Satellite Communications

Satellite Industry Financial Analysis, 8th Edition

PUBLISHED: October 2018

Available Licenses: Standard: $4,495 Enterprise: $8,495

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

NSR’s Satellite Industry Financial Analysis, 8th Edition (SIFA8) is the leading industry resource for analyzing financial performance across the dynamic satcom market.  Built on 10+ years of in-house financial research, innovation in building unique metrics and cross-analyzing infrastructure, capacity supply, demand, pricing and funding trends in the satcom industry, SIFA8 now includes several new metrics, indicators and strategy comparisons.

NSR’s SIFA8 report makes big strides including new several new metrics and indicators, with an addition of integrated operators and service providers for the first time.

SIFA8 assesses 11 quantitative and 14 qualitative metrics across the Satcom Financial Index, statistical metrics comparing 2008-2012 and 2013-2017 5-year trends, and in individual operator and service provider chapters.

 

 

 

The report analyzes key questions facing the satcom industry today:

  1. What are the trends for revenues and EBITDA margins in the industry, and what are the directions for video vs. non-video and lease vs. service revenue?
  2. What is the long term FCF and ROCE yield, and which operators have booked the best return and why?
  3. How does fleet efficiency and break-even pricing impact competitive positioning, and which set of operators have future proof growth shielding capacity price declines?
  4. What are the M&A opportunity indicators, and how do Service Providers stack up against Satellite Operators with respect to Long term growth potential vs. business fundamentals?
  5. What is comparative strategic positioning of each satellite operator, and what inferences can be drawn?
  6. How do FSS and HTS fleets fare against each other on efficiency, and what is a future proof strategy pivot – vertical integration, fleet replenishment, hybrid fleet, inorganic growth, double-digit organic growth at negative EBITDA margin, etc.?

 

Companies and Organizations mentioned in NSR’s SIFA8:

Companies analysed in detail are:

Intelsat, SES, Eutelsat, Telesat, Inmarsat, Echostar-Hughes, Viasat, Sky Perfect JSAT, Asiasat, APT Satellite, Star One, Thaicom, Hispasat, Telenor, Spacecom, Sky plc, DISH Network, Speedcast, Global Eagle Entertainment, Gogo.

Financial data mentions and partial analysis:
ABS, Arabsat, ChinaSat, YahSat, RSCC, ISRO/Antrix, SingTel Optus, Nilesat, Measat, Gazprom Space Systems, Avanti Communications, PT Telkom, Vinasat, Gilat, NBN Co, Turk Telekom, Ciel Satellite Communications.

 

NSR’s Satellite Industry Financial Analysis (SIFA) 8th Edition focuses on the analysis of standalone metrics of 20 operators and service providers, while simultaneously comparing 25 metrics on a YoY basis and on a statistical 5-year basis across two chapters, and introducing various derived secondary indicators that throw light on the future economics of the satcom industry. Various metrics analyzed in this report as given in the table below:

These metrics are split into Operational Metrics, Debt & Solvency Metrics, CAPEX and Cash Generation Metrics, Competitive Advantage Ratios and Break-even Fleet Wide Pricing (zero margin profit cost) in the Individual Operator and Service Provider chapters for an in-depth understanding of each company. The following operators and service providers were assessed in the 8th Edition:

NSR introduces the Break-even Fleet Pricing Metric for the first time, indicating the floor/minimum capacity spot pricing possible for a given FSS or HTS satellite/fleet with an operator, where the profit margin becomes zero. In an era of continuous price reductions, a benchmarking among several operators is made and analysis put forth on the comparative competitiveness of each operator.

The Satcom Financial Index and Dynamics chapters present Annual and 5-year trends, represented in the figures as below in Years of Backlog to Annual Revenue ratio YoY comparison and Avg. Annual Revenues per operational satellite 5-Year trends. SIFA8, while evaluating various business trends in the Secondary indicators chapter, also provides a list of FSS and HTS fleet pricing of 15-20 operators in the world and comments on regional competitiveness and replenishment strategy using Break-even Pricing, Revenue/CAPEX/Leased TPE and HTS minimum pricing as benchmarks.

 

The NSR Advantage

NSR continues to be the market leader in actionable analysis related to satellite telecommunications. NSR has published several industry “firsts” related to satellite finance, including Satellite Industry Financial Analysis 8th Edition, as well as, Satellite Capacity Pricing Index 4th Edition. With a deep and firsthand understanding of the components influencing satellite operator and service provider finances, NSR’s SIFA8 provides the most in-depth financial analysis in the industry. 

