Satellite Communications

Satellite Industry Financial Analysis, 11th Edition SIFA11 Spectrum Proceeds and Key Markets to Lead Satellite Operator Return to Growth

Satellite Industry Financial Analysis, 11th Edition

PUBLISHED: November 2021

Available Licenses: Standard: $4,795 Enterprise: $8,795

  • Report Summary
  • Key Features
  • Table of Contents
  • Supporting Articles

Built on 10+ years of in-house financial research, innovation in building unique metrics and cross-analysing infrastructure, capacity supply, demand, pricing, and funding trends in the satcom industry, NSR’s Satellite Industry Financial Analysis, 11th Edition (SIFA11) is the industry’s leading resource for assessment and analysis of financial performance across the Global Satcom market.

SIFA11 offers readers unique insight and deliver best-in-class research focusing on strategic positioning and financial analysis of individual satellite operators and service providers on YoY basis.  Building a complete picture of current trends with innovative metrics, cross-analysis, and assessment, SIFA11 provides analysis of long-term opportunity vs. risk and a Global M&A scenario outlook.

Covered in this Report:

  • NEW in this Edition - SIFA11 introduces new sections of qualitative analysis connecting historical financials with future predictions on multiple metrics.
  • SIFA11 also includes a Satcom Financial Index on Operational, Cash-CapEx, Debt and ROI metrics for 14 operators/service providers.
  • Metrics also presented for another 17 (partly reporting) operators/service providers.
  • A 10-yr statistical analysis of fleet efficiency, break-even pricing and market access strength. NSR’s SIFA11 takes an in-depth look at critical future trends shaping the market.
  • A 10-yr statistical analysis Video vs. Non-Video Revenues Positioning, Lease vs. Service Revenues Positioning; as well as Fleet Market Strength and Access; and Break-even Pricing vs. Replenishment Strategies.
  • SIFA11 identifies and evaluates M&A opportunity indicators and looks at how Service Providers stack up against Satellite Operators with respect to long-term growth potential vs. business fundamentals.
  • A focus on key financial highlights reflecting on the forward outlook across Operational, Debt, Cash and ROI metrics.
  • A standardized ‘Strategic Positioning’ comparing key indicators, and commenting on:
    • Market Penetration & Growth
    • Business Fundamentals
    • Organic/Inorganic Growth Potential
  • SIFA11 looks at the trends for revenues and EBITDA margins in the industry.
  • NSR’s SIFA11 discusses the long term FCF and ROCE yield and examines which operators have booked the best return.

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 Defense Organizations
  • Launch Service Providers
  • Insurers

NSR Difference SIFA11

Report Segmentation:

With more than 24 metrics dissected, NSR’s Satellite Industry Financial Analysis, 11th Edition (SIFA11) connects 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. Each metric compares between 7 and 29 companies (depending on financial reporting), using Quantitative Metrics, Qualitative Metrics and Secondary Indicators. 

 

Companies Included in SIFA11:

Amos-Spacecom, Antrix, Anuvu, APT Satellite, ArabSat, Asia Broadcast Satellite, Asiasat, ChinaSat, Comcast, DISH Network, Egyptian Satellite Co.(NileSat), Eutelsat, EchoStar-Hughes, Gazprom Space Systems, GEE, Gogo, Hispasat, Inmarsat, Intelsat, ISRO, Measat, PT Telkom, RSCC, SES, Singtel Optus, SKY Perfect JSAT, Sky Plc, Star One, Speedcast, Telenor Satellite, Telesat, Thaicom, ViaSat, and Yahsat. 


Other NSR Reports Related to this Subject Matter: 

NSR’s Global Space Economy Satellite Capacity Pricing Index, 7th Edition (2021)

Table of Contents

List of Key Abbreviations & Definitions

Introduction to the Report
Report Segmentation and Chapter Review
Financial Metrics Assessed
Companies Assessed

Executive Summary
State of the Market – Key interpretations of the Satcom Financial Index
Market Dynamics 

Ch-1: Satcom Financial Index
1.1 Operational Metrics
   1.1.1 Revenues
   1.1.2 EBITDA/Adj. EBITDA and EBITDA/Adj. EBITDA Margin
   1.1.3 Commercialized Transponders and Fill Rates
   1.1.4 Annual Revenues per Operational Satellite
   1.1.5 Backlog and Years of Backlog to Annual Revenues

