Report
Neil Macker
EUR 101.80 For Business Accounts Only

Dish will have to wait until after the broadcast auction to resume strategic planning in wireless.

Dish Network’s satellite television customer base continued to shrink in the first quarter despite its Sling over-the-top service continuing to add subscribers, as the company lost 143,000 net pay-TV subs to begin 2017. The company missed top-line expectations but beat EBITDA projections due in part to lower-than-expected gross adds. Our narrow moat rating and $55 fair value estimate are unchanged. We would wait for a wider margin of safety to invest, as the ultimate value of the firm’s spectrum...
Underlying
DISH Network Corporation Class A

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Neil Macker

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