SIFA8 combines a library of financial data as well as operator-specific data, including leased transponders, operational satellites in orbit, future fleet expansion plans, and regional-specific data. Beyond this, SIFA8 includes a new secondary indicators section, new metrics, 7 new companies analyzed, along with a new benchmarking tool.

List of Key Abbreviations & Definitions

Introduction to the Report

Report Segmentation and Chapter Review

Financial Metrics Assessed

Companies Assessed

Executive Summary

NSR’s New Financial Report (SOFA7 vs. SIFA8)

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

State of the Market – Key takeaways from Satcom Dynamics (2008-2017)

Introduction to the report

Ch-1: Satcom Financial Index

  1. Operational Metrics
    1. Revenues
    2. EBITDA/Adj. EBITDA and EBITDA/Adj. EBITDA margin
    3. Commercialized Transponders and Fill rates
    4. Annual Revenues per leased TPE
    5. Annual Revenues per operational Satellite
    6. Annual OPEX per leased TPE
    7. Backlog and Years of Backlog to Annual Revenues
  2. Debt and Solvency Metrics
    1. Net Debt to EBBITDA/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 Cash Flow from Operating Activities
    3. Annual CAPEX to Revenues
    4. Free Cash Flow
  4. Bottom Line: Satcom Financial Index

Ch-2: Satcom Market Dynamics

Metrics (across GEO Operators & Service Providers)

  1. General Metrics – Operations
    1. Average Revenue per Operational Satellite
    2. Average Revenue per leased TPE
    3. EBITDA/Adj. EBITDA margin
    4. Average Age of Satellite Fleet ratio
    5. Years of Backlog to Annual Revenues
    6. Average Fill rate
    7. Bottom Line – Operations Metrics
  2. General Metrics – Debt and Solvency
    1. Net Debt to EBBITDA/Adj. EBITDA ratio
    2. Total Debt to Total Assets ratio
    3. Interest Service Coverage ratio
    4. Bottom Line – Debt Position & Solvency Metrics
  3. General Metrics – CAPEX and Cash Generation
    1. Total CAPEX to Cash Flow from Operating Activities ratio
    2. Total CAPEX to Annual Revenues ratio
    3. EBITDA to Cash Conversion ratio
    4. Bottom Line – CAPEX & Cash Generation Metrics
  4. Secondary Indicators – Assessment
    1. Video & non-video Revenues per Operator
    2. Fleet Efficiency per Operator
    3. Lease vs. Service Revenues per Operator and Service Provider
    4. HTS Fleet: Market Strength and Market Access
    5. Break-even fleet price vs. Replenishment strategy (FSS and HTS fleets)
    6. Consolidation Opportunities 

