The 5% Yielder Hiding Behind a Spinoff

Epic Universe just opened in Orlando, Peacock is closing in on profitability, and a major cable spinoff cleared the decks last quarter. The dividend has climbed 17 years in a row, and the late-July earnings print could finally force a re-rate.

June 29, 2026

Most people see the cord-cutting headlines and walk away. That's exactly why this name still trades at a discount. A multi-billion-dollar broadband, theme park, and streaming business just shed its declining cable network assets through a spinoff, leaving a cleaner story behind.

The dividend keeps climbing. The cash keeps coming in, and the market keeps pretending it doesn't exist.

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A Broadband and Theme Park Giant in Disguise

The stock is Comcast (NASDAQ: CMCSA), and after spinning off its cable networks into a new public company called Versant, what's left is a focused broadband, wireless, theme park, and Peacock streaming business.

Think Xfinity internet, Universal Studios, and the NBC broadcast network, minus the dead weight of MSNBC and CNBC linear cable.

The company just opened Epic Universe in Orlando, Peacock is finally inching toward profitability, and the dividend has been raised every year for 17 straight years. From my seat, this is the kind of forced selling that creates real opportunity.

Why the Spinoff Changes the Math

Here's what the market is missing. Versant takes the structurally declining cable networks off Comcast's balance sheet, which means investors no longer have to discount the whole story for the worst-performing piece.

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What's left behind:

  • Xfinity broadband, the cash cow generating roughly 

  • Universal theme parks, with Epic Universe in Orlando ramping after its May 2025 opening

  • Peacock streaming, narrowing losses and growing subscribers

  • Xfinity Mobile, one of the fastest-growing wireless brands in the country

  • A clean balance sheet with a manageable debt load

Strip out the noise from the legacy cable networks and you're left with a higher-quality business that should trade at a higher multiple. The market hasn't repriced it yet. That's your window.

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The Numbers That Make This a Buy

Forget the headlines. Look at the cash. Comcast generates roughly, which more than covers the dividend with billions left over for buybacks.

Broadband subscriber losses get all the attention, but average revenue per user keeps climbing, and the wireless business is converting customers at a rapid clip.

Q1 2026 results showed adjusted EBITDA holding steady, with Peacock losses narrowing meaningfully year over year. The stock trades around at roughly 6.42x forward earnings, well below its 10-year average closer to 13x. That gap is your opportunity.

Action Item: Build a position between ahead of Q2 2026 earnings expected in late July, with the post-spinoff capital allocation update as the next catalyst.

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Epic Universe and the Theme Park Tailwind

The piece analysts keep underweighting in their models is theme parks. Universal opened Epic Universe in Orlando in May 2025, the first major U.S. Theme park built in over 25 years.

Early attendance trends have run ahead of expectations, and that incremental EBITDA contribution doesn't fully show up in the numbers until fiscal 2026.

International parks in Japan and Beijing are also recovering, and a planned Universal park in the UK could add another long-duration revenue stream.

Theme parks are sticky, high-margin, and inflation-resistant, the exact opposite of what bears think Comcast is. If you're buying a yield stock, you want the underlying business to have a leg that compounds. Theme parks are that leg.

What the Cash Flow Story Looks Like

Broadband and wireless do the heavy lifting. Xfinity Mobile crossed and continues to take share from the big three carriers thanks to its bundled pricing. The MVNO economics with Verizon mean Comcast doesn't have to spend on its own network. That's a high-margin growth lever flying under most analyst models.

Meanwhile, broadband ARPU continues to climb in the mid-single digits even as subscriber counts soften.

Net result: connectivity revenue keeps growing. Add in the buyback program, which has retired meaningful share count over the past five years, and you've got a setup where per-share metrics improve even when headline numbers look flat.

The Dividend Story Is Better Than It Looks

The trailing dividend yield sits around 5.7%, and the payout ratio is comfortable at roughly of free cash flow. Comcast has raised its dividend every year for 17 straight years, with an average growth rate in the high single digits. The most recent hike took the quarterly payout to.

That combination, a 5%+ yield with a 7-9% annual growth rate, is rare in this market. Most stocks paying north of 5% are either REITs at the mercy of rates or BDCs with credit risk. Comcast is a real operating business with real free cash flow covering the payout multiple times over.

Action Item: If you're hunting for steady income with built-in growth, this is one of the cleanest setups in large-cap dividends. Start a position now and add on weakness around the Versant separation noise.

The Risks Worth Watching

This isn't a slam dunk. Broadband subscriber losses could accelerate if fixed wireless from T-Mobile and Verizon keeps eating into the cable footprint. Peacock is still unprofitable on a standalone basis, and the streaming wars remain brutal.

The Versant spinoff creates some near-term complexity for valuation models, and short-term tax noise could weigh on reported earnings.

There's also macro risk. If the consumer cracks in a meaningful way, theme park attendance and broadband upgrade cycles take a hit. And if regulators block any planned wireless or content acquisitions, the growth playbook narrows.

None of these are showstoppers, but they're the reasons the stock trades where it does. You're being paid 5%+ to wait while management proves out the post-spinoff story.

Why This Setup Still Works

You're buying a cleaner Comcast with broadband, wireless, theme parks, and a streaming business that's finally getting close to breakeven, all while the market still prices it like a dying cable company.

The dividend is well covered, the buyback is active, and the spinoff removes the worst-performing assets from the story. With Q2 earnings approaching, Epic Universe ramping, and Peacock losses narrowing, the next 12 months should give the market plenty of reasons to re-rate the multiple higher.

At a 5%+ yield with a 17-year hike streak, you're getting paid handsomely to be patient. That's the kind of setup I want in this market.

Setup Scorecard

Entry Zone: $22–$24
Target: $27
Stop Loss: Reassess below $21

Catalyst Timeline: Q2 2026 earnings in late July, followed by post-spinoff capital allocation update

Confidence Level: Medium-High

That’s all for today’s edition of the Dividend Brief.

Thanks for reading, and if you have any feedback or dividend stocks you want me to take a look at, just reply to this email!

—Noah Zelvis
DividendBrief.com