Dish Might Find It Harder To Acquire Future Spectrum, Limiting Stock's Potential Upside

Dish Network has made significant investments in spectrum over the past few years and currently owns licenses to more than 80 MHz of spectrum. We estimate that Dish's spectrum holdings have a pre-tax fair value of around $39 billion and constitute 61% of Dish's stock value. However, Dish might find it relatively difficult to acquire spectrum in future FCC auctions, once the FCC Chairman Tom Wheeler's proposed changes to current spectrum auction policies are approved. Wheeler is bringing in great...