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DISH Network Corp

DISH is the 2nd largest satellite-TV provider in the US, providing video services to 13 mn subs out of 91 mn video subs in the US. Its largest markets are Los Angeles (599k), NYC (333k), Dallas (302k), and Houston (242k). DISH was EchoStar's media arm until the 2 split in 2008. Ergen is the Chairman of DISH (and EchoStar) and owns a majority of voting power. In Feb. 2017, EchoStar and DISH completed an asset swap in which DISH gained the set-top box business, some spectrum, and Sling technology, in exchange for DISH's 80% interest in the HRG tracking stock. A better equity currency could improve EchoStar's ability to execute large-scale M&A. DISH has amassed spectrum, acquiring two 20 MHz bands from Terrestar ($1.4 bn) & DBSD ($1.4 bn), 10 MHz of H-Block ($1.6 bn), 6 MHz of E-Block/700 MHz ($712 mn), 21 MHz of AWS-3 ($10.0 bn but some will be returned) and 18 MHz of 600 MHz. DISH has 13 satellites. 4 sats are in the 61.5° slot, 1 in the 72.7° slot, 1 in the 77° slot, 2 are in the 110° slot, 1 in the 118.7° slot, 2 are in the 119° slot, 1 in the 121° slot and 1 in the 129° slot. The useful life of the satellites is ~15 yrs. (11 Sep 2018)

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US TMT: FCC To Review Local Media Ownership Rules

Sector Analysis: 13 Dec 2018, 6:03 AM ET - We review and summarize some of the key components of the FCC's Notice of Proposed Rulemaking and the local media ownership rules under review. 
Focused

DISH: S&P Downgrades DBS

Worth Watching: 05 Dec 2018, 5:19 PM ET - DISH DBS (B1/B-) was downgraded by one notch to B- by S&P, its second ratings downgrade from the agency this year. S&P highlighted accelerating satellite sub losses, slowing Sling TV growth, and increasing uncertainty around the support from th ..

VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.
Focused

DISH Network 3Q18: So, About That $10 Billion...

Earnings Note: 07 Nov 2018, 9:47 PM ET - The Univision blackout is driving subscriber losses at DISH, and the HBO dispute is another headwind to come. Fewer subscriber adds has led to better AEBITDA results, but the DISH wireless buildout will be very capital-intense. 

Altice USA 3Q18: A Strong Showing

Earnings Note: 06 Nov 2018, 9:01 AM ET - Altice USA delivered a strong set of results, underscored by mid-single-digit revenue and AEBITDA growth. The company is on track to reduce leverage with AEBITDA growth, and FCF growth may be allocated to share buybacks. 

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.
Focused

DISH 2Q18: Ch-ch-ch-ch-changes

Earnings Note: 06 Aug 2018, 9:51 AM ET - Change, churn, China, and Charlie were key themes of the 2Q18 earnings call.

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

NYC HY Conference: Gray Television

Transcript: 06 Jul 2018, 6:10 AM ET - We presented our view of local television and why we still like its position even as our video options increase. We discussed our positive view and o/p rec on GTN's 2026s with an update for its Raycom acquisition announced the next week.

US HY 2018 Conference Series Presentations

Presentation Slides: 28 Jun 2018, 2:05 PM ET - We provide the presentation slides from our 2018 US HY Conference Series.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 
Focused

DISH 1Q18: Here's to the Skeptics

Earnings Note: 08 May 2018, 9:47 PM ET - We affirm our Sell recommendation on the DISH DBS 7.75% 2026s. DISH Network reported earnings characterized by double-digit AEBITDA declines, and our long-term concerns with the credit (Underperform) remain.
Focused

Spotlight on DISH DBS: The Leech & The Host

Company Spotlight: 30 Apr 2018, 4:28 AM ET - The longer DISH Network goes without a strategic spectrum transaction, the longer DISH DBS will be used as the funding mechanism to keep Ergen's spectrum optionality alive. 

HY TV Broadcasters: Rel Val Update (2/2)

Sector Analysis: 24 Apr 2018, 5:27 AM ET - In Part 2, we review our recommendations on the HY broadcasters ahead of the 1Q18 earnings season.  Concerns about a soft ad market, subscriber trends, declining prime-time ratings and M&A risk continue to weigh on the sector. 

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