Media conglomerate Comcast (NYSE:CMCSA) weathered the October market selloff in impressive fashion. While the S&P 500 dropped 7% in October, Comcast stock actually rose 7%.

That stability and outperformance amid broader market volatility illustrates one of the many positive attributes about Comcast stock here and now. Comcast stock has rock-solid fundamentals supported by enduring demand. It has strong content that gives it a moat. Moreover, CMCSA could potentially grow by launching a streaming service. Additionally, CMCSA stock benefits from consistent, stable revenue growth, and consistent, stable margin expansion. Meanwhile, Comcast stock trades at below- average multiples and has an above-average dividend yield.

On the whole, there is a lot to like about Comcast stock here and now.

But I don’t think that means you should get too excited about this stock. At current levels, CMCSA stock won’t deliver huge, 100%-plus returns over the next few years, as it has over the past decade. Instead, you are going to get solid, high single-digit earnings growth plus a nice, low single-digit dividend yield without any price-earnings valuation changes in Comcast stock. That combination should lead to total annual returns of 10%-plus.

That is really good for a stable stock like CMCSA. As a result, now looks like a good time to get constructive on this name.

The Fundamentals of CMCSA Are Rock-Solid

At the core of the bull thesis is that the fundamentals underlying Comcast stock are rock-solid and project to be rock-solid for the foreseeable future.

Comcast is essentially two really big businesses. There’s the telecom business, which is being boosted by internet connectivity growth but being hurt by cord cutting. CMCSA also owns NBCUniversal, which is being boosted by strong content but is also being hurt by cord-cutting and declining TV ad rates.

At the end of the day, both of those businesses are stable. Cord cutting will remain a headwind for them. But on the telecom side, robust internet connectivity growth is more than offsetting video losses. Additionally, Comcast will be able to charge more for high-speed Internet as the service becomes faster, more robust, and more complex. Already, it has been able to charge higher prices for high-speed internet services over the past few years, enabling its margins to rise during that period. Both of these trends will continue for the foreseeable future, so the telecom business should be boosted by stable growth and stable margin expansion.

Regarding NBCUniversal, all that really matters is content. NBCUniversal has strong content, likely trailing only Disney (NYSE:DIS) and Netflix (NASDAQ:NFLX) in that area. Demand for its content isn’t wavering, nor will it waver anytime soon. Instead, entertainment consumption is just shifting from linear channels to internet channels. NBCUniversal is following consumption trends and making this pivot. As long as NBC continues to follow that path, NBCUniversal should be just fine.

Overall, then, the fundamentals of Comcast’s main businesses are rock-solid, and should produce consistent, stable revenue growth and margin expansion. That stability will attract many investors in these volatile markets. Until the Fed backs off its hawkish tone or trade tensions improve significantly, stocks will remain volatile, and Comcast stock should outperform.

The Valuation of Comcast Stock Implies Nice Upside

The other major thing to like about Comcast stock is its valuation.

CMCSA stock trades at 14 times the company’s forward earnings, seven times its cash flow, and just over two times its book value. Moreover, it has a dividend yield of 1.9%. Over the past five years, the stock’s average forward earnings multiple has been north of 16, its average cash-flow multiple has been closer to nine, its average book multiple has been closer to three, and its dividend yield has been down around 1.6%.

In other words, across the board, Comcast stock is currently trading at below-average multiples with an above-average yield.

Part of the reason for the depressed valuation of Comcast stock is the company’s climbing debt load. Due to acquisitions, Comcast is acquiring debt when rates are rising, making debt increasingly less desirable. But CMCSA also produces a lot of free cash flow (it reported $3.1 billion of free cash flow last quarter), and its operations are stable. Thus, this company should consistently produce enough cash flow to service that debt in the long-run, making concerns about its debt seem overstated.

As a result, while Comcast’s below-average valuation might be warranted, it is also nonetheless attractive given its stable fundamentals. The valuation of CMCSA shouldn’t drop much, if any, over the next several years. Thus, the total return of CMCSA stock will be equal to the company’s earnings growth plus the dividend yield, which will likely hover around 2%. Meanwhile, the company’s annual earnings growth will likely be 8% or higher, driven by mid-single digit revenue growth, margin expansion and buybacks.

The total return of CMCSA stock, then, should be in excess of 10% annually. That is pretty attractive for a company with a stable valuation and a stable growth outlook.

Bottom Line on CMCSA Stock

Comcast stock isn’t anything to get too excited about. But it is a name that investors should be constructive on at the moment, amid the volatility of the broader market.

As of this writing, Luke Lango was long DIS and NFLX.