The bidding war for Clearwire is really heating up now that DISH is willing to take on all of Sprint to get to that delicious huge swath of bandwidth that its subsidiary Clearwire controls. Nothing, NOTHING, is more important than keeping conrol of that giant amount of valuable spectrum in American hands.
Tag Archives: DISH
It's Time to Buy DIRECTV Stock. Here's Why.
By Rich Smith, The Motley Fool
Filed under: Investing
Picking the best value between two similar-seeming stocks can sometimes be tricky — but not always. In the contest between DISH Network and DIRECTV , for example, there’s simply no contest: DIRECTV stock is clearly the better value. Why?
Three reasons.
DIRECTV is cheap
Priced at just 12.2 times trailing earnings, DIRECTV stock looks like a bargain by just about every measure imaginable. First off, its P/E is less than half that of pricier DISH Network, which costs a hefty 26.7 times trailing earnings.
Valued on projected (forward) earnings, the relationship holds up, with DISH costing 15.6 times what it’s expected to earn next year, but with DIRECTV selling for less than 10 — a valuation cheaper than most stocks in the Dow Jones Industrial Average .
And if the discount narrows a bit when considering free cash flow rather than GAAP net income, it doesn’t disappear entirely: DISH stock sells for 16.6 times FCF. DIRECTV stock costs only 14.
DIRECTV has the best record — and the best prospects
DIRECTV stock looks great in the rearview mirror, and even better when viewed through the windshield. Over the past five years, DIRECTV grew its annual sales twice as fast as its satellite-TV rival — 11.6% per year on average, versus DISH‘s 5.2%. Going forward, earnings are expected to grow even faster than sales have in the past, with most analysts agreeing that DIRECTV will post compound annual earnings growth of 14.2%, versus DISH‘s plodding pace of just 5.2%
DIRECTV pays you best
Perhaps most important to investors, though, is that in getting a great deal on price, they’re not giving up anything on quality. Even though DIRECTV stock costs so much less than DISH, the stocks’ free cash flow yields are nearly identical. In fact, DIRECTV‘s is slightly superior to DISH‘s.
Measured by dividing a company’s market capitalization (the price you pay for DIRECTV stock) into its free cash flow (the money your investment generates for you), DIRECTV offers investors a slightly superior “free cash flow yield” to DISH‘s. For every dollar you invest in a share of DIRECTV stock today, you can expect the company to generate nearly 6.25 cents’ worth of real, cash profits on your investment.
DTV Free Cash Flow Yield data by YCharts.
DIRECTV may ultimately use this cash to begin paying a dividend, to buy back shares (increasing the size of your stake in the company for every share it takes off the table), or to reinvest in its business and maintain its lead over DISH for years to come. Any way you look at it, though, DIRECTV‘s ability to generate cash offers investors a great reason to invest.
And that, Fools, is the reason I think now’s a great time to buy DIRECTV stock.
The Motley Fool’s chief investment officer has selected his No. 1 stock for this year. Find out which stock it is in the brand-new free report:
From: http://www.dailyfinance.com/2013/04/14/its-time-to-buy-directv-stock-heres-why/
Wal-Mart Dominates Bond-Buying
By Russ Krull, The Motley Fool
Filed under: Investing
New issues in U.S. corporate bond markets topped $24 billion last week, with one big borrower accounting for more than 20% of the total. Here are a few of the highlights.
Wal-Mart stocked the shelves with $5 billion spread over three-, five-, 10-, and 30-year notes. The SEC filing listed “general corporate purposes,” including share buybacks, refinancing, acquisitions, and capital expenditures. The retail giant’s credit rating let it price the bonds at the low coupon rates shown below. The spreads over comparable U.S. Treasuries range from 0.26 to 0.88%.
|
Principal Amount |
Coupon Rate |
Note Matures |
|---|---|---|
|
$1 billion |
0.6% |
April 2016 |
|
$1.25 billion |
1.13% |
April 2018 |
|
$1.75 billion |
2.55% |
April 2023 |
|
$1 billion |
4% |
April 2043 |
Source: Wal-Mart 424B2 SEC filing dated April 5, 2013.
