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DISH Network Corp Class A DISH

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Morningstar’s Analysis

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Dish's Wireless Efforts Ramp Up as the Television Business Churns Out Cash During Q2

Analyst Note

| Michael Hodel, CFA |

Dish’s wireless network buildout gathered momentum during the second quarter as it prepares to launch service in Las Vegas, planned within the next 60 days, and construction ramps up in 30 other markets across the country. The television business continues to pump out cash, funding wireless spending with enough left over to build cash on the balance sheet. Dish likely isn’t totally out of the woods concerning its financing needs, but we believe it has the financial leeway to experiment with various wireless business models. We don’t plan to change our $43 fair value estimate and would look for a cheaper entry point before considering the stock given the wide range of potential outcomes Dish faces.

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Company Profile

Business Description

From its founding in the 1980s Dish Network has primarily focused on the satellite television business, capitalizing on technological advancements to expand its reach. The firm now serves 9 million U.S. customers via its network of owned and leased satellites. Dish launched an Internet-based television offering under the Sling brand in 2015 and now serves about 2.5 million customers on this platform. Dish’s future, however, hinges primarily on the wireless business. The firm has amassed a large portfolio of spectrum licenses over the past decade, spending more than $22 billion in the process, and is now building a nationwide wireless network. It acquired Sprint's prepaid business, serving about 9 million customers, as the entry point into the wireless retail market.

Contact
9601 South Meridian Boulevard
Englewood, CO, 80112
T +1 303 723-1000
Sector Communication Services
Industry Entertainment
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 13,500

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