies. I think they are all very extremely bright and competent, but I hate their absolute ruthlessness and insistance on dominating every field they enter. That being said, Mr. Bill's money is as good as anybody else's and I don't plan to sell my CMCSA any time soon. I saw an interview with Brian Roberts, the CEO of CMCSA on Fox News. The deal is great for them in a variety of ways. The billion dollars will allow them to pay down debt by $500 million, leaving them with the lowest EBITDA/Interest Coverage ratio in the industry (tied with Cox). The remaining $500 gives them a mighty war chest to buyback stock if the price ever gets too low or to expand into new areas through acquisition or to spend money on cap ex to put CMCSA on the forefront of new technologies.

I think this is a sign that Broadband will soon come of age and is a first dagger through the heart of the RBOCs. Since CMCSA dominates wireless telephony in most of the areas they have cable, what business they don't pick up through cable, they will get through wireless. I don't envy Ray Smith, the chairmen of Bell Atlantic, who is going to have to compete against CMCSA.

I would like to invest some money in cable equipment suppliers now. Do you have any suggestions besides the usual suspects like General Instrument or Scientific Atlanta?
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