Even though Wal-Mart wasn’t specific, let’s pull the refinance thread. A search at FINRA‘s bond center shows Wal-Mart with five bond issues maturing over the next 12 months. The total principal amount is $4.195 billion, with coupon rates ranging from 0.75% to 7.25%. The annual coupon payments on the $5 billion of newly issued paper are nearly $59 million per year lower than the coupon payments for the $4.195 billion of paper maturing over the coming year. Of course, Wal-Mart didn’t say how much of the new money would go to redeeming maturing bonds.
Interested in an investment-grade bond paying 7.75%? Barclays just issued $1 billion of 10-year notes that fit the bill. Before calling brokers to place orders on a deal that seems too good to be true, a Foolish investor checks to see if there’s a catch. And there is: The bonds are contingent convertible, meaning they convert to something else if some contingent trigger event happens. In this case, if Barclays’ tier-one common equity ratio drops below 7%, the bonds convert to worthless paper. So much for bonds as low-risk investments.
DISH Network subsidiary DISH DBS broadcast new five- and seven-year issues for a total of $2.3 billion to be used for “general corporate purposes, which may include wireless and spectrum-related strategic transactions.” The original plan was an issue of approximately $1 billion. DISH didn’t say what happened between Tuesday and Wednesday to make “approximately” mean “more than twice as much.”
Home Depot hammered out $2 billion split between 10- and 30-year paper. At least some of the money is going to shareholders via share repurchases, while the rest will be used for the ever-popular “general corporate purposes.”
I see two takeaways from last week’s new issues. First, low rates continue to save money for companies refinancing debt, borrowing for capital expenditures, or even repurchasing shares. Second, bond research can’t stop with yield and credit rating. If something’s priced out of line with the rest of the market, there’s usually a reason.
Play it safe
If you’re on the lookout for high-yielding stocks, The Motley Fool has …read more
Source: FULL ARTICLE at DailyFinance
DISH's $9 Billion Coffer and the Company's Future
By Michael Lewis, The Motley Fool
Filed under: Investing
DISH Network has lots and lots of cash — more than $7 billion following this week’s debt issuance. As opposed to other cash hoarders, there’s no secret as to what the company wants to spend it on. DISH is knee-deep in the race for spectrum and wireless buildout to launch its much-anticipated 4G network. The question is, where will the company make its purchase? As Sprint and Clearwire continue to cozy up, the satellite-television provider will likely have to look elsewhere for its spectrum bundle. Where will the billions go?
To buy, or be bought?
DISH Network, despite the occasional stumbles and mediocre subscriber gains, is a thriving business, with strong cash flows and sound management. Its biggest detractor is more than $11 billion in long-term debt.
The company does not need a buyer, but it may happen anyway. DIRECTV has been killing it in Latin America, adding millions of subscribers in a relatively short period of time. Even in the U.S., where pay-tv penetration approaches total saturation, the company has increased its average revenue per user, and found ways to boost its North American cash flows. Meanwhile, DISH‘s numbers have suffered, similar to the numbers of cable companies.
This presents an interesting opportunity for both companies. DISH could use the Latin American subscriber growth, and DIRECTV could gain immediate exposure to the wireless network effort. It would be a pretty textbook case of a symbiotic merger — more like an acquisition, since DTV is the bigger company.
In the company’s last conference call, DISH CEO Charlie Ergen said he would have to consider the buyout possibility, because it just makes sense. While not the most enthusiastic language, he’s absolutely right.
But, meanwhile, what is to be done with the billions the company just raised in a debt offering, not to mention the quarterly cash flows that continue to add hundreds of millions?
Spectrum!
DISH is starving for spectrum. At the end of last year, the company made an offer for Clearwire, but it never got too far, as Sprint, the original suitor, seems to have warmed up the former’s board to the idea. There must be some potential elsewhere, though, as DISH just this week issued its latest debt of $1 billion, in addition to $4 billion in senior notes last year.
