Post a better than expected 3Q result, DISH’s first quarterly result with purchased TMUS/S assets and new useful disclosure, we updated the model which included our first stab at forecasting DISH’s 5G project and ’21 quarterly projections. We also conservatively decided to reduce our target value for DISH’s Sat TV business (which continues to be surprisingly resilient and cash generative) from 5X to 4X EBITDA [which is clearly not capturing the benefits of an inevitable merger with DIRECTV (and its significant synergies].
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