Report
Neil Macker
EUR 101.80 For Business Accounts Only

Dish’s wireless spectrum offers strategic optionality as its satellite pay-TV business declines.

We think Dish is caught between a rock and a hard place. The firm’s core pay-TV business is facing both strategic and operational challenges, which leads us to downgrade Dish's moat to none. Dish is pivoting by acquiring $21 billion of wireless spectrum. Ultimately, we're concerned that this bet will not pay off. The firm still has no network and no customers for its spectrum and risks losing these assets if it doesn’t build out a network by 2020. Thus far, Dish has only put forth a vague plan o...
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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