Podcast: Why Ron Nussbaum sees value in Comcast’s (CMCSA) breakup

I recently had the opportunity to speak with Ron Nussbaum of Maverick Value about his high conviction investment thesis on Comcast (CMCSA). Comcast just announced it’s breaking up and will spin-off NBC Universal within 12 months. Ron believes this spin-off will crystallize value.
I really enjoyed the conversation and hope you do as well. Here’s what we discussed:

0:55 Ron’s investment banking background
3:35 How Ron manages the Maverick Value portfolio
6:45 How Ron’s approach has changed over time
9:15 Ron discusses his max position size
11:15 Ron shares his Comcast investment case
14:50 Why did Comcast pursue a spin-off?
21:55 What Comcast is worth on a SOTP
23:15 Could Comcast RemainCo be a major dividend payer?
29:15 Is the Spin-off a GoodCo or BadCo?
33:15 How big of a position is Comcast for Maverick Value?
33:50 What are the biggest risks to the Comcast investment case?
35:15 Any risk the spin-off doesn’t take place?
37:15 How levered will Comcast RemainCo be?
39:45 How to get in touch with Ron (Ron.Nussbaum@MaverickValue.com) and learn more about Maverick Value

You can watch the episode on YouTube or listen on Spotify or Apple.

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