Dish Reports Mixed Quarter; Traditional Pay-TV Subs Continue to Flee
Dish’s satellite television customer base continues to shrink as the company only gained 16,000 net pay-TV subs in the quarter despite continuing growth at the Sling OTT service. The company met top-line expectations but missed EBITDA estimates as gross adds came in lower than last year and average revenue per user, or ARPU, continues to decline due to the mix shift toward the lower-priced Sling TV. Our no-moat rating and $57 fair value estimate are unchanged. We would wait for a wider margin of...DISH Network is a holding company. Through its subsidiaries, the company operates two business segments: Pay-TV and Wireless. The company provides pay-TV services under: the DISH? brand, which consists of, among other things, Federal Communications Commission licenses authorizing the company to use direct broadcast satellite and Fixed Satellite Service spectrum, the company's owned and leased satellites, and certain other assets utilized in the company's operations; and the Sling? brand, which consists of, among other things, live-linear streaming over-the-top Internet-based domestic, international and Latino video programming services. In addition, the company invests to acquire certain wireless spectrum licenses and related assets.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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