Ch-3: Individual Satellite Operator Analysis – Top 8

  1. Intelsat
    1. Intelsat Brief History
    2. Intelsat Financial Performance & Business Highlights 2017
    3. Intelsat Ranking by Metric, 2017
    4. Intelsat Revenues
    5. Intelsat Adj. EBITDA and Margin
    6. Intelsat Commercialized TPEs & Fill Rates
    7. Intelsat Annual Revenues & Cost per Leased TPE
    8. Intelsat Backlog & Years of Backlog to Annual Revenues
    9. Intelsat Annual Capital Expenditure & Guidance
    10. Intelsat Free Cash Flow & Adj. EBITDA to Cash Conversion
    11. Intelsat CAPEX to Revenues & CAPEX to Operating Cash Flow
    12. Intelsat Debt Position & Solvency Metrics
    13. Intelsat Competitive Advantage Metrics
    14. Intelsat Break-even Fleet Pricing
    15. Intelsat Strategic Positioning & Bottom Line
  2. SES
    1. SES Brief History
    2. SES Financial Performance & Business Highlights 2017
    3. SES Ranking by Metric, 2017
    4. SES Revenues
    5. SES EBITDA and Margin
    6. SES Commercialized TPEs & Fill Rates
    7. SES Annual Revenues & Cost per Leased TPE
    8. SES Backlog & Years of Backlog to Annual Revenues
    9. SES Annual Capital Expenditure & Guidance
    10. SES Free Cash Flow & Adj. EBITDA to Cash Conversion
    11. SES CAPEX to Revenues & CAPEX to Operating Cash Flow
    12. SES Debt Position & Solvency Metrics
    13. SES Competitive Advantage Metrics
    14. SES Break-even Fleet Pricing
    15. SES Strategic Positioning & Bottom Line
  3. Eutelsat
    1. Eutelsat Brief History
    2. Eutelsat Financial Performance & Business Highlights 2017
    3. Eutelsat Ranking by Metric, 2017
    4. Eutelsat Revenues
    5. Eutelsat EBITDA and Margin
    6. Eutelsat Commercialized TPEs & Fill Rates
    7. Eutelsat Annual Revenues & Cost per Leased TPE
    8. Eutelsat Backlog & Years of Backlog to Annual Revenues
    9. Eutelsat Annual Capital Expenditure & Guidance
    10. Eutelsat Free Cash Flow & Adj. EBITDA to Cash Conversion
    11. Eutelsat CAPEX to Revenues & CAPEX to Operating Cash Flow
    12. Eutelsat Debt Position & Solvency Metrics
    13. Eutelsat Competitive Advantage Metrics
    14. Eutelsat Break-even Fleet Pricing
    15. Eutelsat Strategic Positioning & Bottom Line
  4. Telesat
    1. Telesat Brief History
    2. Telesat Financial Performance & Business Highlights 2017
    3. Telesat Ranking by Metric, 2017
    4. Telesat Revenues and Adj. EBITDA and Margin
    5. Telesat Commercialized TPEs, Fill Rates, Revenues & Cost per leased TPE
    6. Telesat Backlog & Years of Backlog to Annual Revenues
    7. Telesat Annual Capital Expenditure & Guidance
    8. Telesat Free Cash Flow & Adj. EBITDA to Cash Conversion
    9. Telesat Debt Position & Solvency Metrics
    10. Telesat Competitive Advantage Metrics
    11. Telesat Break-even Fleet Pricing
    12. Intelsat Strategic Positioning & Bottom Line
  5. Inmarsat
    1. Inmarsat Financial Performance & Business Highlights 2017
    2. Inmarsat Revenues
    3. Inmarsat Adj. EBITDA and Margin
    4. Inmarsat Annual Capital Expenditure & Guidance
    5. Inmarsat Free Cash Flow & Adj. EBITDA to Cash Conversion
    6. Inmarsat Debt, Solvency & Competitive Metrics
    7. Inmarsat Break-even Fleet Pricing
    8. Intelsat Strategic Positioning & Bottom Line
  6. Echostar-Hughes
    1. Echostar Financial Performance & Business Highlights 2017
    2. Echostar Revenues
    3. Echostar EBIT, EBITDA, Margin & OPEX
    4. Echostar Fixed Broadband Subscriptions
    5. Echostar Backlog & Years of Backlog to Annual Revenues
    6. Echostar Annual Capital Expenditure & Free Cash Flow
    7. Echostar EBITDA to Cash Conversion and CAPEX to Revenues
    8. Echostar Debt Position, Solvency & Competitive Metrics
    9. Echostar Break-even Fleet Pricing
    10. Echostar Strategic Positioning & Bottom Line
  7. Viasat
    1. Viasat Financial Performance & Business Highlights 2017
    2. Viasat Revenues
    3. Viasat EBIT, Margin and OPEX
    4. Viasat Broadband & Aircraft Subscriptions
    5. Viasat Backlog & Years of Backlog to Annual Revenues
    6. Viasat Annual Capital Expenditure & Free Cash Flow
    7. Viasat Debt Position, Solvency and Competitive Metrics
    8. Viasat Strategic Positioning & Bottom Line
  8. Sky Perfect JSAT
    1. Sky Perfect JSAT Brief History & Business Highlights 2017
    2. Sky Perfect JSAT Revenues & EBIT/Margin
    3. Sky Perfect JSAT Annual Revenues per Leased TPE
    4. Sky Perfect JSAT Annual Capital Expenditure & CAPEX per Revenues
    5. Sky Perfect JSAT Break-even Fleet Pricing
    6. Sky Perfect JSAT Strategic Positioning & Bottom Line

Ch-4: Individual Satellite Operator Analysis – Others (7)

