表紙
市場調査レポート

衛星事業者の財務分析

Satellite Operator Financial Analysis, 5th 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 Operator Financial Analysis, 5th Edition
出版日: 2015年09月29日 ページ情報: 英文
概要

当レポートでは、世界の主要固定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とその比較などをまとめ、お届けいたします。

第1章 エグゼクティブサマリー

第2章 衛星オペレーター向け比較メトリクス

  • 事業
    • 収益
    • EBITDA/修正EBITDA および EBITDA/修正EBITDAマージン
    • 商用トランスポンダーおよびフィルレート
    • リースTPEあたりの年間収益
    • リースTPEあたりの年間OPEX
    • 従業員あたりの年間収益
    • 観測衛星あたりの年間収益
    • 在庫・在庫年数と年間収益の比率
    • 衛星フリートの平均年数
  • 負債状況と支払い能力
    • 純負債とEBITDA/修正EBITDAの比率
    • 総負債と総資産の比率
    • 受取利息の期間
    • 利息カバレッジ
  • CAPEXと現金生成
    • 年間CAPEX
    • 年間CAPEXと営業活動によるキャッシュフローの比率
    • 年間CAPEXと収益の比率
    • EBITAと現金転換の比率
    • フリーキャッシュフロー

第3章 衛星オペレーターの全体的なメトリクス

  • 事業
    • 観測衛星あたりの年間収益
    • リーストランスポンダーあたりの年間収益
    • 従業員あたりの年間収益
    • EBITDA/修正EBITDAマージン
    • 在庫・在庫年数と年間収益の比率
    • 衛星フリートの平均年数
    • 平均フィルレート
  • 負債状況と支払い能力
    • 純負債とEBITDA/修正EBITDAの比率
    • 総負債と総資産の比率
    • 利息カバレッジ
  • CAPEXと現金生成
    • 年間CAPEXと営業活動によるキャッシュフローの比率
    • 年間CAPEXと収益の比率
    • EBITDA 現金換算率

第4章 独立型オペレーター分析

  • 全報告の事業者
    • Intelsat
    • SES
    • Eutelsat
    • Telesat
    • AsiaSat
    • APT Satellite
    • Inmarsat
    • Iridium
  • 一部報告の事業者
    • SKY Perfect JSAT
    • Star One
    • Thaicom
    • Hispasat
    • Telenor Satellite Broadcasting
    • Amos-Spacecom
    • Avanti Communications
    • Globalstar

付録

図表

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目次

The past year has seen the finances of the satellite telecommunications industry turned upside-down. Venture capital of the magnitude of hundreds of millions of dollars flowed in, and constellations with price tags in the billions were announced on what was seemingly a monthly basis. With this increased interest comes increased volatility, scrutiny, and competition.

NSR's ‘Satellite Operator Financial Analysis, 5th Edition (SOFA5) ’report takes a critical look at the financial standing of the world's leading satellite operators, with this year's edition expanding to include MSS operator financial analyses. Combining comprehensive real-world financial data from all available operators with NSR's signature, industry-leading holistic approach to analysis, SOFA5 offers a snapshot of the satellite telecom industry's financial standing today, and how it will change in the future.

Satellite Operator Financial Analysis, 5th Edition assesses operator financial statements through H1 2015 in many cases, and provides answers and insights to key questions in the financial realm of the industry, including:

  • What are the driving factors behind revenue growth of the industry's fastest-growing players?
  • How have fundamental shifts in industry CAPEX cycles altered the financial position of satellite operators?
  • What might the impact of a LEO-HTS constellation be on the financial health of operators?
  • How concerning is the decline in revenues seen by some of the industry's leading players over the last few years, and what can be done to mitigate subsequent risk?
  • Will consolidation continue in the satellite industry, or can regional operators return to the previous trend of seeing healthier revenue increases than the Big Four?
  • Bottom Line: Which operators possess the best overall financial health today? Which operators are improving their position, and at the expense of which competitors?