Besides increasing the company’s $3.30 per share offer for Clearwire, which could induce a shareholder riot compared to Sprint’s $2.97 offer, the company could back Deutsche Telekom‘s proposed takeover of MetroPCS. This would accomplish nearly the same thing, and a JV with the German telecom juggernaut could add a sense of security for investors and analysts.
The next few months will be very interesting for DISH shareholders, as it may show the future direction (and viability) of the company. If any of the above materialize, it would be a win for investors.
More from The Motley Fool
Profiting from our increasingly global economy can be as easy as investing …read more
Source: FULL ARTICLE at DailyFinance
Clearwire Taking Sprint's Money; Still Talking to DISH
By Dan Radovsky, The Motley Fool
Filed under: Investing
Clearwire will go ahead and take an $80 million draw provided by a financing agreement with Sprint Nextel , Clearwire announced today.
The money will come in the form of notes exchangeable for Clearwire common stock at $1.50 per share, a price that could be adjusted under certain conditions pursuant to the financing agreements with Sprint. Clearwire has not yet determined whether it will take any future draws under the agreements. According to The Wall Street Journal, Clearwire took an $80 million allotment for March and today’s announcement covers April.
Clearwire further said today that its fiduciary duties mandated discussions with DISH Network regarding the satellite TV provider’s unsolicited proposal to buy the wireless network. DISH‘s proposal is a counteroffer to Sprint’s proposal to purchase the outstanding Clearwire shares that Sprint does not already own.
Those discussions with DISH have been going on over the last three months and will continue until Clearwire can determine “the course of action that it believes is in the best interests of Clearwire’s non-Sprint Class A stockholders,” Clearwire said in its announcement.
The article Clearwire Taking Sprint’s Money; Still Talking to DISH originally appeared on Fool.com.
Fool contributor Dan Radovsky has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
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DISH Sheds More Blockbuster
By Michael Lewis, The Motley Fool
Filed under: Investing
While satellite-TV giant DISH Network continues to pour money into its wireless network buildout and battles Sprint for highly sought-after Clearwire assets, the company has also been trying to wind down its position in video-rental dinosaur Blockbuster. The effort hasn’t gone as quickly as investors and analysts may have liked, but there was progress this week when the company sold off Blockbuster U.K. to a team of restructuring specialists in the area. The sale represents another a step in the right direction, but DISH needs to go ahead and get this balance sheet ball-and-chain off the books for good.
Why
As a close follower of deep value and special situations, I’m all for reinventing and restructuring, but from the moment DISH Network bought then-bankrupt Blockbuster to help leverage their own offerings, I could not see a silver lining to the befuddling deal.
In 2011, DISH paid $320 million for the video rental artist formerly known as Blockbuster. It was viewed as a potentially lucrative deal, given the company’s video catalog and the foundation for building a formidable competitor to Internet streaming gorilla Netflix. Those elements made sense at the time, but the company did not take immediate steps to start closing stores. These stores have, predictably, deteriorated and given DISH little more than a place for people to walk by and reminisce about the ’90s. The company used the stores as a showroom for DISH satellite offerings, and was able to sell some subscriptions. Overall, though, sales at these stores could not justify keeping them open.
Starting in 2012, the company slowly but surely began closing stores — 500 throughout the year. Management considered these 500 stores “underperformers,” while allowing others to remain open and continue to add value to the parent company. The problem? All of the Blockbuster stores are underperformers.
Earlier this year, management announced plans to close an additional 300 stores in the United States. This meant 2,000 jobs lost, which is terrible, but certainly not the fault of the company. It was, unfortunately, a long time coming.
Why DISH management thought it could reinvigorate Blockbuster, I am not sure, but investors should be glad to see more of these relics on their way to retirement.
More closure
This week, the company announced that its bankrupt U.K. subsidiary, Blockbuster in Britain, has found a buyer in restructuring group Gordon Brothers Europe. I would love to know what Gordon Brothers intends to do with the company, but that isn’t quite relevant to DISH’s interests. Blockbuster in Britain currently has 264 stores, down from 528 a year ago. These stores will remain open, saving 2,000 employees from the chopping block and allowing a final effort to save the chain in the U.K.