  1. Asiasat
    1. Asiasat Financial Performance & Business Highlights 2017
    2. Asiasat Ranking by Metric, 2017
    3. Asiasat Revenues and EBITDA/Margin
    4. Asiasat Commercialized TPEs & Fill Rates
    5. Asiasat Annual Revenues & Cost per Leased TPE
    6. Asiasat Backlog & Years of Backlog to Annual Revenues
    7. Asiasat Annual Capital Expenditure & Guidance & EBITDA to Cash Conversion
    8. Asiasat Debt, Solvency & Competitive Metrics
    9. Asiasat Break-even Fleet Pricing
    10. Asiasat Strategic Positioning & Bottom Line
  2. APT Satellite
    1. APT Satellite Financial Performance & Business Highlights 2017
    2. APT Satellite Ranking by Metric, 2017
    3. APT Satellite Revenues and EBITDA/Margin
    4. APT Satellite Commercialized TPEs & Fill Rates
    5. APT Satellite Annual Revenues & Cost per Leased TPE
    6. APT Satellite Annual Capital Expenditure & Free Cash Flow
    7. APT Satellite Debt, Solvency and Competitive Metrics
    8. APT Satellite Break-even Fleet Pricing
    9. APT Satellite Strategic Positioning & Bottom Line
  3. Star One
    1. Star One Brief History & Business Highlights 2017
    2. Star One Revenues and EBIT/Margin
    3. Star One Free Cash Flow
    4. Star One Break-even Fleet Pricing
    5. Star One Strategic Positioning & Bottom Line
  4. Thaicom
    1. Thaicom Brief History & Business Highlights 2017
    2. Thaicom Revenues
    3. Thaicom Commercialized TPEs, Fill Rates & Revenue per leased TPE
    4. Thaicom Break-even Fleet Pricing
    5. Thaicom Strategic Positioning & Bottom Line
  5. Hispasat
    1. Hispasat Brief History & Business Highlights 2017
    2. Hispasat Revenues and EBITDA/Margin
    3. Hispasat Backlog and Year of Backlog to Annual Revenues
    4. Hispasat Break-even Fleet Pricing
    5. Hispasat Strategic Positioning & Bottom Line
  6. Telenor
    1. Telenor Brief History & Business Highlights 2017
    2. Telenor Revenues and EBITDA/Margin
    3. Telenor Break-even Fleet Pricing
    4. Telenor Strategic Positioning & Bottom Line
  7. Spaecom
    1. Spacecom Brief History & Business Highlights 2017
    2. Spacecom Revenues and EBIT/Margin
    3. Spacecom Break-even Fleet Pricing
    4. Spacecom Strategic Positioning & Bottom Line

Ch-5: Individual Service Provider Analysis

  1. Sky plc
    1. Sky plc Revenues
    2. Sky plc EBITDA, Margin and OPEX
    3. Sky plc Subscriptions and APRU
    4. Sky plc Annual CAPEX & Adj. Free Cash Flow
    5. Sky plc Debt, Solvency and Competitive Metrics
    6. Sky plc Strategic Positioning & Bottom Line
  2. DISH Network
    1. DISH Network Revenues
    2. DISH Network EBITDA, EBIT, Margin and OPEX
    3. DISH Network Subscriptions and ARPU
    4. DISH Network Annual CAPEX & Free Cash Flow
    5. DISH Network Debt, Solvency and Competitive Metrics
    6. DISH Network Strategic Positioning & Bottom Line
  3. Speedcast
    1. Speedcast Revenues
    2. Speedcast EBIT, Adj. EBITDA, Margin and OPEX
    3. Speedcast M&A Cycle captured
    4. Speedcast Annual CAPEX & Free Cash Flow
    5. Speedcast Debt, Solvency and Competitive Metrics
    6. Speedcast Strategic Positioning & Bottom Line
  4. Global Eagle Entertainment
    1. Global Eagle Entertainment Revenues
    2. Global Eagle Entertainment EBITDA, EBIT, Margin and OPEX
    3. Global Eagle Entertainment Annual CAPEX & Free Cash Flow
    4. Global Eagle Entertainment Debt, Solvency and Competitive Metrics
    5. Global Eagle Entertainment Strategic Positioning & Bottom Line
  5. Gogo
    1. Gogo Revenues
    2. Gogo EBITDA, EBIT, Margin and OPEX
    3. Gogo Subscriptions and ARPU – Commercial & Business Aviation
    4. Gogo Annual CAPEX & Free Cash Flow
    5. Gogo Debt, Solvency and Competitive Metrics
    6. Gogo Strategic Positioning & Bottom Line

Appendix

  1. Break-even fleet price methodology
  2. Strategic Positioning Framework Elements

 

List of Exhibits

ES.1: Financial Metrics Assessed

ES.2: Companies Assessed

ES.3: Lease Revenues per Operator

ES.4: 2016 and 2017 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: 2016 and 2017 Fill rates per Operator

