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市場調査レポート

衛星事業者の財務分析

Satellite Industry Financial Analysis, 9th Edition

発行 Northern Sky Research, LLC 商品コード 226179
出版日 ページ情報 英文
納期: 即日から翌営業日
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衛星事業者の財務分析 Satellite Industry Financial Analysis, 9th Edition
出版日: 2019年10月23日 ページ情報: 英文
概要

当レポートでは、世界の主要な通信衛星サービス事業者の財務動向について調査分析し、各社の主な財務指標の推移と見通し (過去・今後5年間分)、業界平均や他社との比較、業界全体の傾向などをまとめ、お届けいたします。

分析概略

エグゼクティブ・サマリー

第1章 衛星通信企業の財務指標

  • 経営指標
    • 収益額
    • EBITDA/修正EBITDA および EBITDA/修正EBITDAマージン
    • 業務用トランスポンダと充足率
    • リースTPE (Transponder Equivalent) 1件当たり年間収益額
    • 運用中の衛星1台当たり年間収益額
    • リースTPE1件当たり年間OPEX (操業支出)
    • 在庫・在庫年数と年間収益額の比率
  • 負債・ソルベンシー指標
    • 純負債額とEBITDA/修正EBITDAとの比率
    • 総負債/総資産比率
    • インタレスト・カバレッジ比率
  • 資本投資額 (CAPEX)・現金創出指標
    • 年間CAPEX
    • 年間CAPEXと、営業活動からのキャッシュフローとの比率
    • 年間CAPEXと収益額との比率
    • フリーキャッシュフロー
    • 結論:衛星通信企業の財務指標

第2章 衛星通信市場のダイナミクス

  • 市場指標 (静止軌道衛星 (GEO) オペレーター・サービスプロバイダー全体)
  • 全般的指標:経営
    • 運用中の衛星1台当たり年間収益額
    • リースTPE1件当たり年間収益額
    • EBITDA/修正EBITDAマージン
    • 衛星フリートの平均年数
    • 在庫年数と年間収益額の比率
    • 平均充足率 (フィルレート)
    • 結論:経営指標
  • 全般的指標:債務・ソルベンシー
    • 純負債額とEBITDA/修正EBITDAとの比率
    • 総負債/総資産比率
    • インタレスト・カバレッジ比率
    • 結論:債務状況とソルベンシー (債務返済能力) 指標
  • 全般的指標:CAPEX・現金創出 (キャッシュフロー)
    • CAPEX総額と、営業活動からのキャッシュフローとの比率
    • 年間CAPEXと年間収益額との比率
    • EBITDAと現金転換率
    • 結論:CAPEX・現金創出指標
  • 二次指標:資産
    • オペレーター1社当たり動画/非動画収益額
    • オペレーター各社のフリート効率性
    • リース・サービス収益額:オペレーター/サービスプロバイダー1社平均
    • HTS (大容量通信衛星) フリート:競争上の強みと市場へのアクセス
    • フリートの損益分岐点価格と補充戦略 (FSS/HTSフリート)
    • 市場再編の機会

第3章 衛星通信オペレーター各社の財務分析:上位8社

  • Intelsat
    • 沿革
    • 近年の業績と事業動向
    • 市場ランキング
    • 主な財務指標
  • SES
  • Eutelsat
  • Telesat
  • Inmarsat
  • Echostar-Hughes
  • Viasat
  • Sky Perfect JSAT

第4章 衛星通信オペレーター各社の財務分析:その他の企業 (計7社分)

  • Asiasat
  • APT Satellite
  • Star One
  • Thaicom
  • Hispasat
  • Telenor
  • Spaecom

第5章 独立系サービスプロバイダーの分析

  • Sky plc
  • DISH Network
  • Speedcast
  • Global Eagle Entertainment
  • Gogo

付録

目次
Product Code: SIFA9

Summary

NSR's ‘Satellite Industry Financial Analysis, 9th Edition (SIFA9) ’ 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, SIFA9 includes future outlook analysis on several operational, Debt, Cash and ROI metrics, competitiveness indicators and strategy.

NSR's SIFA9 report continues to deliver best-in-class research, with a continued coverage of seven integrated operators and service providers post 8th Edition. 9th Edition includes:

  • Integrated Operators such as EchoStar-Hughes and ViaSat
  • Service Previders such ss Sky plc, DISH Network, Speedcsst, GEE and Cogo

A special emphasis is given to latest secondary and M&A indicators, along with built-in NSR assumptions on the unreported metrics in 2018.