The good news is, DISH has washed their hands of a losing business, and now has only a few hundred more stores back on our shores to wind up.
In January, management claimed that it would continue to evaluate the performance of the remaining stores and …read more
Source: FULL ARTICLE at DailyFinance
DISH Hopper, Second-Screen and Mobile Apps Enhance NCAA Tournament Viewing Experience
By Business Wirevia The Motley Fool
Filed under: Investing
DISH Hopper, Second-Screen and Mobile Apps Enhance NCAA Tournament Viewing Experience
- DISH upgrades apps to improve Hopper and second-screen experience
- DISH Explorer second-screen app delivers easier Tournament navigation, enhanced stats and access to Twitter conversation about the Tournament
- DISH Anywhere update enables faster mobile app experience
- Game Finder Hopper app optimized for NCAA Tournament experience
ENGLEWOOD, Colo.–(BUSINESS WIRE)– As college basketball fans across the nation prepare to follow the NCAA Tournament, DISH has enhanced apps within its Hopper™ Whole-Home HD DVR platform, including its second screen and mobile apps to give sports fans an improved viewing experience.
The Game Finder app, accessible from the Hopper, displays all the Tournament games in one easy to navigate location. (Photo: Business Wire)
Updates to Hopper Apps:
The Hopper sports app, Game Finder, displays all the Tournament games in one easy to navigate location and allows viewers to tune in to, or record, upcoming games directly from the app.
Enhancements to the app include:
- Faster navigation and access to sports scores;
- The ability to sort games by conference to enable viewers to find must-see games quicker; and
- The option to hide games that are blacked out.
Updates to Second-Screen and Mobile Apps:
The DISH Explorer™ app for iPad now includes an “NCAA Tournament” tab on the main screen. The tab allows viewers to instantly see upcoming games, times and channels, and enables them to easily set recordings. Fans can even join the latest sports conversation on Twitter through the app.
DISH Explorer gives fans the chance to quickly find their favorite …read more
Source: FULL ARTICLE at DailyFinance
Will DISH Be Swallowed Whole by DIRECTV?
By Michael Lewis, The Motley Fool
Filed under: Investing
Satellite-television giant DIRECTV has employed Latin America as its growth driver over the past couple of years, and it’s been a wonderful partnership. The company has gained millions of subscribers in the region while its North American business faces the same challenges felt by competitor DISH Network and other service providers. Recently, DIRECTV courted Vivendi-owned GTV, a Brazilian broadband player with 10% of the market share. However, the deal recently crumbled over disagreement on price. This left some analysts thinking now may be an appropriate time for DIRECTV and DISH Network to join forces. What would that look like?
A history of not merging
The DIRECTV–DISH merger is not a new concept at all. The two companies actually tried to do it back in 2002, but regulators determined it was not in the best interest of free markets. This wouldn’t be the same situation today, though, given the formidable competition from streaming services such as Netflix and Amazon.com, in addition to traditional cable companies.
But why would the two companies want to merge? DIRECTV CEO Mike White said the two companies do, in fact, have strong potential synergies.
Two different strategies, same goal
Both DISH and DIRECTV have taken significant, though very different, strides to navigate the changing tides of content distribution. DIRECTV has taken what I consider to be a more traditional, risk-averse strategy of expanding into emerging markets — mainly Latin America. This has, as I mentioned, led to explosive subscriber growth quarter after quarter, even if ARPUs have suffered because of low price points and exchange rates. DIRECTV‘s shares are currently trading at an all-time high.
DISH, on the other hand, took the risky road, and it has yet to pay off. The company has been aggressively attempting to build out its own broadband network, with some degree of success. But what it really needs is a partner. The company recently made an offer for Clearwire that came in at a premium to Sprint Nextel‘s offer, but most believe Clearwire will ultimately go to the latter. This leaves DISH in a tricky position — it has billions invested in valuable spectrum, years of regulatory shuffling and positioning, and meanwhile, lackluster subscriber numbers in its U.S. market. If DISH is eventually able to launch its wireless network and compete head-on with telecoms, it would be a major value driver going forward, but this leaves little to be excited about in the short term.