ES.8: 2016 and 2017 Free Cash Flow per Operator

ES.9: FSS Average Break-even Pricing $/MHz/Month

ES.10: EBITDA margin per Service Provider

 

1.1: 2016 & 2017 GEO Operator Revenues (US$ M), “Big Six”

1.2: 2016 & 2017 GEO Operator Revenues (US$ M)

1.3: 2016 & 2017 GEO Operator EBITDA/Adj. EBITDA

1.4: 2016 & 2017 GEO Operator EBITDA Margin

1.5: 2016 & 2017 GEO Operator Commercialized Transponders

1.6: 2016 & 2017 GEO Operator Fill Rates

1.7: 2016 & 2017 GEO Operator Average Annual Revenues per Leased Transponder

1.8: 2016 & 2017 GEO Operator OPEX per Leased Transponder

1.9: 2016 & 2017 GEO Operator Average Annual Revenues per Operational Satellite

1.10: 2016 & 2017 GEO Operator Backlog

1.11: 2016 & 2017 GEO Operator Years of Backlog to Annual Revenue Ratio

1.12: 2016 & 2017 GEO Operator Average Age of Satellite Fleet

1.13: 2016 & 2017 GEO Operator Net Debt to EBITDA Ratio

1.14: 2016 & 2017 GEO Operator Total Debt to Total Assets Ratio

1.15: 2016 & 2017 GEO Operator Interest Service Coverage Ratio

1.16: 2016 & 2017 GEO Operator Annual CAPEX

1.17: 2016 & 2017 GEO Operator Total CAPEX to Cash Flow from Operating Activities Ratio

1.18: 2016 & 2017 GEO Operator Total CAPEX to Annual Revenues Ratio

1.19: 2016 & 2017 GEO Operator EBITDA to Cash Conversion Ratio

1.20: 2016 & 2017 GEO Operator Free Cash Flow (US$ M)

 

2.1.1: Average Annual Revenues (US$) per Operational Satellite

2.1.2: Average Annual Revenues (US$) per Leased Transponder

2.1.3: EBITDA/Adj. EBITDA Margins

2.1.4: Years of Backlog to Annual Revenues Ratio

2.1.5: Average Age of Satellite Fleet

2.1.6: Average Fill Rate

2.1.7: Net Debt to EBITDA/Adj. EBITDA Ratio

2.1.8: Total Debt to Total Assets Ratio

2.1.9: Interest Service Coverage Ratio

2.1.10: Total CAPEX to Cash Flow from Operating Activities Ratio

2.1.11: Total CAPEX to Annual Revenues Ratio

2.1.12: EBITDA to Cash Conversion Ratio

2.2.1: Video and Non-video Revenues (US$) per Operator

2.2.2: Fleet Efficiency per Operator (Lease Revenue per CapEx % per leased TPE)

2.2.3: Lease Revenues (US$) per Operator

2.2.4: Service Revenues (US$) per Operator and Service Provider

 

3.1.1b: Intelsat Ranking by Metric, 2017

3.2.1b: SES Ranking by Metric, 2017

3.3.1b: Eutelsat Ranking by Metric, 2017

3.4.1b: Telesat Ranking by Metric, 2017

4.1.1b: AsiaSat Ranking by Metric, 2017

4.2.1b: APT Satellite Ranking by Metric, 2017

3.8.1b: SKY Perfect JSAT Ranking by Metric, 2017

4.3.1b: StarOne Ranking by Metric, 2017

4.4.1b: Thaicom Ranking by Metric, 2017

4.5.1b: Hispasat Ranking by Metric, 2017

4.6.1b: Telenor Satellite Ranking by Metric, 2017

4.7.1b: Spacecom Ranking by Metric, 2017

 

3.1.1a: Intelsat Key Metrics, 2011-2017

3.1.2: Intelsat Revenues, 2011-2017

3.1.3: Intelsat Adj. EBITDA and Adj. EBITDA Margin, 2011-2017

3.1.4: Intelsat Commercialized Transponders & Fill Rates, 2011-2017

3.1.5: Intelsat Annual Revenues and Cost per Leased Transponder, 2011-2017

3.1.6: Intelsat Backlog & Years of Backlog to Annual Revenues, 2011-2017

3.1.7: Intelsat Annual CAPEX, 2011-2017

3.1.8: Intelsat Free Cash Flow, 2011-2017

3.1.9: Intelsat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2017

3.1.10: Intelsat EBITDA to Cash Conversion Ratio, 2011-2017

3.1.11: Intelsat Debt and Solvency Ratios 2011-2017

3.1.12: Intelsat Competitive Ratios 2011-2017

3.1.13: Intelsat Break-even pricing 2016-2019

 