  • Fleet Efficiency (Revenues per CAPEX per Leased TPE)
  • Video vs. Non-Video Revenues Positioning
  • Lease vs. Service Revenues Positioning
  • HTS Fleet Market Strength and Access
  • Break-even Pricing vs. Replenishment Strategies

SIFA8 assesses 11 quantitative and 14 qualitative metrics across the Satcom Financial Index, statistical metrics comparing 2008-2012 and 2013-2018 5-year trends, and in individual operator and service provider chapters.

  • Each of the 17 individual chapters focus on key financial highlights reflecting on the forward outlook across Operational, Debt, Cash and ROI metrics
  • Each chapter also contains o standardized ‘Stretegic Positioning’ comparing key indicators, and commenting on:
    • Market Penetration & Growth,
    • Business Fundamentals
    • Organic/Inorganic Growth Potential

The report analyzes key questions facing the satcom industry today:

  • What are the trends for revenues and EITDA margins in the industry, and what are the directions for video vs. non-video and lease vs. service revenue?
  • Who were the top gainers and losersin 2018 and WHY?
  • What is the long term FCF and ROC yield, and which operators have booked the best return and why?
  • How does fleet efficiency and break-even pricing impact competitive positioning, and which set of operstors have future proof growth shielding capacity price declines?
  • 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?
  • What is compsritive strategic positioning of each satellite operator, and what inferences can be drawn?
  • 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.?

Key Features:

NSR's ‘Satellite Industry Financial Analysis (SIFA) 9th Edition’ focuses on the analysis of standalone metrics of 17 operators and service providers, while simultaneously comparing 25 metrics on a YoY basis and on a statistical 5-year basis across two chapters, while simultaneously 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 m=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 builds on the newest Break-even Fleet Pricing Metric post the 8th Edition, forecasting until 2021 for both FSS and HTS fleets. Break-even Pricing indicates 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. SIFA9, while evaluating various business trends in the Secondary indicators chapter, also provides a list of FSS and HTS fleet pricing of 15-20 operators (many not publicly reporting) 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.

Who should purchase this report?

  • National, Regional and GIobsl 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

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 the Satellite Industry Financial Analysis, as well as Satellite Capacity Pricing Index. With a deep and firsthand understanding of the components influencing satellite operator and service provider finances, NSR's SIFA9 provides the most in-depth financial analysis in the industry.

SIFA9 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, SIFA9 includes detailed analysis within the secondary indicators section, continuation of 7 service providers coverage and the competitive positioning benchmarking tool.

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

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. Commercialised Transponders and Fill rates
    • 1.1.4. Annual Revenues per leased TPE
    • 1.1.5. Annual Revenues per operational Satellite
    • 1.1.6. Annual OPEX per leased TPE
    • 1.1.7. Backlog and Years of Backlog to Annual Revenues
  • 1.2. Debt and Solvency Metrics
    • 1.2.1. Net Debt to EBBITDA/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 Cash Flow from Operating Activities
    • 1.3.3. Annual CAPEX to Revenues
    • 1.3.4. Free Cash Flow
  • 1.4. Competitive Advantage Ratios
    • 1.4.1. Turnover Ratio
    • 1.4.2. Return on Capital Employed (ROCE)
    • 1.4.3. Bottom Line: Satcom Financial Index

2. Satcom Market Dynamics Metrics (across GEO Operators & Service Providers)

  • 2.1. General Metrics - Operations
    • 2.1.1. Average Revenue per Operational Satellite
    • 2.1.2. Average Revenue per leased TPE
    • 2.1.3. EBITDA/Adj. EBITDA margin
    • 2.1.4. Years of Backlog to Annual Revenues
    • 2.1.5. Average Fill rate
    • 2.1.6. Bottom Line - Operations Metrics
  • 2.2. General Metrics - Debt and Solvency
    • 2.2.1. Net Debt to EBBITDA/Adj. EBITDA ratio
    • 2.2.2. Total Debt to Total Assets ratio
    • 2.2.3. Interest Service Coverage ratio
    • 2.2.4. Bottom Line - Debt Position & Solvency Metrics
  • 2.3. General Metrics - CAPEX and Cash Generation
    • 2.3.1. Total CAPEX to Cash Flow from Operating Activities ratio
    • 2.3.2. Total CAPEX to Annual Revenues ratio
    • 2.3.3. EBITDA to Cash Conversion ratio
    • 2.3.4. Bottom Line - CAPEX & Cash Generation Metrics
  • 2.4. Secondary Indicators - Assessment
    • 2.4.1. Video & non-video Revenues per Operator
    • 2.4.2. Fleet Efficiency per Operator
    • 2.4.3. Lease vs. Service Revenues per Operator and Service Provider
    • 2.4.4. FSS Break-even fleet price (2016-2021): Prospects for Operators
    • 2.4.5. HTS Fleet: Market Strength and Market Access
    • 2.4.6. Fleet replenishment strategies
    • 2.4.7. Consolidation Opportunities