Key Features

The report includes the following primary elements:

  • Standalone operator financial analysis, coupled with operator rankings by metric
  • Financial data from FY2008 until H1 2015 (for applicable operators)
  • Statistical analysis of relative metrics, such as per-TPE leasing revenues, providing more accurate comparisons across operators of different sizes
  • CAPEX cycle information including assessment of possible future CAPEX
  • Assessment of the liquidity and current financial health of operators through metrics such as Times Interest Earned, Annual CAPEX/Cash Flow, and EBIDTA to Cash Conversion ratios.
  • Global revenues and subsequent operator market shares

Table of Contents

1. Executive Summary

  • 1.1. Report Overview
  • 1.2. Financial Metrics and FSS Operators Assessed
  • 1.3. Chapter Overview
    • 1.3.1. Chapter Overview - Comparative Metrics for Satellite Operators
    • 1.3.2. Chapter Overview - General Metrics for Satellite Operators
    • 1.3.3. Chapter Overview - 2007-2014 & H1 2015 Individual Satellite Operator Metric Analysis

2. Comparative Metrics for Satellite Operators

  • 2.1. Operations Metrics
    • 2.1.1. Revenues
    • 2.1.2. EBITDA/Adj. EBITDA & EBITDA/Adj. EBITDA Margin
    • 2.1.3. Commercialized Transponders & Fill Rates
    • 2.1.4. Annual Revenues per Leased TPE
    • 2.1.5. Annual OPEX per Leased TPE
    • 2.1.6. Annual Revenues per Employee
    • 2.1.7. Annual Revenues per Operational Satellite
    • 2.1.8. Backlog & Years of Backlog to Annual Revenues
    • 2.1.9. Average Age of Fleet
  • 2.2. Debt Position and Solvency Metrics
    • 2.2.1. Net Debt to EBIDTA/Adj. EBITDA
    • 2.2.2. Total Debt to Total Assets Ratio
    • 2.2.3. Times Interest Earned
  • 2.3. CAPEX and Cash Generation Metrics
    • 2.3.1. Annual CAPEX
    • 2.3.2. Total CAPEX to Cash Flow from Operating Activities Ratio
    • 2.3.3. Total CAPEX to Annual Revenues Ratio
    • 2.3.4. EBITDA to Cash Conversion Ratio
    • 2.3.5. Free Cash Flow

3. General Metrics for Satellite Operators

  • 3.1. Operations Metrics
    • 3.1.1. Annual Revenues per Operational Satellite
    • 3.1.2. Annual Revenues per Leased Transponder
    • 3.1.3. Annual Revenues per Employee
    • 3.1.4. EBIDTA/Adj. EBITDA Margins
    • 3.1.5. Years of Backlog to Annual Revenues Ratio
    • 3.1.6. Average Age of Satellite Fleet Ratio
    • 3.1.7. Average Fill Rate
  • 3.2. Debt Position and Solvency Metrics
    • 3.2.1. Net Debt to EBITDA/Adj. EBITDA Ratio
    • 3.2.2. Total Debt to Total Assets Ratio
    • 3.2.3. Times Interest Earned Ratio
  • 3.3. CAPEX and Cash Generation Metrics
    • 3.3.1. Total CAPEX to Cash Flow from Operating Activities Ratio
    • 3.3.2. Total CAPEX to Annual Revenues Ratio
    • 3.3.3. EBITDA to Cash Conversion Ratio

4. Standalone Operator Analysis

  • 4.1. Fully Reporting Operators
    • 4.1.1. Intelsat
    • 4.1.2. SES
    • 4.1.3. Eutelsat
    • 4.1.4. Telesat
    • 4.1.5. AsiaSat
    • 4.1.6. APT Satellite
    • 4.1.7. Inmarsat
    • 4.1.8. Iridium
  • 4.2. Partially Reporting Operators
    • 4.2.1. SKY Perfect JSAT
    • 4.2.2. Star One
    • 4.2.3. Thaicom
    • 4.2.4. Hispasat
    • 4.2.5. Telenor Satellite Broadcasting
    • 4.2.6. Amos-Spacecom
    • 4.2.7. Avanti Communications
    • 4.2.8. Globalstar

Appendix - Operator Metrics

List of Exhibits

1. Executive Summary

  • 1.1. Financial Metrics Assessed
  • 1.2. FSS Operators Assessed
  • 1.3. 2013 & 2014 FSS Operators Revenues, (US$ M)
  • 1.4. Average Annual Revenues per Leased TPE, 2008-2014
  • 1.5. SES EBITDA and EBITDA Margin, 2008-2014

