New Street Research - DISH Network Corporation Class A (DISH) ... SATS 4Q23 Quick Take

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New Street Research

Jonathan Chaplin

EUR 9330.00 For Business Accounts Only

SATS 4Q23 Quick Take

EBITDA results were better than we feared. It appears that most of the EBITDA pressure anticipated in the S-4 was due to non-cash impairment charges. FCF was as we expected despite this (worse than consensus). Management anticipates negative FCF for 2024, which is worse than we thought (though we don’t know what they are assuming for capex). They don’t have resources to meet November 2024 maturities.

29/02/2024 1 EN

Underlyings

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.

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US25470M1099 NASDAQ Stock Market United States

EchoStar Corporation Class A

EchoStar is a holding company. Through its subsidiaries, the company is a global provider of broadband satellite technologies, broadband internet services for home and small office customers, satellite operations and satellite services. The company operates in two business segments: Hughes, which provides broadband satellite technologies and broadband internet services and broadband network technologies, managed services, equipment, hardware, satellite services and communications solutions; and EchoStar Satellite Services, which uses certain of the company's owned and leased in-orbit satellites and related licenses to provide satellite service operations and satellite services.

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US2787681061 NASDAQ Stock Market United States

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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Analysts

Jonathan Chaplin

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SATS 4Q23 Quick Take

NSR Policy: The Interconnections of ACP, Spectrum, Title II, and the Second Circuit ruling

Vital Signs: Actionable charts

NSR Policy Key Policy Controversies Heading into Earnings: ACP, NN7/States/USF, Spectrum, and DISH

VirginMedia-O2 Q1 24 with a deeper-dive on the nexfibre accounts

MTN (Buy, TP: ZAR130, +42%) MTN Ghana – Q1 24: Good start to the year

AMX (Buy, TP: $24, +25%) Why a seemingly (quite) healthy Telco just filed for Chapter 11. Twice.

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