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Dish Network Corp. Message Board

  • ezalldee ezalldee Jun 2, 2011 7:35 AM Flag

    .SIRIUS XM to Outperform

    .SIRIUS XM to Outperform

    Wednesday June 1, 2011, 3:05 pm EDT

    We upgrade our recommendation on SIRIUS XM Radio Inc. (NasdaqGS: SIRI - News) to Outperform based on better business visibility of the company. SIRIUS XM was able to turn around in 2010 after facing a bankruptcy threat in the recessionary period of 2009.

    An improving U.S. auto sector and a rise in consumer spending will sustain SIRIUS XM’s near-term growth. Management maintained its full-year 2011 revenue target while raising its free cash flow estimate.

    We believe upcoming SIRIUS XM 2.0 product will help the company to increase its subscriber base. Moreover, the company will get pricing flexibility from the fourth quarter of 2011, after the completion of stipulated FCC regulatory period.

    We believe an improving economic environment coupled with pricing flexibility may become a significant boost for the company. First-quarter 2011 financial results of the company barely met the Zacks Consensus Estimates.

    Improving U.S. economic conditions have resulted in the recovery of auto sector sales together with better-than-expected consumer spends prompting SIRIUS XM to present a rosy picture. The company has a very strong business relationship with original equipment manufacturers.

    SIRIUS XM owns an extensive satellite network covering the whole U.S. that provides audio contents through over 130 channels. After Comcast Corp. (NasdaqGS: CMCSA - News), the company is now the second largest entertainment subscription service provider in the U.S.

    During the first quarter of 2011, SIRIUS XM reported lot of improvements regarding several operating metrics. Average revenue per user (ARPU) was $11.52 compared with $10.48 in the year-ago quarter. Average self-pay monthly churn rate was 2% while remaining same year over year. Subscriber acquisition cost (SAC) was $57 compared with $59 in the prior-year quarter.


    SIRIUS XM RADIO INC (SIRI): Read the Full Research Report

    COMCAST CP CL A (CMCSA): Read the Full Research Report

    Zacks Investment Research

 
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