1.2 Debt Position and Solvency Metrics
   1.2.1 Net Debt to EBITDA/Adj. EBITDA Ratio
   1.2.2 Total Debt to Total Assets Ratio
   1.2.3 Interest Service Coverage Ratio

1.3 CAPEX and Cash Generation Metrics
   1.3.1 Annual CAPEX
   1.3.2 Annual CAPEX to Operating Cash and Revenues
   1.3.3 Free Cash Flow & Cash Conversion

1.4 Competitive Advantage Metrics
   1.4.1 Turnover Ratio
   1.4.2 Return on Capital Employed (ROCE)

1.5 Bottom Line: Satcom Financial Index

Ch-2: Satcom Market Dynamics
2.1 Video & Non-video Revenues per Operator
2.2 Lease vs. Service Revenues per Operator and Service Provider
2.3 HTS Fleet: Market Strength and Market Access

Ch-3: Individual Satellite Operator Analysis – Top 6
3.1 Intelsat
   Intelsat Financial Performance & Business Highlights
   Intelsat Strategic Positioning & Bottom Line

3.2 SES
   SES Financial Performance & Business Highlight
   SES Strategic Positioning & Bottom Line

3.3 Eutelsat
   Eutelsat Financial Performance & Business Highlights
   Eutelsat Strategic Positioning & Bottom Line

3.4 Telesat
   Telesat Financial Performance & Business Highlights
   Telesat Strategic Positioning & Bottom Line

3.5 EchoStar-Hughes​
   EchoStar-Hughes Financial Performance & Business Highlights
   EchoStar-Hughes Strategic Positioning & Bottom Line

3.6 ViaSat
   ViaSat Financial Performance & Business Highlights
   ViaSat Strategic Positioning & Bottom Line

Ch-4: Individual Satellite Operator Analysis – Others (5)
4.1 Yahsat
   Yahsat Financial Performance & Business Highlights
   Yahsat Strategic Positioning & Bottom Line

4.2 Sky Perfect JSAT
   Intelsat Financial Performance & Business Highlights
   Intelsat Strategic Positioning & Bottom Line

4.3 APT Satellite
   APT Satellite Financial Performance & Business Highlights
   APT Satellite Strategic Positioning & Bottom Line

4.4 Thaicom
   Thaicom Financial Performance & Business Highlights
   Thaicom Strategic Positioning & Bottom Line

4.5 Spacecom
   Spacecom Financial Performance & Business Highlights
   Spacecom Strategic Positioning & Bottom Line

Ch-5: Individual Service Provider Analysis

5.1 Sky plc
   Sky plc Revenues
   Sky plc Strategic Positioning & Bottom Line

5.2 DISH Network
   DISH Network Revenues
   DISH Network Strategic Positioning & Bottom Line

5.5 Gogo
   Gogo Revenues
   Gogo Strategic Positioning & Bottom Line

Appendix 
A.1. Break-even Fleet Price Methodology
A.2. Strategic Positioning Framework Elements

List of Exhibits​

Executive Summary 
ES.1: Financial Metrics Assessed
ES.2: Companies Assessed
ES.3: Revenue Snapshot of Big 6 Operators
ES.4: 2018 and 2019 EBITDA margin per Operator
ES.5: Years of Backlog to Revenues (Average of 6 operators)
ES.6: Return on Capital Employed per Operator
ES.7: Revenue Snapshot of Satellite Services Industry

Ch. 1 Comparative Metrics T&C
1.1: 2018 – 2020 GEO Operator Revenues (US$ M), “Big Six”
1.2: 2018  – 2020 GEO Operator Revenues (US$ M)
1.3: 2018 – 2020 GEO Operator EBITDA/Adj. EBITDA
1.4: 2018 – 2020 GEO Operator EBITDA Margin
1.5: 2018 – 2020 GEO Operator Commercialized Transponders
1.6: 2018 – 2020 GEO Operator Fill Rates
1.7: 2018 – 2020 GEO Operator Average Annual Revenues per Operational Satellite
1.8: 2018 – 2020 GEO Operator Backlog
1.9: 2018  – 2020 GEO Operator Years of Backlog to Annual Revenue Ratio
1.10: 2018  – 2020 GEO Operator Net Debt to EBITDA Ratio
1.11: 2018  – 2020 GEO Operator Total Debt to Total Assets Ratio
1.12: 2018  – 2020 GEO Operator Interest Service Coverage Ratio
1.13: 2018  – 2020 GEO Operator Annual CAPEX
1.14: 2018  – 2020 GEO Operator Total CAPEX to Cash Flow from Operating Activities Ratio
1.15: 2018  – 2020 GEO Operator Total CAPEX to Annual Revenues Ratio
1.16: 2018  – 2020 GEO Operator EBITDA to Cash Conversion Ratio
1.17: 2018  – 2020 GEO Operator Free Cash Flow (US$ M)
1.18: 2018  – 2020 Turnover Ratio
1.19: 2018  – 2020 Return on Capital Employed

