Satellite Communications

NSR’s Satellite Industry Financial Analysis, 12th Edition (SIFA12) is the industry’s leading resource for assessment and analysis of financial performance across the Global Satcom market. With more than 24 metrics dissected, SIFA12 examines core aspects of business such as supply, market access, segment leadership, fleet profitability, financial performance with EBITDA, Debt and ROI ratios, and potential for organic/inorganic growth.

SIFA12 presents the complete Satcom Financial Index towards operational, Cash-CapEx, Debt and ROI metrics for 14 operators/service providers. Limited metrics are presented for another 15 partly reporting companies. Metrics such as 10-yr statistical analysis, fleet efficiency, break-even pricing and market access strength, video vs non-video, and lease vs services showcase comparison on each company’s competitive strength, and mark critical future trends.

Who Should Purchase this Report  

• National, Regional and Global Satellite Operators
• Service Providers and Integrators
• Telecommunication and Wireless Operators
• Broadcasters and Pay-TV Operators
• Banks and Financial Institutions
• Private Equity, Hedge Funds and Venture Capital (New Space)
• Satellite Manufacturers
• Regulators and Agencies funding Telecom Research and Development
• Policy Makers
• Strategy Consultancies
• Space Agencies and Defence Organizations
• Launch Service Providers
• Insurers

Covered in this Report

• New in this Edition​– MSS Operators (Iridium and Globalstar)
• Assesses Video vs. Non-Video Revenues Positioning, Lease vs. Service Revenues Positioning; as well as Fleet Market Strength and Access.
• Examines fleet efficiency, break-even pricing and market access strength.
• In-depth future trends analysis
• Comparison of key indicators for Organic/Inorganic Growth Potential
• Evaluates M&A opportunity indicators
• Identifies how Service Providers stack up against Satellite Operators with respect to long-term growth potential vs. business fundamentals.
• Qualitative analysis connecting historical financials with future predictions on multiple metrics.
• Trends analysis for revenues and EBITDA margins in the industry.
• Satcom Financial Index on Operational, Cash-CapEx, Debt and ROI metrics for 14 operators/service providers.
• Presents Metrics for 17 (partly reporting) operators/service providers.
• Discusses the long term FCF and ROCE yield and examines which operators have booked the best return.

Other Reports Related to this Subject Matter

Table of Contents

Executive Summary

•             State of the Market – Key interpretations of the Satcom Financial Index
•             Market Dynamics

1. Chapter 1: Satcom Financial Index
   1. Operational Metrics
      1.  Revenues
      2. EBITDA/Adj. EBITDA and EBITDA/Adj. EBITDA Margin
      3. Annual Revenues per Operational Satellite
      4. Backlog and Years of Backlog to Annual Revenues
   2. Debt Position and Solvency Metrics
      1. Net Debt to EBITDA/Adj. EBITDA Ratio
      2. Total Debt to Total Assets Ratio
      3. Interest Service Coverage Ratio
   3. CAPEX and Cash Generation Metrics
      1. Annual CAPEX
      2. Annual CAPEX to Operating Cash and Revenues
      3. Free Cash Flow & Cash Conversion
   4. Competitive Advantage Metrics
      1. Turnover Ratio
      2. Return on Capital Employed (ROCE)
2. Chapter 2: Satcom Market Key Indicators
   1. Video & Non-video Revenues per Operator
      1. Lease vs. Service Revenues per Operator and Service Provider
      2. HTS Fleet: Market Strength and Market Access
3. Chapter 3: Individual Satellite Operator Analysis – Global Operators
   1. SES Financial Performance & Business Positioning
   2. Eutelsat Financial Performance & Business Positioning
   3. Telesat Financial Performance & Business Positioning
   4. EchoStar-Hughes Financial Performance & Business Positioning
   5. ViaSat Financial Performance & Business Positioning
4. Chapter 4: Individual Satellite Operator Analysis – Others (6)
   1. Yahsat Financial Performance & Business Positioning
   2. Sky Perfect JSAT Financial Performance & Business Positioning
   3. APT Satellite Financial Performance & Business Positioning
   4. Hispasat Financial Performance & Business Positioning
   5. Thaicom Financial Performance & Business Positioning
   6. Spacecom Financial Performance & Business Positioning
5. Chapter 5: Individual Satellite Operator Analysis – MSS Operators
   1. Iridium Financial Performance & Business Positioning
   2. Globalstar Financial Performance & Business Positioning