3. Individual Satellite Operator Analysis - Top 8

  • 3.1. Intelsat
    • 3.1.1. Intelsat Financial Performance & Business Highlights 2018
    • 3.1.2. Intelsat Strategic Positioning & Bottom Line
  • 3.2. SES
    • 3.2.1. SES Financial Performance & Business Highlights 2018
    • 3.2.2. SES Strategic Positioning & Bottom Line
  • 3.3. Eutelsat
    • 3.3.1. Eutelsat Financial Performance & Business Highlights 2018
    • 3.3.2. Eutelsat Strategic Positioning & Bottom Line
  • 3.4. Telesat
    • 3.4.1. Telesat Financial Performance & Business Highlights 2018
    • 3.4.2. Telesat Strategic Positioning & Bottom Line
  • 3.5. Inmarsat
    • 3.5.1. Inmarsat Financial Performance & Business Highlights 2018
    • 3.5.2. Inmarsat Strategic Positioning & Bottom Line
  • 3.6. Echostar-Hughes
    • 3.6.1. Echostar-Hughes Financial Performance & Business Highlights 2018
    • 3.6.2. Echostar-Hughes Strategic Positioning & Bottom Line
  • 3.7. Viasat
    • 3.7.1. Viasat Financial Performance & Business Highlights 2018
    • 3.7.2. Viasat Strategic Positioning & Bottom Line
  • 3.8. Sky Perfect JSAT
    • 3.8.1. Sky Perfect JSAT Financial Performance & Business Highlights 2018
    • 3.8.2. Sky Perfect JSAT Strategic Positioning & Bottom Line

4. Individual Satellite Operator Analysis - Others (4)

  • 4.1. Asiasat
    • 4.1.1. Asiasat Financial Performance & Business Highlights 2018
    • 4.1.2. Asiasat Strategic Positioning & Bottom Line
  • 4.2. APT Satellite
    • 4.2.1. APT Satellite Financial Performance & Business Highlights 2018
    • 4.2.2. APT Satellite Strategic Positioning & Bottom Line
  • 4.3. Thaicom
    • 4.3.1. Thaicom Financial Performance & Business Highlights 2018
    • 4.3.2. Thaicom Strategic Positioning & Bottom Line
  • 4.4. Spacecom
    • 4.4.1. Spacecom Financial Performance & Business Highlights 2017
    • 4.4.2. Spacecom Strategic Positioning & Bottom Line

5. Individual Service Provider Analysis

  • 5.1. Sky plc
    • 5.1.1. Sky plc Revenues
    • 5.1.2. Sky plc Strategic Positioning & Bottom Line
  • 5.2. DISH Network
    • 5.2.1. DISH Network Revenues
    • 5.2.2. DISH Network Strategic Positioning & Bottom Line
  • 5.3. Speedcast
    • 5.3.1. Speedcast Revenues
    • 5.3.2. Speedcast Strategic Positioning & Bottom Line
  • 5.4. Global Eagle Entertainment
    • 5.4.1. Global Eagle Entertainment Revenues
    • 5.4.2. Global Eagle Entertainment Strategic Positioning & Bottom Line
  • 5.5. Gogo
    • 5.5.1. Gogo Revenues
    • 5.5.2. Gogo Strategic Positioning & Bottom Line

Appendix

  • Break-even fleet price methodology
  • Strategic Positioning Framework Elements

List of Exhibits

EXEC SUMM

State of the Market

  • Financial Metrics Assessed
  • Companies Assessed
  • Lease Revenues per Operator
  • 2017 and 2018 EBITDA margin per Operator
  • Years of Backlog to Revenues (Average of 6 operators)
  • Return on Capital Employed per Operator