Ch. 2 Sec Indicators T&C
2.1: Video and Non-video Revenues (US$) per Operator
2.1: Lease Revenues (US$) per Operator
2.1: Service Revenues (US$) per Operator and Service Provider

Ch. 3.1 Intelsat T&C
   3.1.1: Intelsat Key Metrics, FY2016 – H1 2021
   3.1.2: Intelsat Revenues, FY2016 – H1 2021
   3.1.3: Intelsat Adj. EBITDA and Adj. EBITDA Margin, FY2016 – H1 2021
   3.1.4: Intelsat Commercialized Transponders & Fill Rates, FY2016 –  2020
   3.1.5: Intelsat Annual Revenues and Cost per Leased Transponder, FY2016 – 2020
   3.1.6: Intelsat Backlog & Years of Backlog to Annual Revenues, FY2016 – H1 2021
   3.1.7: Intelsat Annual CAPEX, FY2016 – H1 2021
   3.1.8: Intelsat Free Cash Flow, FY2016 – H1 2021
   3.1.9: Intelsat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow fromOperating Activities Ratio, FY2016 – H1 2021
   3.1.10: Intelsat EBITDA to Cash Conversion Ratio, FY2016 – H1 2021
   3.1.11: Intelsat Debt and Solvency Ratios FY2016 – H1 2021
   3.1.12: Intelsat Competitive Ratios FY2016 – H1 2021

Ch. 3.2 SES T&C
   3.2.1: SES Key Metrics, FY2016 – H1 2021
   3.2.2: SES Revenues, FY2016 – H1 2021
   3.2.3: SES EBITDA and EBITDA Margin, FY2016 – H1 2021
   3.2.4: SES Commercialized Transponders & Fill Rates, FY2013 –  2017
   3.2.5: SES Annual Revenues per Leased Transponder, FY2013 – 2017
   3.2.6: SES Backlog & Years of Backlog to Annual Revenues, FY2016 – H1 2021
   3.2.7: SES Annual CAPEX, FY2016 –  2020
   3.2.8: SES Free Cash Flow, FY2016 – H1 2021
   3.2.9: SES Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from OperatingActivities Ratio, FY2016 – 2020
   3.2.10: SES EBITDA to Cash Conversion Ratio, FY2016 – H1 2021
   3.2.11: SES Debt and Solvency Ratios FY2016 – 2020
   3.2.12: SES Competitive Ratios FY2016 – 2020 

Ch. 3.3 Eutelsat T&C
   3.3.1: Eutelsat Revenues, FY 2016/17 – FY 2020/21
   3.3.2: Eutelsat Revenues, FY 2016/17 – FY 2020/21
   3.3.3: Eutelsat EBITDA and EBITDA Margin, FY 2016/17 – FY 2020/21
   3.3.4: Eutelsat Commercialized Transponders & Fill Rates, FY 2016/17 – FY 2020/21
   3.3.5: Eutelsat Annual Revenues per Leased Transponder, FY 2016/17 – FY 2020/21
   3.3.6: Eutelsat Backlog & Years of Backlog to Annual Revenues, FY2015/16/14 –FY2019/20
   3.3.7: Eutelsat Annual CAPEX, FY 2016/17 – FY 2020/21
   3.3.8: Eutelsat Free Cash Flow, FY 2016/17 – FY 2020/21
   3.3.9: Eutelsat Total CAPEX to Revenues Ratio, FY 2016/17 – FY 2020/21
   3.3.10: Eutelsat EBITDA to Cash Conversion Ratio, FY 2016/17 – FY 2020/21
   3.3.11: Eutelsat Debt and Solvency Ratios FY 2016/17 – FY 2020/21
   3.3.12: Eutelsat Competitive Ratios FY 2016/17 – FY 2020/21