2. Comparative Metrics for Satellite Operators

  • 2.1. 2013 FSS Operator Revenues (US$ M), “Big Four”
  • 2.2. 2013 & 2014 FSS Operator Revenues (US$ M)
  • 2.3. 2013 & 2014 Regional FSS Operator Revenues (US$ M)
  • 2.4. 2013 & 2014 EBITDA/Adj. EBITDA (US$ M)
  • 2.5. 2013 & 2014 EBITDA/Adj. EBITDA Margin
  • 2.6. 2013 & 2014 Commercialized TPEs
  • 2.7. 2013 & 2014 Fill Rates
  • 2.8. 2013 & 2014 Annual Revenues per Leased TPE (US$ M)
  • 2.9. 2013 & 2014 OPEX per Leased TPE (US$ M)
  • 2.10. 2013 & 2014 Average Annual Revenues per Employee (US$ M)
  • 2.11. 2013 & 2014 Average Annual Revenues per Operational Satellite (US$ M)
  • 2.12. 2013 & 2014 Backlog (US$ M)
  • 2.13. 2013 & 2014 Years of Backlog to Annual Revenues Ratio
  • 2.14. 2013 & 2014 Average Age of Satellite Fleet (Years)
  • 2.15. 2013 & 2014 Net Debt to EBITDA/Adj. EBITDA Ratio
  • 2.16. 2013 & 2014 Total Debt to Total Assets Ratio
  • 2.17. 2013 & 2014 Times Interest Earned Ratio
  • 2.18. 2013 & 2014 Annual CAPEX (US$ M)
  • 2.19. 2013 & 2014 Total CAPEX to Cash Flows from Operating Activities Ratio
  • 2.20. 2013 & 2014 Total CAPEX to Annual Revenues Ratio
  • 2.21. 2013 & 2014 EBITDA to Cash Conversion Ratio
  • 2.22. 2013 & 2014 Free Cash Flow (US$ M)

3. General Metrics for Satellite Operators

  • 3.1. Ave. Annual Revenues per Operational Satellite, 2007-2014
  • 3.2. Ave. Annual Revenues per Leased TPE, 2007-2014
  • 3.3. Ave. Annual Revenues per Employee, 2007-2014
  • 3.4. EBITDA/Adj. EBITDA Margins, 2007-2014
  • 3.5. Years of Backlog to Annual Revenues Ratio, 2007-2014
  • 3.6. Average Age of Satellite Fleet Ratio, 2007-2014
  • 3.7. Average Fill Rate
  • 3.8. Net Debt to EBITDA/Adj. EBITDA Ratio, 2007-2014
  • 3.9. Total Debt to Total Assets Ratio, 2007-2014
  • 3.10. Times Interest Earned Ratio
  • 3.11. Total CAPEX to Cash Flow from Operating Activities Ratio, 2007-2014
  • 3.12. Total CAPEX to Annual Revenues Ratio, 2007-2014
  • 3.13. EBITDA to Cash Conversion Ratio, 2007-2014

