Comcast has rebounded in the past month, yet over a longer stretch the share price has gone the other way, which puts a spotlight on whether the current valuation really lines up with the cash the business is expected to generate. With the stock changing hands around US$25.03 at the last close, the key issue is how that tag compares with what its future cash flows may be worth today.

• Comcast shareholders have seen the stock decline 40.8% over 5 years, which raises a direct question about how much of the company’s cash flow story is already reflected in the price.
• Regulatory scrutiny around media consolidation, highlighted by the UK review of the proposed ITV takeover involving Sky, may influence how investors think about Comcast’s…