巴克莱-美股-有线与卫星通信行业-SIRI：变革的时代-2018.2.1-20页

EquityResearch1February2018BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE13.U.S.Cable&SatelliteCommunicationsSIRI:Timestheyarea-changin’Storystartingtoshift:SIRIisbeenoneofthecleanestandmostvisibleexecutionstoriesacrossallofmediawithequityperformancefurthersupportedbysubstantialnormalizedcapitalreturns.However,aswehavehighlightedoverthecourseof2017,whiletheexecutionstoryisstillintact,thebusinessisalotmoremature.Comparedtosubscribernetaddsof1.4-1.6mmselfpaysubseachyearoverthelast5yea