Appendix: Methodology

List of Exhibits

1. Ch. 1 Comparative Metrics T&C
   1. 2017 – 2021 Operator Revenues (US$ M), “Big Six”
   2. 2017 – 2021 Operator Revenues (US$ M)
   3. 2017 – 2021 Operator EBITDA/Adj. EBITDA
   4. 2017 – 2021 Operator EBITDA Margin
   5. 2017 – 2021 Operator Average Annual Revenues per Operational Satellite
   6. 2018 – 2020 GEO Operator Backlog
   7. 2017 – 2021 Operator Years of Backlog to Annual Revenue Ratio
   8. 2017 – 2021 Operator Net Debt to EBITDA Ratio
   9. 2017 – 2021 Operator Total Debt to Total Assets Ratio
   10. 2017 – 2021 Operator Interest Service Coverage Ratio
   11. 2017 – 2021 Operator Annual CAPEX
   12. 2017 – 2021 Operator Total CAPEX to Cash Flow from Operating Activities Ratio
   13. 2017 – 2021 Operator Total CAPEX to Annual Revenues Ratio
   14. 2017 – 2021 Operator EBITDA to Cash Conversion Ratio
   15. 2017 – 2021 Operator Free Cash Flow (US$ M)
   16. 2017 – 2021 Turnover Ratio
   17. 2017 – 2021 Return on Capital Employed
2. Ch.2 Sec Indicators T&C
   1. Video and Non-video Revenues (US$) per Operator
   2. Lease Revenues (US$) per Operator
   3. Service Revenues (US$) per Operator
3. Ch.3 Global Operators T&C
   1. SES T&C
      1. SES Key Metrics, 2017 – 2021
      2. SES Revenues, 2017 – 2021
      3. SES EBITDA and EBITDA Margin, 2017 – 2021
      4. SES Backlog & Years of Backlog to Annual Revenues, 2017 – 2021
      5. SES Annual CAPEX, 2017 – 2021
      6. SES Free Cash Flow, 2017 – 2021
      7. SES Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating
      8. SES EBITDA to Cash Conversion Ratio, 2017 – 2021
      9. SES Debt and Solvency Ratios 2017 – 2021
      10. SES Competitive Ratios 2017 – 2021
   2. Eutelsat T&C
      1. Eutelsat Revenues, FY 2017/18 – FY 2021/22
      2. Eutelsat Revenues, FY 2017/18 – FY 2021/22
      3. Eutelsat EBITDA and EBITDA Margin, FY 2017/18 – FY 2021/22
      4. Eutelsat Backlog & Years of Backlog to Annual Revenues, FY 2017/18 – FY 2021/22
      5. Eutelsat Annual CAPEX, FY 2017/18 – FY 2021/22
      6. Eutelsat Free Cash Flow, FY 2017/18 – FY 2021/22
      7. Eutelsat Total CAPEX to Revenues Ratio, FY 2017/18 – FY 2021/22
      8. Eutelsat EBITDA to Cash Conversion Ratio, FY 2017/18 – FY 2021/22
      9. Eutelsat Debt and Solvency Ratios FY 2017/18 – FY 2021/22
      10. Eutelsat Competitive Ratios FY 2017/18 – FY 2021/22
   3. Telesat T&C
      1. Telesat Key Metrics, 2017 – 2021
      2. Telesat Revenues, 2017 – 2021
      3. Telesat Adj. EBITDA and Adj. EBITDA Margin, 2017 – 2021
      4. Telesat Backlog & Years of Backlog to Annual Revenues, 2017 – 2021
      5. Telesat Annual CAPEX, 2017 – 2021
      6. Telesat Free Cash Flow, 2017 – 2021
      7. Telesat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2017 – 2021
      8. Telesat EBITDA to Cash Conversion Ratio, 2017 – 2021
      9. Telesat Debt and Solvency Ratios 2017 – 2021
      10. Telesat Competitive Ratios 2017 – 2021
   4. Echostar-Hughes T&C
      1. EchoStar Key Metrics, 2017 – 2021
      2. EchoStar Revenues, 2017 – 2021
      3. Hughes EBITDA and EBITDA Margin, 2017 – 2021
      4. EchoStar Fixed Broadband Subscriptions, 2017 – 2021
      5. EchoStar Operational Expenses, 2017 – 2021
      6. EchoStar Backlog & Years of Backlog to Total Revenues, 2017 – 2021
      7. EchoStar Annual CAPEX and Free Cash Flow, 2017 – 2021
      8. EchoStar Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2017 – 2021
      9. EchoStar EBITDA to Cash Conversion Ratio, 2017 – 2021
      10. EchoStar Debt and Solvency Ratios 2017 – 2021
      11. EchoStar Competitive Ratios 2017 – 2021
   5. Viasat T&C
      1. ViaSat Key Metrics, 2017 – 2021
      2. ViaSat Revenues, 2017 – 2021
      3. ViaSat EBITDA and EBITDA Margin, 2017 – 2021