Market Dynamics

  • 2017 and 2018 Fill rates per Operator
  • 2017 and 2018 Free Cash Flow per Operator
  • EBITDA margin per Service Provider

1. Satcom Financial Index

  • 1.1. Comparative Metrics across GEO Operators
    • 1.1.1. 2017 & 2018 GEO Operator Revenues (US$ M), “Big Six”
    • 1.1.2. 2017 & 2018 GEO Operator Revenues (US$ M)
    • 1.1.3. 2017 & 2018 GEO Operator EBITDA/Adj. EBITDA
    • 1.1.4. 2017 & 2018 GEO Operator EBITDA Margin
    • 1.1.5. 2017 & 2018 GEO Operator Commercialized Transponders
    • 1.1.6. 2017 & 2018 GEO Operator Fill Rates
    • 1.1.7. 2017 & 2018 GEO Operator Average Annual Revenues per Leased Transponder
    • 1.1.8. 2017 & 2018 GEO Operator OPEX per Leased Transponder
    • 1.1.9. 2017 & 2018 GEO Operator Average Annual Revenues per Operational Satellite
    • 1.1.10. 2017 & 2018 GEO Operator Backlog
    • 1.1.11. 2017 & 2018 GEO Operator Years of Backlog to Annual Revenue Ratio
    • 1.1.12. 2017 & 2018 GEO Operator Average Age of Satellite Fleet
    • 1.1.13. 2017 & 2018 GEO Operator Net Debt to EBITDA Ratio
    • 1.1.14. 2017 & 2018 GEO Operator Total Debt to Total Assets Ratio
    • 1.1.15. 2017 & 2018 GEO Operator Interest Service Coverage Ratio
    • 1.1.16. 2017 & 2018 GEO Operator Annual CAPEX
    • 1.1.17. 2017 & 2018 GEO Operator Total CAPEX to Cash Flow from Operating Activities Ratio
    • 1.1.18. 2017 & 2018 GEO Operator Total CAPEX to Annual Revenues Ratio
    • 1.1.19. 2017 & 2018 GEO Operator EBITDA to Cash Conversion Ratio
    • 1.1.20. 2017 & 2018 GEO Operator Free Cash Flow (US$ M)
    • 1.1.21. 2017 & 2018 GEO Operator Turnover Ratio
    • 1.1.22. 2017 & 2018 GEO Operator Return on Capital Employed

2. Satcom Market Dynamics

  • 2.1. General Metrics - Operations
    • 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 Fill Rate
    • 2.1.6. Net Debt to EBITDA/Adj. EBITDA Ratio
    • 2.1.7. Total Debt to Total Assets Ratio
    • 2.1.8. Interest Service Coverage Ratio
    • 2.1.9. Total CAPEX to Cash Flow from Operating Activities Ratio
    • 2.1.10. Total CAPEX to Annual Revenues Ratio
    • 2.1.11. EBITDA to Cash Conversion Ratio
  • 2.2. General Metrics - Debt Position and Solvency
    • 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. Individual Satellite Operator Analysis - Top 8

