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Dish Update

06 November 2020 by jbchevrel

DISH is a connectivity company. Through its subsidiaries, it provides TV entertainment and award-winning technology to millions of customers with satellite DISH TV and streaming SLING TV services. In July 2020, the company became a nationwide US wireless carrier through the acquisition of Boost Mobile (acquired 9 million susbcribers). DISH continues to innovate in wireless, building the nation's first cloud-native, Open RAN-based 5G broadband network. DISH CDS is a member of CDX HY since s12 included. Net pay-TV subscribers increased by +116k in Q320, which was slower than the +148k in Q319, but Dish reported a surprise profit and revenue growth in Q3. Boosting sentiment. CDS rallied -50bp to 463bp. Revenue came at $4.5 billion, higher than the median estimate $3.5 billion (range $3.0-$4.34 billion). That strong print takes the 3-quarter cumulated revenue at $10.9 billion, compared to $9.6 billion in Q319. Net income was $505 million, vs $353 million in Q319, up +43%. DISH CDS tights in early 2020 were 240bp, it topped 700bp. Since then the range is 300-550 and we are still mid-range, despite today’s move.