3.2.1a: SES Key Metrics, 2011-2017

3.2.2: SES Revenues, 2011-2017

3.2.3: SES EBITDA and EBITDA Margin, 2011-2017

3.2.4: SES Commercialized Transponders & Fill Rates, 2011-2017

3.2.5: SES Annual Revenues per Leased Transponder, 2011-2017

3.2.6: SES Backlog & Years of Backlog to Annual Revenues, 2011-2017

3.2.7: SES Annual CAPEX, 2011-2017

3.2.8: SES Free Cash Flow, 2011-2017

3.2.9: SES Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2017

3.2.10: SES EBITDA to Cash Conversion Ratio, 2011-2017

3.2.11: SES Debt and Solvency Ratios 2011-2017

3.2.12: SES Competitive Ratios 2011-2017

3.2.13: SES Break-even pricing 2016-2019

 

3.3.1a: Eutelsat Revenues, FY2013/14 – FY2017/18

3.3.2: Eutelsat Revenues, FY2013/14 – FY2017/18

3.3.3: Eutelsat EBITDA and EBITDA Margin, FY2013/14 – FY2017/18

3.3.4: Eutelsat Commercialized Transponders & Fill Rates, FY2013/14 – FY2017/18

3.3.5: Eutelsat Annual Revenues per Leased Transponder, FY2013/14 – FY2017/18

3.3.6: Eutelsat Backlog & Years of Backlog to Annual Revenues, FY2013/14 – FY2017/18

3.3.7: Eutelsat Annual CAPEX, FY2013/14 – FY2017/18

3.3.8: Eutelsat Free Cash Flow, FY2013/14 – FY2017/18

3.3.9: Eutelsat Total CAPEX to Revenues Ratio, FY2013/14 – FY2017/18

3.3.10: Eutelsat EBITDA to Cash Conversion Ratio, FY2013/14 – FY2017/18

3.3.11: Eutelsat Debt and Solvency Ratios FY2013/14 – FY2017/18

3.3.12: Eutelsat Competitive Ratios FY2013/14 – FY2017/18

3.3.13: Eutelsat Break-even pricing 2016-2019

 

3.4.1a: Telesat Key Metrics, 2011-2017

3.4.2: Telesat Revenues, 2011-2017

3.4.3: Telesat Adj. EBITDA and Adj. EBITDA Margin, 2011-2017

3.4.4: Telesat Commercialized Transponders & Fill Rates, 2011-2017

3.4.5: Telesat Annual Revenues per Leased Transponder, 2011-2017

3.4.6: Telesat Backlog & Years of Backlog to Annual Revenues, 2011-2017

3.4.7: Telesat Annual CAPEX, 2011-2017

3.4.8: Telesat Free Cash Flow, 2011-2017

3.4.9: Telesat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2017

3.4.10: Telesat EBITDA to Cash Conversion Ratio, 2011-2017

3.4.11: Telesat Debt and Solvency Ratios 2011-2017

3.4.12: Telesat Competitive Ratios 2011-2017

3.4.13: Telesat Break-even pricing 2016-2019

 

3.5.1: Inmarsat Key Metrics 2011 – 2017

3.5.2: Inmarsat Revenues, 2011 – 2017

3.5.3: Inmarsat EBITDA and EBITDA Margin, 2011 – 2017

3.5.4: Inmarsat Annual CAPEX, 2011 – 2017

3.5.5: Inmarsat Free Cash Flow, 2011 – 2017

3.5.6: Inmarsat Total CAPEX to Cash Flow from Operating Activities Ratio, 2011 – 2017

3.5.7: Inmarsat EBITDA to Cash Conversion Ratio, 2011 – 2017

3.5.8: Inmarsat Debt and Solvency Ratios 2011-2017

3.5.9: Inmarsat Competitive Ratios 2011-2017

3.5.10: Inmarsat Break-even pricing 2016-2019

 