  • 3.1. Intelsat Financial Performance & Business Highlights 2018
    • 3.1.1. Intelsat Key Metrics, 2011-2018
    • 3.1.2. Intelsat Revenues, 2011-2018
    • 3.1.3. Intelsat Adj. EBITDA and Adj. EBITDA Margin, 2011-2018
    • 3.1.4. Intelsat Commercialized Transponders & Fill Rates, 2011-2018
    • 3.1.5. Intelsat Annual Revenues and Cost per Leased Transponder, 2011-2018
    • 3.1.6. Intelsat Backlog & Years of Backlog to Annual Revenues, 2011-2018
    • 3.1.7. Intelsat Annual CAPEX, 2011-2018
    • 3.1.8. Intelsat Free Cash Flow, 2011-2018
    • 3.1.9. Intelsat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2018
    • 3.1.10. Intelsat EBITDA to Cash Conversion Ratio, 2011-2018
    • 3.1.11. Intelsat Debt and Solvency Ratios 2011-2018
    • 3.1.12. Intelsat Competitive Ratios 2011-2018
    • 3.1.13. Intelsat Break-even pricing 2016-2021
  • 3.2. SES Financial Performance & Business Highlights 2018
    • 3.2.1. SES Key Metrics, 2011-2018
    • 3.2.2. SES Revenues, 2011-2018
    • 3.2.3. SES EBITDA and EBITDA Margin, 2011-2018
    • 3.2.4. SES Commercialized Transponders & Fill Rates, 2011-2018
    • 3.2.5. SES Annual Revenues per Leased Transponder, 2011-2018
    • 3.2.6. SES Backlog & Years of Backlog to Annual Revenues, 2011-2018
    • 3.2.7. SES Annual CAPEX, 2011-2018
    • 3.2.8. SES Free Cash Flow, 2011-2018
    • 3.2.9. SES Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2018
    • 3.2.10. SES EBITDA to Cash Conversion Ratio, 2011-2018
    • 3.2.11. SES Debt and Solvency Ratios 2011-2018
    • 3.2.12. SES Competitive Ratios 2011-2018
    • 3.2.13. SES Break-even pricing 2016-2021
  • 3.3. Eutelsat Financial Performance & Business Highlights 2018
    • 3.3.1. Eutelsat Revenues, FY2013/14 - FY 2018/19
    • 3.3.2. Eutelsat Revenues, FY2013/14 - FY 2018/19
    • 3.3.3. Eutelsat EBITDA and EBITDA Margin, FY2013/14 - FY 2018/19
    • 3.3.4. Eutelsat Commercialized Transponders & Fill Rates, FY2013/14 - FY 2018/19
    • 3.3.5. Eutelsat Annual Revenues per Leased Transponder, FY2013/14 - FY 2018/19
    • 3.3.6. Eutelsat Backlog & Years of Backlog to Annual Revenues, FY2013/14 - FY 2018/19
    • 3.3.7. Eutelsat Annual CAPEX, FY2013/14 - FY 2018/19
    • 3.3.8. Eutelsat Free Cash Flow, FY2013/14 - FY 2018/19
    • 3.3.9. Eutelsat Total CAPEX to Revenues Ratio, FY2013/14 - FY 2018/19
    • 3.3.10. Eutelsat EBITDA to Cash Conversion Ratio, FY2013/14 - FY 2018/19
    • 3.3.11. Eutelsat Debt and Solvency Ratios FY2013/14 - FY 2018/19
    • 3.3.12. Eutelsat Competitive Ratios FY2013/14 - FY 2018/19
    • 3.3.13. Eutelsat Break-even pricing 2016-2021
  • 3.4. Telesat Financial Performance & Business Highlights 2018
    • 3.4.1. Telesat Key Metrics, 2011-2018
    • 3.4.2. Telesat Revenues, 2011-2018
    • 3.4.3. Telesat Adj. EBITDA and Adj. EBITDA Margin, 2011-2018
    • 3.4.4. Telesat Commercialized Transponders & Fill Rates, 2011-2018
    • 3.4.5. Telesat Annual Revenues per Leased Transponder, 2011-2018
    • 3.4.6. Telesat Backlog & Years of Backlog to Annual Revenues, 2011-2018
    • 3.4.7. Telesat Annual CAPEX, 2011-2018
    • 3.4.8. Telesat Free Cash Flow, 2011-2018
    • 3.4.9. Telesat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2018
    • 3.4.10. Telesat EBITDA to Cash Conversion Ratio, 2011-2018
    • 3.4.11. Telesat Debt and Solvency Ratios 2011-2018
    • 3.4.12. Telesat Competitive Ratios 2011-2018
    • 3.4.13. Telesat Break-even pricing 2016-2021
  • 3.5. Inmarsat Financial Performance & Business Highlights 2018
    • 3.5.1. Inmarsat Key Metrics 2011-2018
    • 3.5.2. Inmarsat Revenues, 2011-2018
    • 3.5.3. Inmarsat EBITDA and EBITDA Margin, 2011-2018
    • 3.5.4. Inmarsat Annual CAPEX, 2011-2018
    • 3.5.5. Inmarsat Free Cash Flow, 2011-2018
    • 3.5.6. Inmarsat Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2018
    • 3.5.7. Inmarsat EBITDA to Cash Conversion Ratio, 2011-2018
    • 3.5.8. Inmarsat Debt and Solvency Ratios 2011-2018
    • 3.5.9. Inmarsat Competitive Ratios 2011-2018
    • 3.5.10. Inmarsat Break-even pricing 2016-2021
  • 3.6. EchoStar Financial Performance & Business Highlights 2018
    • 3.6.1. Echostar Key Metrics, 2013-2018
    • 3.6.2. Echostar Revenues, 2013-2018
    • 3.6.3. Echostar EBIT and EBIT Margin, 2013-2018
    • 3.6.4. Echostar Fixed Broadband Subscriptions, 2013-2018
    • 3.6.5. Echostar Operational Expenses, 2013-2018
    • 3.6.6. Echostar Backlog & Years of Backlog to Total Revenues, 2013-2018
    • 3.6.7. Echostar Annual CAPEX and Free Cash Flow, 2013-2018
    • 3.6.8. Echostar Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2018
    • 3.6.9. Echostar EBITDA to Cash Conversion Ratio, 2013-2018
    • 3.6.10. Echostar Debt and Solvency Ratios 2013-2018
    • 3.6.11. Echostar Competitive Ratios 2014-2018
    • 3.6.12. Echostar-Hughes Break-even pricing 2016-2021
  • 3.7. ViaSat Financial Performance & Business Highlights 2018
    • 3.7.1. Viasat Key Metrics, 2013-2018
    • 3.7.2. Viasat Revenues, 2013-2018
    • 3.7.3. Viasat EBIT and EBIT Margin, 2013-2018
    • 3.7.4. Viasat Broadband and Aircraft Subscriptions, 2013-2018
    • 3.7.5. Viasat Operational Expenses, 2013-2018
    • 3.7.6. Viasat Backlog & Years of Backlog to Total Revenues, 2013-2018
    • 3.7.7. Viasat Annual CAPEX and Free Cash Flow, 2013-2018
    • 3.7.8. Viasat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2018
    • 3.7.9. Viasat Debt and Solvency Ratios 2013-2018
    • 3.7.10. Viasat Competitive Ratios 2014-2018
  • 3.8. Sky Perfect JSAT Brief History & Business Highlights 2018
    • 3.8.1. SKY Perfect JSAT Space & Satellite Business Revenues, FY2011-FY2018
    • 3.8.2. SKY Perfect JSAT Space & Satellite Business EBIT and EBIT Margin, FY2011-FY2018
    • 3.8.3. SKY Perfect JSAT Space & Satellite Business Annual CAPEX, FY2011-FY2018
    • 3.8.4. SKY Perfect JSAT Space & Satellite Business Total CAPEX to Revenues Ratio, FY2011-FY2018
    • 3.8.5. SKY Perfect JSAT Space & Satellite Business Annual Revenues per Leased Transponder, FY2011-FY2018
    • 3.8.6. Sky Perfect JSAT Break-even pricing 2016-2021