Ch. 3.4 Telesat T&C
   3.4.1: Telesat Key Metrics, FY2016 – H1 2021
   3.4.2: Telesat Revenues, FY2016 – H1 2021
   3.4.3: Telesat Adj. EBITDA and Adj. EBITDA Margin, FY2016 – H1 2021
   3.4.4: Telesat Commercialized Transponders & Fill Rates, 2016 – 2020
   3.4.5: Telesat Annual Revenues per Leased Transponder, 2012 – 2017
   3.4.6: Telesat Backlog & Years of Backlog to Annual Revenues, FY2016 – 2020
   3.4.7: Telesat Annual CAPEX, FY2016 – H1 2021
   3.4.8: Telesat Free Cash Flow, FY2016 – H1 2021
   3.4.9: Telesat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow fromOperating Activities Ratio, FY2016 – H1 2021
   3.4.10: Telesat EBITDA to Cash Conversion Ratio, FY2016 – 2020
   3.4.11: Telesat Debt and Solvency Ratios FY2016 –  2020
   3.4.12: Telesat Competitive Ratios FY2016 – 2020 

Ch. 3.5 Echostar-Hughes T&C
   3.5.1: EchoStar Key Metrics, FY2016 – H1 2021
   3.5.2: EchoStar Revenues, FY2016 – H1 2021
   3.5.3: EchoStar EBIT and EBIT Margin, FY2016 – H1 2021
   3.5.4: EchoStar Fixed Broadband Subscriptions, FY2016 – H1 2021
   3.5.5: EchoStar Operational Expenses, FY2016 – H1 2021
   3.5.6: EchoStar Backlog & Years of Backlog to Total Revenues, FY2016 – H1 2021
   3.5.7: EchoStar Annual CAPEX and Free Cash Flow, FY2016 – H1 2021
   3.5.8: EchoStar Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow fromOperating Activities Ratio, FY2016 – H1 2021
   3.5.9: EchoStar EBITDA to Cash Conversion Ratio, FY2016 – 2020
   3.5.10: EchoStar Debt and Solvency Ratios FY2016 – 2020
   3.5.11: EchoStar Competitive Ratios FY2016 – 2020

Ch.3.6 Viasat T&C
   3.6.1: ViaSat Key Metrics, FY2016 – 2020
   3.6.2: ViaSat Revenues, FY2016 – 2020
   3.6.3: ViaSat EBIT and EBIT Margin, FY2016 – 2020
   3.6.4: ViaSat Broadband and Aircraft Subscriptions, FY2016 – 2020
   3.6.5: ViaSat Operational Expenses, FY2016 – 2020
   3.6.6: ViaSat Backlog & Years of Backlog to Total Revenues, FY2016 – 2020
   3.6.7: ViaSat Annual CAPEX and Free Cash Flow, FY2016 – 2020
   3.6.8: ViaSat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flowfrom Operating Activities Ratio, FY2016 – 2020
   3.6.9: ViaSat Debt and Solvency Ratios FY2016 – 2020
   3.6.10: ViaSat Competitive Ratios FY2016 – 2020

Ch. 4.1 Yahsat T&C
   4.1.1: Yahsat Key Metrics, FY2018 – H1 2021
   4.1.2: Yahsat Revenues, FY2018 – H1 2021
   4.1.3: Yahsat Adj. EBITDA and Adj. EBITDA Margin, FY2018 – H1 2021
   4.1.4: Yahsat Backlog & Years of Backlog to Annual Revenues, FY2018 – H1 2021
   4.1.5: Yahsat Annual CAPEX, FY2018 – H1 2021
   4.1.6: Yahsat Free Cash Flow, FY2018 – H1 2021
   4.1.7: Yahsat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow fromOperating Activities Ratio, FY2018 – H1 2021
   4.1.8: Yahsat EBITDA to Cash Conversion Ratio, FY2018 – H1 2021
   4.1.9: Yahsat Debt and Solvency Ratios FY2018 – H1 2021
   4.1.10: Yahsat Competitive Ratios FY2018 – H1 2021

Ch. 4.2 Sky Perfect JSAT T&C
   4.2.1: SKY Perfect JSAT Space & Satellite Business Revenues, FY2016 –  2020
   4.2.2: SKY Perfect JSAT Space & Satellite Business EBIT and EBIT Margin,FY2016 – 2020
   4.2.3: SKY Perfect JSAT Space & Satellite Business Annual CAPEX, FY2016 – 2020
   4.2.4: SKY Perfect JSAT Space & Satellite Business Total CAPEX to Revenues Ratio, FY2016 – 2020
   4.2.5: SKY Perfect JSAT Space & Satellite Business Annual Revenues per Leased Transponder, FY2012 – 2018