So by merging with DIRECTV, DISH would solve its core business stagnation. The resulting company would easily be the satellite-television overlord of the Americas, with plenty of cash flow from both its higher ARPU North American subscribers, and its rapidly increasing Latin American operations.
DIRECTV, on the other hand, would get the spectrum and broadband play, possibly even more valuable than its proposed acquisition of GTV.
Many, including Investment bank Macquarie, think this merger makes more sense now than ever and could be right around the corner.
Good, …read more
Source: FULL ARTICLE at DailyFinance
Frontier Communications Announces 2012 Network Enhancements, Capital Investments in Washington State
By Business Wirevia The Motley Fool
Filed under: Investing
Frontier Communications Announces 2012 Network Enhancements, Capital Investments in Washington State
EVERETT, Wash.–(BUSINESS WIRE)– Frontier Communications (NAS: FTR) recently announced 2012 network enhancements and capital investments in Washington state which continue to transform the service areas the company acquired in July of 2010. Frontier offers broadband internet, FiOS video services in certain markets, digital phone service, satellite video through a partnership with DISH, Frontier satellite broadband, customer premises equipment (telephone systems, support for commercial businesses and e911 applications) and web security/data back-up through the Frontier Secure suite of services.
“We’re proud we invested approximately $75 million in Washington State during 2012,” said Rich Klena, Frontier Senior Vice President and General Manager for Oregon and Washington. “In a tough economy, the company’s investment in Washington went up and continues today.”
Klena added: “During the past two and a half years we built a telecommunications network that makes Frontier broadband available to more than 37,533 additional homes and businesses, expanding availability in our service territory from 85% to 92%. We are aggressively deploying Metro Ethernet service and Dedicated Internet Access capabilities to serve the growing bandwidth needs of our commercial customers. These services are delivered via Frontier’s backbone network which connects to all of the company’s central office switching systems.”
“Our core values are to put the customer first and to be locally engaged in the communities we serve. We have six distinct markets in Washington, each led by a General Manager responsible for the overall customer experience,” stated Klena.
All Frontier services are installed and maintained by the company’s 100% U.S.-based work force. Frontier has more than 1,200 employees in Washington.
About Frontier Communications
Frontier Communications Corporation (NAS: FTR) is an S&P 500 company and is included in the FORTUNE 500 list of America’s largest corporations. Frontier offers broadband, voice, satellite video, wireless Internet data access, data security solutions, bundled offerings and specialized bundles for residential customers, small businesses and home offices and medium and large businesses in 27 states. Frontier’s approximately 14,700 employees are based entirely in the United States. More information is available at www.frontier.com.
Frontier Communications
Steve …read more
Source: FULL ARTICLE at DailyFinance
DISH Bolsters Senior Leadership Team
By Business Wirevia The Motley Fool
Filed under: Investing
DISH Bolsters Senior Leadership Team
- Expands Role of Han as Executive Vice President and Chief Operating Officer
- Appoints Shull to Executive Vice President and Chief Commercial Officer
ENGLEWOOD, Colo.–(BUSINESS WIRE)– To address its strategic imperative to enhance the overall customer experience, DISH (NAS: DISH) – one of the nation’s leading pay-TV providers – today announced two key executive changes.
Bernie Han, Executive Vice President and Chief Operating Officer (Photo: Business Wire)
Executive Vice President and Chief Operating Officer Bernie Han has assumed increased leadership responsibilities. Mr. Han will oversee all direct and indirect sales and distribution, in addition to his current responsibilities managing operations, information technologies, customer service, customer retention and corporate initiatives.
Dave Shull, who has overseen DISH‘s programming and content acquisition group, has been promoted to executive vice president and chief commercial officer. In addition to programming, Mr. Shull will oversee all product management, marketing and advertising sales.
Both Mr. Han and Mr. Shull will continue reporting to DISH President and Chief Executive Officer Joseph P. Clayton. The leadership changes are effective immediately.