3.6.1: Echostar Key Metrics, 2013-2017

3.6.2: Echostar Revenues, 2013-2017

3.6.3: Echostar EBIT and EBIT Margin, 2013-2017

3.6.4: Echostar Fixed Broadband Subscriptions, 2013-2017

3.6.5: Echostar Operational Expenses, 2013-2017

3.6.6: Echostar Backlog & Years of Backlog to Total Revenues, 2013-2017

3.6.7: Echostar Annual CAPEX and Free Cash Flow, 2013-2017

3.6.8: Echostar Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2017

3.6.9: Echostar EBITDA to Cash Conversion Ratio, 2013-2017

3.6.10: Echostar Debt and Solvency Ratios 2013-2017

3.6.11: Echostar Competitive Ratios 2014-2017

3.6.12: Echostar-Hughes Break-even pricing 2016-2019

 

3.7.1: Viasat Key Metrics, 2013-2017

3.7.2: Viasat Revenues, 2013-2017

3.7.3: Viasat EBIT and EBIT Margin, 2013-2017

3.7.4: Viasat Broadband and Aircraft Subscriptions, 2013-2017

3.7.5: Viasat Operational Expenses, 2013-2017

3.7.6: Viasat Backlog & Years of Backlog to Total Revenues, 2013-2017

3.7.7: Viasat Annual CAPEX and Free Cash Flow, 2013-2017

3.7.8: Viasat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2017

3.7.9: Viasat Debt and Solvency Ratios 2013-2017

3.7.10: Viasat Competitive Ratios 2014-2017

 

3.8.1a: SKY Perfect JSAT Space & Satellite Business Revenues, FY2011-FY2017

3.8.2: SKY Perfect JSAT Space & Satellite Business EBIT and EBIT Margin, FY2011-FY2017

3.8.3: SKY Perfect JSAT Space & Satellite Business Annual CAPEX, FY2011-FY2017

3.8.4: SKY Perfect JSAT Space & Satellite Business Total CAPEX to Revenues Ratio, FY2011-FY2017

3.8.5: SKY Perfect JSAT Space & Satellite Business Annual Revenues per Leased Transponder, FY2011-FY2017

3.8.6: Sky Perfect JSAT Break-even pricing 2016-2019

 

4.1.1a: AsiaSat Key Metrics, 2011-2017

4.1.2: AsiaSat Revenues, 2011-2017

4.1.3: AsiaSat EBITDA and EBITDA Margin, 2011-2017

4.1.4: AsiaSat Commercialized Transponders & Fill Rates, 2011-2017

4.1.5: AsiaSat Annual Revenues and Cost per Leased Transponder, 2011-2017

4.1.6: AsiaSat Backlog & Years of Backlog to Annual Revenues, 2011-2017

4.1.7: AsiaSat Annual CAPEX, 2011-2017

4.1.8: AsiaSat Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2017

4.1.9: AsiaSat EBITDA to Cash Conversion Ratio, 2011-2017

4.1.10: AsiaSat Debt and Solvency Ratios, 2015-2017

4.1.11: AsiaSat Competitive Ratios, 2013-2017

4.1.12: Asiasat Break-even pricing 2016-2019

 

4.2.1a: APT Satellite Key Metrics 2011-2017

4.2.2: APT Satellite Revenues, 2011-2017

4.2.3: APT Satellite EBITDA and EBITDA Margin, 2011-2017

4.2.4: APT Satellite Commercialized Transponders & Fill Rates, 2011-2017

4.2.4: APT Satellite Commercialized Transponders & Fill Rates, 2011-2017

4.2.6: APT Satellite Annual CAPEX, 2011-2017

4.2.7: APT Satellite Free Cash Flow, 2011-2017

4.2.8: APT Satellite Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2017

4.2.9: APT Satellite EBITDA to Cash Conversion Ratio, 2011-2017

4.2.10: APT Satellite Debt and Solvency Ratios, 2013-2017

4.2.11: APT Satellite Competitive Ratios, 2013-2017

4.2.12: APT Corp Break-even pricing 2016-2019

 

4.3.1a: StarOne Revenues, 2011-2017

4.3.2: StarOne EBIT and EBIT Margin, 2011-2017

4.3.3: StarOne Free Cash Flow, 2011-2017

4.3.4: Star One Break-even pricing 2016-2019

 

4.4.1a: Thaicom Satellite Business Services Revenues, 2011-2017

4.4.2:  Thaicom Satellite Business Services Revenues Breakout, 2011-2017

4.4.3: Thaicom Conventional Satellites Commercialized Transponders & Fill Rates, 2011-2017

4.4.4: Thaicom Conventional Satellites Annual Revenues per Leased Transponder, 2011-2017