4. Individual Satellite Operator Analysis - Others (4)

  • 4.1. AsiaSat Financial Performance & Business Highlights 2018
    • 4.1.1. AsiaSat Key Metrics, 2011-2018
    • 4.1.2. AsiaSat Revenues, 2011-2018
    • 4.1.3. AsiaSat EBITDA and EBITDA Margin, 2011-2018
    • 4.1.4. AsiaSat Commercialized Transponders & Fill Rates, 2011-2018
    • 4.1.5. AsiaSat Annual Revenues and Cost per Leased Transponder, 2011-2018
    • 4.1.6. AsiaSat Backlog & Years of Backlog to Annual Revenues, 2011-2018
    • 4.1.7. AsiaSat Annual CAPEX, 2011-2018
    • 4.1.8. AsiaSat Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2018
    • 4.1.9. AsiaSat EBITDA to Cash Conversion Ratio, 2011-2018
    • 4.1.10. AsiaSat Debt and Solvency Ratios, 2015-2018
    • 4.1.11. AsiaSat Competitive Ratios, 2013-2018
    • 4.1.12. Asiasat Break-even pricing 2016-2021
  • 4.2. APT Sat Financial Performance & Business Highlights 2018
    • 4.2.1. APT Satellite Key Metrics 2011-2018
    • 4.2.2. APT Satellite Revenues, 2011-2018
    • 4.2.3. APT Satellite EBITDA and EBITDA Margin, 2011-2018
    • 4.2.4. APT Satellite Commercialized Transponders & Fill Rates, 2011-2018
    • 4.2.5. APT Satellite Commercialized Transponders & Fill Rates, 2011-2018
    • 4.2.6. APT Satellite Annual CAPEX, 2011-2018
    • 4.2.7. APT Satellite Free Cash Flow, 2011-2018
    • 4.2.8. APT Satellite Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2018
    • 4.2.9. APT Satellite EBITDA to Cash Conversion Ratio, 2011-2018
    • 4.2.10. APT Satellite Debt and Solvency Ratios, 2013-2018
    • 4.2.11. APT Satellite Competitive Ratios, 2013-2018
    • 4.2.12. APT Corp Break-even pricing 2016-2021
  • 4.3. Thaicom Financial Performance & Business Highlights 2018
    • 4.3.1. Thaicom Satellite Business Services Revenues, 2011-2018
    • 4.3.2. Thaicom Satellite Business Services Revenues Breakout, 2011-2018
    • 4.3.3. Thaicom Conventional Satellites Commercialized Transponders & Fill Rates, 2011-2018
    • 4.3.4. Thaicom Conventional Satellites Annual Revenues per Leased Transponder, 2011-2018
    • 4.3.5. Thaicom Break-even pricing 2016-2021
    • 4.4. Spacecom Financial Performance & Business Highlights 2018
    • 4.4.1. Spacecom Revenues, 2011-2018
    • 4.4.2. Spacecom EBIT and EBIT Margin, 2011-2018
    • 4.4.3. Spacecom Break-even pricing 2016-2021

