AllAnalyst Report
logoMorningstarOctober 19, 2020

DISH Network Corporation: Verizon Dominates the CBRS Spectrum Auction as AT&T Sits Out

Symbols
DISH
Sector(s)
Communication Services
Rating
Current Price
$45.82
Fair Value
Economic Moat
Stewardship
Summary

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 9.4 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 2.6 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 $21 billion in the process. It plans to acquire Sprint's prepaid business and build a nationwide wireless network.

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Analyst Profile

Michael Hodel

Director
Michael Hodel, CFA, is director of communications services equity research for Morningstar Research Services, LLC, a wholly owned subsidiary of Morningstar, Inc. He covers U.S. telecom service providers and related firms, including AT&T, Verizon, and Comcast. His team covers media companies, global telecom service providers, and owners of telecom infrastructure, such as wireless towers and data centers.Hodel joined Morningstar in 1998. Prior to his current position, he spent two years as a portfolio manager for Morningstar Investment Management, LLC. Previously, he served as a technology strategist responsible for telecom research, chair of Morningstar’s Economic Moat Committee, and a senior member of Morningstar’s corporate credit ratings initiative.Hodel holds a bachelor’s degree in finance, with highest honors, from the University of Illinois at Urbana-Champaign and a master’s degree in business administration from the University of Chicago Booth School of Business. He also holds the Chartered Financial Analyst® designation.