4.4.5: Thaicom Break-even pricing 2016-2019

 

4.5.1a: Hispasat Revenues, 2011-2017

4.5.2: Hispasat  EBITDA and EBITDA Margin, 2011-2017

4.5.3: Hispasat Years of Backlog to Annual Revenues, 2011-2017

4.5.4: Hispasat Break-even pricing 2016-2019

 

4.6.1a: Telenor Revenues, 2011-2017

4.6.2: Telenor EBITDA and EBITDA Margin, 2011-2017

4.6.3: Telenor Break-even pricing 2016-2019

 

4.7.1a: Spacecom Revenues, 2011-2017

4.7.2: Spacecom EBIT and EBIT Margin, 2011-2017

4.7.3: Spacecom Break-even pricing 2016-2019

 

5.1.1: Sky plc Key Metrics, FY2014-FY2018

5.1.2: Sky plc Revenues, FY2014-FY2018

5.1.3: Sky plc EBITDA and EBITDA Margin, FY2014-FY2018

5.1.4: Sky plc Subscriptions and ARPU, FY2014-FY2018

5.1.5: Sky plc Operational Expenses, FY2014-FY2018

5.1.6: Sky plc Annual CAPEX and Adj. Free Cash Flow, FY2014-FY2018

5.1.7: Sky plc Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, FY2014-FY2018

5.1.8: Sky plc EBITDA to Cash Conversion Ratio, FY2014-FY2018

5.1.9: Sky plc Debt and Solvency Ratios FY2014-FY2018

5.1.10: Sky plc Competitive Ratios FY2015-FY2018

 

5.2.1: DISH Network Key Metrics, 2013-2017

5.2.2: DISH Network Revenues, 2013-2017

5.2.3: DISH Network EBITDA and EBITDA Margin, 2013-2017

5.2.4: DISH Network Broadband and Aircraft Subscriptions, 2013-2017

5.2.5: DISH Network Operational Expenses, 2013-2017

5.2.6: DISH Network Transmission cost per subscriber, 2013-2017

5.2.7: DISH Network Annual CAPEX and Free Cash Flow, 2013-2017

5.2.8: DISH Network Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2017

5.2.9: DISH Network EBITDA to Cash Conversion Ratio, 2013-2017

5.2.10: DISH Network Debt and Solvency Ratios 2013-2017

5.2.11: DISH Network Competitive Ratios 2014-2017

 

5.3.1: Speedcast Key Metrics, 2013-2017

5.3.2: Speedcast Revenues, 2013-2017

5.3.3: Speedcast M&A cycle captured, 2013-2017

5.3.4: Speedcast Adj. EBITDA and Adj. EBITDA Margin, 2013-2017

5.3.5: Speedcast Operational Expenses, 2013-2017

5.3.6: Speedcast Annual CAPEX and Free Cash Flow, 2013-2017

5.3.7: Speedcast Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2017

5.3.8: Speedcast EBITDA to Cash Conversion Ratio, 2013-2017

5.3.9: Speedcast Debt and Solvency Ratios 2013-2017

5.3.10: Speedcast Competitive Ratios 2014-2017

 

5.4.1: GEE Key Metrics, 2013-2017

5.4.2: GEE Revenues, 2013-2017

5.4.3: GEE EBITDA and EBITDA Margin, 2013-2017

5.4.4: GEE Operational Expenses, 2013-2017

5.4.5: GEE Annual CAPEX and Free Cash Flow, 2013-2017

5.4.6: GEE Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2017

5.4.7: GEE EBITDA to Cash Conversion Ratio, 2013-2017

5.4.8: GEE Debt and Solvency Ratios 2013-2017

5.4.9: GEE Competitive Ratios 2014-2017

 

5.5.1: Gogo Key Metrics, 2013-2017

5.5.2: Gogo Revenues, 2013-2017

5.5.3: Gogo Adj. EBITDA and Margin, 2013-2017

5.5.4: Gogo Commercial Aviation metrics, 2013-2017

5.5.5: Gogo Business Aviation metrics, 2013-2017

5.5.6: Gogo Operational Expenses, 2013-2017

5.5.7: Gogo Annual CAPEX and Free Cash Flow, 2013-2017

5.5.8: Gogo Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2017

5.5.9: Gogo EBITDA to Cash Conversion Ratio, 2013-2017

5.5.10: Gogo Debt and Solvency Ratios 2013-2017

5.5.11: Gogo Competitive Ratios 2014-2017

 

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