“We are in a brand and cultural transformation at DISH and these two leaders understand we must deliver the best possible customer experience with a motivated and engaged workforce,” said Clayton. “Dave, who has forged a leadership role for DISH in the programming arena, will be responsible for creating an unsurpassed customer experience. Bernie will be responsible for delivering and maintaining a superior sales and service experience that builds lasting customer relationships for DISH.”
Consolidating Sales and Operations for a More Cohesive Customer Experience
To streamline the company’s operations and ensure a seamless customer experience, DISH consolidated its sales and operations functions under Mr. Han. “Consolidating our sales and operations efforts will enable us to get …read more
Source: FULL ARTICLE at DailyFinance
DISH Combines Sustainability and Customer Service with New Fleet of ROUSH CleanTech Propane-Fueled V
By Business Wirevia The Motley Fool
Filed under: Investing
DISH Combines Sustainability and Customer Service with New Fleet of ROUSH CleanTech Propane-Fueled Vans
Pay-TV provider demonstrates environmental commitment by deploying 200 vans powered by clean, domestic alternative fuel to national fleet
INDIANAPOLIS–(BUSINESS WIRE)– At the NTEA Work Truck Show today, DISH unveiled the first of 200 ROUSH CleanTech propane autogas-fueled Ford E-250 cargo vans that will enter the company’s fleet in 2013. The satellite-TV company estimates these new propane autogas-powered vehicles will lower carbon dioxide emissions by 12.5 million pounds over the lifetime of the fleet’s operation compared to gas-powered counterparts.
DISH‘s new alternative fuel vehicles will support residential and commercial customer service in Atlanta, Chicago, Detroit, Los Angeles and San Francisco.
“These clean-burning propane autogas vehicles are better for our environment, our communities and operate more efficiently,” said Erik Carlson, executive vice president of service and installation at DISH. “DISH expects to save about $2,500 per vehicle in annual lifecycle costs due to a 55 percent reduction in fuel costs and the cleaner burning properties of propane autogas.”
DISH researched multiple alternative fuels available in the marketplace. Four factors made propane autogas the best fit: cost savings, national availability of a domestically sourced fuel, on-site fueling benefits and OEM choices that meet service requirements. Propane autogas vehicles emit fewer greenhouse gases and smog-producing hydrocarbons than conventionally fueled vehicles.
Currently, propane autogas is the only alternative fuel being implemented in DISH‘s fleet.
“Economical, clean-burning propane autogas is an excellent option for fleets looking for more efficient operation,” said Todd Mouw, vice president of sales and marketing for ROUSH CleanTech. “Propane autogas is sourced domestically and is cheaper per mile to operate.”
Propane autogas offers the largest public refueling network of all alternative fuels. Additionally, private, on-site refueling infrastructure costs less than any other alternative fuel option. This makes it economical for DISH to install refueling stations at each of their initial deployment locations.
More than 90 percent of the propane used in the U.S. comes from domestic sources of natural gas and petroleum. Additionally, ROUSH CleanTech’s supply chain is primarily based in North America. The domestic nature of both the fuel and the technology influenced DISH‘s decision.
“As one of the nation’s largest fleets with locations across the country, we believe we can have a real impact by putting a viable alternative fuel to work for us,” said …read more
Source: FULL ARTICLE at DailyFinance
Is Dish Putting The Sprint-Softbank Merger In Jeopardy?
By Trefis Team, Contributor DISH Network has requested the Federal Communications Commission to put on hold its merger review of Sprint and Softbank, until there is clarity on the outcome of Clearwire bidding process. Markets expected Sprint to close the merger with Softbank and then proceed to acquire the remaining 50% stake in Clearwire (NASDAQ: CLWR). However, DISH joined the race earlier this month, beating Sprint’s offer by $500 million coupled with a $2.2 billion offer for 24% of Clearwire’s spectrum. (see How Much Pain Can Dish’s Clearwire Bid Inflict On Sprint?) Given this new development, Sprint investors are bound to be nervous until there is clarity if the Softbank-Sprint merger will go through.
Source: FULL ARTICLE at Forbes Latest