4. Standalone Operator Analysis

  • 4.1. Intelsat Ranking by Metric, 2014
  • 4.2. Intelsat Key Metrics, 2008-2014
  • 4.3. Intelsat Revenues, 2008-2014
  • 4.4. Intelsat Adj. EBITDA/Adj. EBITDA Margin, 2008-2014
  • 4.5. Intelsat Free Cash Flow, 2008-2014
  • 4.6. Intelsat Adj. EBITDA to Cash Conversion Ratio, 2008-2014
  • 4.7. Intelsat Times Interest Earned Ratio, 2008-2014
  • 4.8. Intelsat Backlog & Years of Backlog to Annual Revenues Ratio, 2008-2014
  • 4.9. Intelsat Annual CAPEX, 2008-2014
  • 4.10. Intelsat Total CAPEX to Cash Flows from Operating Activities Ratio, 2008-2014
  • 4.11. Intelsat Total CAPEX to Revenues Ratio, 2008-2014
  • 4.12. Intelsat Commercialized TPEs & Fill Rates, 2008-2014
  • 4.13. Intelsat Annual Revenues per Operational Satellite, 2008-2014
  • 4.14. Intelsat Annual Revenues & Cost per Leased TPE, 2008-2014
  • 4.15. Intelsat Annual Revenues per Employee, 2008-2014
  • 4.16. Intelsat Net Debt to Adj. EBITDA Ratio, 2008-2014
  • 4.17. Intelsat Long-Term Debt to Total Assets Ratio, 2008-2014
  • 4.18. SES Ranking by Metric, 2014
  • 4.19. SES Key Metrics, 2008-2014
  • 4.20. SES Revenues, 2008-2014
  • 4.21. SES EBITDA/EBITDA Margin, 2008-2014
  • 4.22. SES Free Cash Flow, 2008-2014
  • 4.23. SES EBITDA to Cash Conversion Ratio, 2008-2014
  • 4.24. SES Times Interest Earned Ratio, 2008-2014
  • 4.25. SES Backlog & Years of Backlog to Annual Revenues Ratio, 2008-2014
  • 4.26. SES Annual CAPEX, 2008-2014
  • 4.27. SES Total CAPEX to Cash Flows from Operating Activities Ratio, 2008-2014
  • 4.28. SES Total CAPEX to Revenues Ratio, 2008-2014
  • 4.29. SES Commercialized TPEs & Fill Rates, 2008-2014
  • 4.30. SES Annual Revenues per Operational Satellite, 2008-2014
  • 4.31. SES Annual Revenues & Cost per Leased TPE, 2008-2014
  • 4.32. SES Annual Revenues per Employee, 2008-2014
  • 4.33. SES Net Debt to EBITDA Ratio, 2008-2014
  • 4.34. SES Long-Term Debt to Total Assets Ratio, 2008-2014
  • 4.35. Eutelsat Ranking by Metric, 2014
  • 4.36. Eutelsat Key Metrics, FY2007/08-FY2014/15
  • 4.37. Eutelsat Revenues, FY 2007/08- FY 2014/15
  • 4.38. Eutelsat EBITDA/EBITDA Margin, FY 2007/08- FY 2014/15
  • 4.39. Eutelsat Free Cash Flow, FY 2007/08- FY 2014/15
  • 4.40. Eutelsat EBITDA to Cash Conversion Ratio, FY 2007/08- FY 2014/15
  • 4.41. Eutelsat Times Interest Earned Ratio, FY 2007/08- FY 2014/15
  • 4.42. Eutelsat Backlog & Years of Backlog to Revenues Ratio, FY 2007/08- FY 2014/15
  • 4.43. Eutelsat Annual CAPEX, FY 2007/08- FY 2014/15
  • 4.44. Eutelsat CAPEX to Cash Flows from Operating Activities, FY 2007/08- FY 2014/15
  • 4.45. Eutelsat Total CAPEX to Revenues Ratio, FY 2007/08- FY 2014/15
  • 4.46. Eutelsat Commercialized TPEs & Fill Rates, FY 2007/08- FY 2014/15
  • 4.47. Eutelsat Annual Revenues per Operational Satellite, FY 2007/08- FY 2014/15
  • 4.48. Eutelsat Annual Revenues & Cost per Leased TPE, FY 2007/08- FY 2014/15
  • 4.49. Eutelsat Annual Revenues per Employee, FY 2007/08- FY 2014/15
  • 4.50. Eutelsat Net Debt to EBITDA Ratio, FY 2007/08- FY 2014/15
  • 4.51. Eutelsat Long-Term Debt to Total Assets Ratio, FY 2007/08- FY 2014/15
  • 4.52. Telesat Ranking by Metric, 2014
  • 4.53. Telesat Key Metrics
  • 4.54. Telesat Revenues, 2008-2014
