SATS: Model Update
This note covers updates to the model following consolidated EchoStar results. We increased wireless capex on the assumption that the company will raise new capital (if they don’t, capex will falldramatically). We increased our estimate for funding required to get to mid-2026 to $3BN. We updated our valuation to $98 / share. We will have another update out once we get the Dish and DBS 10-Ks.
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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