      4. ViaSat Broadband and Aircraft Subscriptions, 2017 – 2021
      5. ViaSat Operational Expenses, 2017 – 2021
      6. ViaSat Backlog & Years of Backlog to Total Revenues, 2017 – 2021
      7. ViaSat Annual CAPEX and Free Cash Flow, 2017 – 2021
      8. ViaSat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2017 – 2021
      9. ViaSat Debt and Solvency Ratios 2017 – 2021
      10. ViaSat Competitive Ratios 2017 – 2021
4. Other Operator T&C (6)
   1. Yahsat T&C
      1. Yahsat Key Metrics, 2018 – 2021
      2. Yahsat Revenues, 2018 – 2021
      3. Yahsat Adj. EBITDA and Adj. EBITDA Margin, 2018 – 2021
      4. Yahsat Backlog & Years of Backlog to Annual Revenues, 2018 – 2021
      5. Yahsat Annual CAPEX, 2018 – 2021
      6. Yahsat Free Cash Flow, 2018 – 2021
      7. Yahsat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2018 – 2021
      8. Yahsat EBITDA to Cash Conversion Ratio, 2018 – 2021
      9. Yahsat Debt and Solvency Ratios 2018 – 2021
      10. Yahsat Competitive Ratios 2018 – 2021
   2. Sky Perfect JSAT T&C
      1. SKY Perfect JSAT Space & Satellite Business Revenues, 2017 – 2021
      2. SKY Perfect JSAT Space & Satellite Business EBITDA and EBITDA Margin, 2017 – 2021
      3. SKY Perfect JSAT Space & Satellite Business Annual CAPEX, 2017 – 2021
      4. SKY Perfect JSAT Space & Satellite Business Total CAPEX to Revenues Ratio, 2017 – 2021
   3. APT Corp T&C
      1. APT Satellite Key Metrics 2017 – 2021
      2. APT Satellite Revenues, 2017 – 2021
      3. APT Satellite EBITDA and EBITDA Margin, 2017 – 2021
      4. APT Satellite Annual CAPEX, 2017 – 2021
      5. APT Satellite Free Cash Flow, 2017 – 2021
      6. APT Satellite Total CAPEX to Cash Flow from Operating Activities Ratio, 2017 – 2021
      7. APT Satellite EBITDA to Cash Conversion Ratio, 2017 – 2021
      8. APT Satellite Debt and Solvency Ratios, 2015-2019
      9. APT Satellite Competitive Ratios, 2017 – 2021
   4. Hispasat T&C
      1. Hispasat Key Metrics, 2017 – 2021
      2. Hispasat Revenues, 2017 – 2021
      3. Hispasat EBITDA and Margin, 2017 – 2021
      4. Hispasat Backlog & Years of Backlog to Annual Revenues, 2017 – 2021
      5. Hispasat Annual CAPEX and Free Cash Flow, 2017 – 2021
      6. Hispasat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2017 – 2021
      7. Hispasat EBITDA to Cash Conversion Ratio, 2017 – 2021
      8. Hispasat Debt and Solvency Ratios 2017 – 2021
      9. Hispasat Competitive Ratios 2017 – 2021
   5. Thaicom T&C
      1. Thaicom Satellite Business Services Revenues, 2017 -2021
      2. Thaicom Satellite Business Services Revenues Breakout, 2017 – 2020
      3. Thaicom Conventional Satellites Commercialized Transponders & Fill Rates, 2017 – 2021
      4. Thaicom Free Cash Flow, 2017 – 2021
   6. Spacecom T&C
      1. Spacecom Revenues, 2017 – 2021
      2. Spacecom EBIT and EBIT Margin, 2017 – 2021
5. MSS Operators T&C
   1. Iridium T&C
      1. Iridium Key Metrics, 2017 – 2021
      2. Iridium Revenues, 2017 – 2021
      3. Iridium EBITDA and EBITDA Margin, 2017 – 2021
      4. Iridium Annual CAPEX and Free Cash Flow, 2017 – 2021
      5. Iridium Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2017 – 2021
      6. Iridium Debt and Solvency Ratios 2017 – 2021
      7. Iridium Competitive Ratios 2017 – 2021
   2. Globalstar T&C
      1. Globalstar Key Metrics, 2017 – 2021
      2. Globalstar Revenues, 2017 – 2021
      3. Globalstar EBITDA and Margin, 2017 – 2021
      4. Globalstar Annual CAPEX and Free Cash Flow, 2017 – 2021
      5. Globalstar Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2017 – 2021
      6. Globalstar Debt and Solvency Ratios 2017 – 2021
      7. Globalstar Competitive Ratios 2017 – 2021

SIFA12 Bottom Lines

Is the SatCom Wholesale Model Nearing End of Life?