  • 4.55. Telesat Adj. EBITDA/Adj. EBITDA Margin, 2008-2014
  • 4.56. Telesat Free Cash Flow, 2008-2014
  • 4.57. Telesat EBITDA to Cash Conversion Ratio, 2008-2014
  • 4.58. Telesat Times Interest Earned Ratio, 2008-2014
  • 4.59. Telesat Backlog & Years of Backlog to Annual Revenues Ratio, 2008-H1 2013
  • 4.60. Telesat Annual CAPEX, 2008-2014
  • 4.61. Telesat Total CAPEX to Cash Flows from Operating Activities Ratio, 2008-2014
  • 4.62. Telesat Total CAPEX to Revenues Ratio, 2008-2014
  • 4.63. Telesat Commercialized TPEs & Fill Rates, 2008-2014
  • 4.64. Telesat Annual Revenues per Operational Satellite, 2008-2014
  • 4.65. Telesat Annual Revenues & Cost per Leased TPE, 2008-2014
  • 4.66. Telesat Annual Revenues per Employee, 2008-2014
  • 4.67. Telesat Net Debt to Adj. EBITDA Ratio, 2008-2014
  • 4.68. Telesat Long-Term Debt to Total Assets Ratio, 2008-2014
  • 4.69. AsiaSat Ranking by Metric, 2014
  • 4.70. AsiaSat Key Metrics, 2008-2014
  • 4.71. AsiaSat Revenues, 2008-2014
  • 4.72. AsiaSat EBITDA/EBITDA Margin, 2008-2014
  • 4.73. AsiaSat Free Cash Flow, 2008-2014
  • 4.74. AsiaSat EBITDA to Cash Conversion Ratio, 2008-2014
  • 4.75. AsiaSat Backlog & Years of Backlog to Annual Revenues Ratio, 2008-2014
  • 4.76. AsiaSat Annual CAPEX, 2008-2014
  • 4.77. AsiaSat Total CAPEX to Cash Flows from Operating Activities Ratio, 2008-2014
  • 4.78. AsiaSat Total CAPEX to Revenues Ratio, 2008-2014
  • 4.79. AsiaSat Commercialized TPEs & Fill Rates, 2008-2014
  • 4.80. AsiaSat Annual Revenues per Operational Satellite, 2008-2014
  • 4.81. AsiaSat Annual Revenues & Cost per Leased TPE, 2008-2014
  • 4.82. AsiaSat Annual Revenues per Employee, HK$, 2008-2014
  • 4.83. AsiaSat Annual Revenues per Employee, US$, 2008-2014
  • 4.84. AsiaSat Times Interest Earned, 2014
  • 4.85. APT Satellite Ranking by Metric, 2013
  • 4.86. APT Satellite Key Metrics, 2008-2014
  • 4.87. APT Satellite Revenues, 2008-2014
  • 4.88. APT Satellite EBITDA/EBITDA Margin, 2008-2014
  • 4.89. APT Satellite Free Cash Flow, 2008-2014
  • 4.90. APT Satellite EBITDA to Cash Conversion Ratio, 2008-2014
  • 4.91. APT Satellite Times Interest Earned Ratio, 2008-2014
  • 4.92. APT Satellite Annual CAPEX, 2008-2014
  • 4.93. APT Satellite Total CAPEX to Cash Flows from Operating Activities Ratio, 2008-2014
  • 4.94. APT Satellite Total CAPEX to Revenues Ratio, 2008-2014
  • 4.95. APT Satellite Commercialized TPEs & Fill Rates, 2008-2014
  • 4.96. APT Satellite Annual Revenues per Operational Satellite, 2008-2014
  • 4.97. APT Satellite Annual Revenues & Cost per Leased TPE, 2008-2014
  • 4.98. APT Satellite Annual Revenues per Employee, 2008-2014
  • 4.99. APT Satellite Net Debt to EBITDA Ratio, 2008-2014
  • 4.100. APT Satellite Long-Term Debt to Total Assets Ratio, 2008-2014
  • 4.101. Inmarsat Key Metrics 2008-2014
  • 4.102. Inmarsat Revenues 2008-2014
  • 4.103. Inmarsat Adj. EBITDA/Adj. EBITDA Margin 2008-2014
  • 4.104. Inmarsat Free Cash Flow 2008-2014
  • 4.105. Inmarsat EBITDA to Cash Conversion Ratio 2008-2014
  • 4.106. Inmarsat Times Interest Earned Ratio 2008-2014
  • 4.107. Inmarsat CAPEX 2008-2014
  • 4.108. Inmarsat Total CAPEX to Cash Flow from Operating Activities 2008-2014
  • 4.109. Inmarsat Total CAPEX to Revenues Ratio 2008-2014