5. Individual Service Provider Analysis

  • 5.1. Sky plc Financial Performance
    • 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. DISH Network Revenues
    • 5.2.1. DISH Network Key Metrics, 2013-2018
    • 5.2.2. DISH Network Revenues, 2013-2018
    • 5.2.3. DISH Network EBITDA and EBITDA Margin, 2013-2018
    • 5.2.4. DISH Network Broadband and Aircraft Subscriptions, 2013-2018
    • 5.2.5. DISH Network Operational Expenses, 2013-2018
    • 5.2.6. DISH Network Transmission cost per subscriber, 2013-2018
    • 5.2.7. DISH Network Annual CAPEX and Free Cash Flow, 2013-2018
    • 5.2.8. DISH Network Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2018
    • 5.2.9. DISH Network EBITDA to Cash Conversion Ratio, 2013-2018
    • 5.2.10. DISH Network Debt and Solvency Ratios 2013-2018
    • 5.2.11. DISH Network Competitive Ratios 2014-2018
  • 5.3. Speedcast Revenues
    • 5.3.1. Speedcast Key Metrics, 2013-2018
    • 5.3.2. Speedcast Revenues, 2013-2018
    • 5.3.3. Speedcast M&A cycle captured, 2013-2018
    • 5.3.4. Speedcast Adj. EBITDA and Adj. EBITDA Margin, 2013-2018
    • 5.3.5. Speedcast Operational Expenses, 2013-2018
    • 5.3.6. Speedcast Annual CAPEX and Free Cash Flow, 2013-2018
    • 5.3.7. Speedcast Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2018
    • 5.3.8. Speedcast EBITDA to Cash Conversion Ratio, 2013-2018
    • 5.3.9. Speedcast Debt and Solvency Ratios 2013-2018
    • 5.3.10. Speedcast Competitive Ratios 2014-2018
  • 5.4. Global Eagle Entertainment Revenues
    • 5.4.1. GEE Key Metrics, 2013-2018
    • 5.4.2. GEE Revenues, 2013-2018
    • 5.4.3. GEE EBITDA and EBITDA Margin, 2013-2018
    • 5.4.4. GEE Operational Expenses, 2013-2018
    • 5.4.5. GEE Annual CAPEX and Free Cash Flow, 2013-2018
    • 5.4.6. GEE Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2018
    • 5.4.7. GEE EBITDA to Cash Conversion Ratio, 2013-2018
    • 5.4.8. GEE Debt and Solvency Ratios 2013-2018
    • 5.4.9. GEE Competitive Ratios 2014-2018
  • 5.5. Gogo Revenues
    • 5.5.1. Gogo Key Metrics, 2013-2018
    • 5.5.2. Gogo Revenues, 2013-2018
    • 5.5.3. Gogo Adj. EBITDA and Margin, 2013-2018
    • 5.5.4. Gogo Commercial Aviation metrics, 2013-2018
    • 5.5.5. Gogo Business Aviation metrics, 2013-2018
    • 5.5.6. Gogo Operational Expenses, 2013-2018
    • 5.5.7. Gogo Annual CAPEX and Free Cash Flow, 2013-2018
    • 5.5.8. Gogo Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2018
    • 5.5.9. Gogo EBITDA to Cash Conversion Ratio, 2013-2018
    • 5.5.10. Gogo Debt and Solvency Ratios 2013-2018
    • 5.5.11. Gogo Competitive Ratios 2014-2018
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