Ch. 4.3 APT Corp T&C
   4.3.1a: APT Satellite Key Metrics FY2016 – H1 2021
   4.3.2: APT Satellite Revenues, FY2016 – H1 2021
   4.3.3: APT Satellite EBITDA and EBITDA Margin, FY2016 – H1 2021
   4.3.4: APT Satellite Commercialized Transponders & Fill Rates, FY2012 – 2017
   4.3.5: APT Satellite Annual Revenues and Cost per Leased Transponder, FY2012 – 2017
   4.3.6: APT Satellite Annual CAPEX, FY2016 – H1 2021
   4.3.7: APT Satellite Free Cash Flow, FY2016 – H1 2021
   4.3.8: APT Satellite Total CAPEX to Cash Flow from Operating Activities Ratio,FY2016 – H1 2021
   4.3.9: APT Satellite EBITDA to Cash Conversion Ratio, FY2016 – H1 2021
   4.3.10: APT Satellite Debt and Solvency Ratios, 2015-2019
   4.3.11: APT Satellite Competitive Ratios, FY2016 – H1 2021​​

Ch. 4..4 Thaicom T&C
   4.4.1: Thaicom Satellite Business Services Revenues, FY2016 –  2020
   4.4.2:  Thaicom Satellite Business Services Revenues Breakout, FY2016 – 2020
   4.4.3: Thaicom Conventional Satellites Commercialized Transponders & Fill Rates, FY2016 – 2020
   4.4.4: Thaicom Conventional Satellites Annual Revenues per Leased Transponder, FY2016 – 2020

Ch. 4.5 Spacecom T&C ​
   4.5.1: Spacecom Revenues, FY2016 – 2020
   4.5.2: Spacecom EBIT and EBIT Margin, FY2016 – 2020 

Ch. 5.1 Sky T&C 
   5.1.1: Sky plc Key Metrics, FY2016 – H1 2021
   5.1.2: Sky plc Revenues, FY2016 – H1 2021
   5.1.3: Sky plc EBITDA and EBITDA Margin, FY2016 – H1 2021
   5.1.4: Sky plc Subscriptions and ARPU, FY2016 – H1 2021
   5.1.5: Sky plc Operational Expenses, FY2016 – H1 2021
   5.1.6: Sky plc Annual CAPEX and Adj. Free Cash Flow, FY2016 – H1 2021
   5.1.7: Sky plc Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow fromOperating Activities Ratio, FY2016 – H1 2021​​

Ch. 5.2 DISH Network
   5.2.1: DISH Network Key Metrics, FY2016 – H1 2021
   5.2.2: DISH Network Revenues, FY2016 – H1 2021
   5.2.3: DISH Network EBITDA and EBITDA Margin, FY2016 – H1 2021
   5.2.4: DISH Network Broadband and Aircraft Subscriptions, FY2016 – H1 2021
   5.2.5: DISH Network Operational Expenses, FY2016 – H1 2021
   5.2.6: DISH Network Transmission cost per subscriber, FY2016 –  2019
   5.2.7: DISH Network Annual CAPEX and Free Cash Flow, FY2016 – H1 2021
   5.2.8: DISH Network Total CAPEX to Revenues Ratio and Total CAPEX toCash Flow from Operating Activities Ratio, FY2016 – H1 2021
   5.2.9: DISH Network EBITDA to Cash Conversion Ratio, FY2016 – H1 2021
   5.2.10: DISH Network Debt and Solvency Ratios FY2016 – 2020
   5.2.11: DISH Network Competitive Ratios FY2016 – 2020

Ch. 5.3 Gogo
   5.3.1: Gogo Key Metrics, FY2016 – 2020
   5.3.2: Gogo Revenues, FY2016 – 2020
   5.3.3: Gogo Adj. EBITDA and Margin, FY2016 – 2020
   5.3.4: Gogo Commercial Aviation metrics, FY2016 – 2020
   5.3.5: Gogo Business Aviation metrics, FY2016 – 2020
   5.3.6: Gogo Operational Expenses, FY2016 – 2020
   5.3.7: Gogo Annual CAPEX and Free Cash Flow, FY2016 – 2020
   5.3.8: Gogo Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, FY2016 – 2020
   5.3.9: Gogo EBITDA to Cash Conversion Ratio, FY2016 – 2020
   5.3.10: Gogo Debt and Solvency Ratios FY2016 – 2020
   5.3.11: Gogo Competitive Ratios FY2016 – 2020

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