  • 4.110. Inmarsat Annual Revenues per Employee 2008-2014
  • 4.111. Inmarsat Net Debt to EBITDA Ratio 2008-2014
  • 4.112. Inmarsat Total Long-Term Debt to Total Assets Ratio, 2008-2014
  • 4.113. Iridium Key Metrics, 2008-2014
  • 4.114. Iridium Revenues
  • 4.115. Iridium Adj, EBITDA and Adj. EBITDA Margin
  • 4.116. Iridium Free Cash Flow
  • 4.117. Iridium EBITDA to Cash Conversion Ratio
  • 4.118. Iridium Annual CAPEX
  • 4.119. Iridium Total CAPEX to Cash Flow from Operating Activities Ratio
  • 4.120. Iridium Total CAPEX to Revenues Ratio 212
  • 4.121. Iridium Total Long-Term Debt to Total Assets Ratio
  • 4.122. SKY Perfect JSAT Ranking by Metric, 2014
  • 4.123. SKY Perfect JSAT Revenues, FY2007-FY2014
  • 4.124. SKY Perfect JSAT EBIT/EBIT Margin, FY2007-FY2014
  • 4.125. SKY Perfect JSAT Annual CAPEX, FY2007-FY2014
  • 4.126. SKY Perfect JSAT Total CAPEX to Revenues Ratio, FY2007-FY2014
  • 4.127. SKY Perfect JSAT Revenues per Operational Satellite, US$, FY2007-FY2013
  • 4.128. SKY Perfect JSAT Annual Revenues & Cost per Leased TPE, FY2008-2014
  • 4.129. StarOne Ranking by Metric, 2014
  • 4.130. StarOne Revenues, 2008-2014
  • 4.131. StarOne EBIT/EBIT Margin, 2008-2014
  • 4.132. StarOne Free Cash Flow, 2008-2014
  • 4.133. StarOne Annual Revenues per Operational Satellite, 2008-2014
  • 4.134. Thaicom Ranking by Metric, 2014
  • 4.135. Thaicom Revenues, 2008-2014
  • 4.136. Thaicom Revenues by Type, 2008-2014
  • 4.137. Thaicom Conventional Satellite Transponder & Fill Rates, 2008-2014
  • 4.138. Thaicom Annual Revenues per Operational Satellite, Thai Baht, 2008-2014
  • 4.139. Thaicom Annual Revenues per Leased Transponder, Thai Baht, 2008-2014
  • 4.140. Thaicom Annual Revenues per Employee, Thai Baht, 2009-2014
  • 4.141. Hispasat Ranking by Metric, 2014
  • 4.142. Hispasat Revenues, 2010-2014
  • 4.143. Hispasat EBITDA/EBITDA Margin, 2010-2014
  • 4.144. Hispasat Annual Revenues per Operational Satellite, 2010-2014
  • 4.145. Telenor Satellite Broadcasting Ranking by Metric, 2013
  • 4.146. Telenor Satellite Broadcasting Revenues, 2010-2014
  • 4.147. Telenor Satellite Broadcasting EBITDA/EBITDA Margin, 2010-2014
  • 4.148. Telenor Satellite Broadcasting Revenues per Operational Satellite, 2010-2014
  • 4.149. Amos-Spacecom Ranking by Metric, 2014
  • 4.150. Amos-Spacecom Revenues, 2008-2014
  • 4.151. Amos-Spacecom Annual Revenues per Operational Satellite, 2008-2014
  • 4.152. Avanti Communications Ranking by Metric, 2013
  • 4.153. Avanti Communications Revenues, FY2011-FY2014
  • 4.154. Avanti Communications EBITDA/EBITDA Margin, FY2011-FY2014
  • 4.155. Avanti Communications Free Cash Flow, FY2011-FY2014
  • 4.156. Avanti Communications Backlog & Years of Backlog to Revenues, FY2011-FY2014
  • 4.157. Avanti Communications Annual Revenues per Operational Satellite, FY2011-FY2014
  • 4.158. Avanti Communications Net Debt to EBITDA Ratio, FY2011-FY2014
  • 4.159. Avanti Communications Total Debt to Total Assets Ratio, FY2011-FY2014
  • 4.160. Avanti Communications Times Interest Earned Ratio, FY2011-FY2014
  • 4.161. Avanti Communications EBITDA to Cash Conversion Ratio
  • 4.162. Globalstar Revenues, 2008-2014
  • 4.163. Globalstar Free Cash Flow
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