Lowering Dish FVE to $53; Maintaining No-Moat Rating
We have taken a fresh look at Dish and are lowering our fair value estimate to $53 from $57 while reiterating our no-moat and negative moat trend ratings. We think Dish is facing trials on multiple fronts. The firm’s primary business, satellite pay TV, is challenged by not only subscribers cutting the cord, but by lower priced OTT pay TV bundles. To their credit, management foresaw these challenges and attempted to pivot via the acquisition of $21 billion of wireless spectrum. However, we’re unc...
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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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