DISH - Embedded Expectations Analysis - 2020 06 30
DISH Network Corporation (DISH:USA) currently trades near historical lows relative to UAFRS-based (Uniform) assets, with a 1.0x Uniform P/B. At these levels, the market has expectations for profitability to remain muted, and management may be concerned about their Boost deal, Pay-TV universe, and streaming service competitionSpecifically, management may have concerns about their discarded narrowband IoT investment, the quality of Pay-TV universe products from a consumer perspective, and their user experience. In addition, they may lack confidence in their ability to compete and build out a telecommunications network and finalize the Boost deal, and they may be concerned about prepaid business model limitations. Furthermore, they may be concerned about competition from streaming platforms and the sustainability of favorable broadcasting negotiation terms, and they may be overstating their position as the leading modern network in terms of thought process
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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