Comcast: Mixed 3Q05 results but maintain Outperform
The following is a summary of a UBS full-length report on this topic,
dated November 23, 2005.

* Mixed 3Q05 results:
CMCSA reported mixed 3Q05 results, with strong topline growth (revenues
increasing 9.4% yoy to $5.6 billion) overshadowed by the cutting of 2005
guidance and soft subscriber data.

* Strong EBITDA growth:
CMCSA had robust EBITDA growth of 12.8% yoy to $2.1 billion, which was
driven by the Cable division (revenues up 9.8% to $5.3 billion).

* We expect phone subscriber growth to increase:
We expect phone subscriber growth will improve once the investments in
VOIP begin to pay off. The company expects to add 1 million VOIP
subscribers in 2006.

* We maintain Outperform:
Notwithstanding revised guidance, we still expect Comcast to benefit from
its leading position in cable and its investments in digital voice that
should drive future growth. Therefore, we reiterate our "Outperform"
opinion on CMCSA.