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衛星事業者の財務分析

Satellite Operator Financial Analysis (SOFA), 7th 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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本日の銀行送金レート: 1USD=112.48円で換算しております。
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衛星事業者の財務分析 Satellite Operator Financial Analysis (SOFA), 7th EDITION
出版日: 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
    • 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

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NSR's Satellite Operator Financial Analysis, 7th Edition (SOFA7) is the industry's leading financial analysis of the satellite operator business, across both traditional FSS capacity and emerging HTS markets. This new report expands on previous editions through enhanced individual operator analysis, as well as findings on the Key Performance Indicators (KPIs) for HTS, the industry's growth driver moving forward.


With the rapid technological change in the satcom industry over the past few years, there has been an equally rapid change in the financial side of the satellite industry. New business cases have become harder to justify, operators are utilizing cutting edge technologies to improve their program's chances of success, and funding from the traditional sources such as Export/Import Bank of the U.S. and COFACE in EU has, to varying degrees, started to dry up.

NSR's SOFA7 analyses the fast-changing financial landscape of the satellite telecom industry, shining insight onto the most crucial questions facing investors and operators today, including:

  • How do we measure success in an industry increasingly dominated by data business as opposed to video?
  • How are individual operators positioned regionally and in terms of demand verticals?
  • How is CAPEX expenditure expected to evolve moving forward?
  • Bottom Line: How is the industry evolving from a financial perspective, and from this evolution, who are the winners and losers?

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NSR's SOFA7 combines a wealth of data with NSR's signature analysis, to provide the reader with the most complete and objective picture of the satellite financing scene today.

The report includes the following primary elements:

  • Standalone operator financial analysis, coupled with operator rankings by metric
  • Financial data from FY2009 until FY2016 (for applicable operators)
  • Statistical analysis of relative metrics, such as per-TPE leasing revenues, providing more accurate comparisons across operators of different sizes
  • Analysis of new HTS KPIs, on both a standalone and comparative basis
  • 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

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Key Features

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The NSR Difference

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 SOFA as well as Satellite Capacity Pricing Index. With a deep and firsthand understanding of the components influencing satellite operator finances, NSR's SOFA7 provides the most in-depth analysis in the industry.

As the industry leader in analysis of GEO-HTS and Non GEO-HTS supply, demand, and business model development, NSR likewise offers the most comprehensive understanding of the very complex dynamics of these rapidly expanding market segments. Through extensive analysis and coverage in other studies, NSR has built a significant library of information from which SOFA7 derives its Non GEO-HTS and GEO-HTS business model discussions.

SOFA7 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, SOFA7 includes a new HTS KPIs section, which looks at the important factors when assessing the success of HTS programs.

Who should purchase this report:

  • National, Regional, and Global Satellite Operators
  • Satellite Service Providers and Integrators
  • Banks, Financial Institutions, and Other Investors
  • Satellite Manufacturers and Launchers
  • Satellite Equipment Manufacturers
  • Regulators and Agencies Funding Telecom Research and Development
  • Space Agencies

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Table of Contents

Executive Summary

1. Comparative Metrics for Satellite Operators

  • 1.1. Operations
    • 1.1.1. Revenues
    • 1.1.2. EBITDA/Adj. EBIDTA & EBITDA/Adj. EBITDA Margin
    • 1.1.3. Commercialized Transponders & Fill Rates
    • 1.1.4. Annual Revenues per Leased TPE
    • 1.1.5. Annual OPEX per Leased TPE
    • 1.1.6. Annual Revenues per Operational Satellite
    • 1.1.7. Backlog & Years of Backlog to Annual Revenues
  • 1.2. Debt Position and Solvency
    • 1.2.1. Net Debt to EBITDA/Adj. EBITDA
    • 1.2.2. Total Debt to Total Assets Ratio
    • 1.2.3. Times Interest Earned
    • 1.2.4. Summary Debt Position and Solvency
  • 1.3. CAPEX and Cash Generation
    • 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. EBITDA to Cash Conversion Ratio
    • 1.3.5. Free Cash Flow

2. General Metrics for Satellite Operators

  • 2.1. Operations
    • 2.1.1. Annual Revenues per Operational Satellite
    • 2.1.2. Annual Revenues per Leased Transponder
    • 2.1.3. EBIDTA/Adj. EBITDA Margins
    • 2.1.4. Average Age of Satellite Fleet Ratio
    • 2.1.5. Average Fill Rate
  • 2.2. Debt Position and Solvency
    • 2.2.1. Net Debt to EBIDTA/Adj. EBITDA Ratio
    • 2.2.2. Total Debt to Total Assets Ratio
    • 2.2.3. Times Interest Earned Ratio
  • 2.3. 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

3. KPIs for a Changing Industry-HTS KPI Analysis

  • 3.1. Revenues per MHz by Video/Non-Video Demand per Operator
  • 3.2. Cost per MHz/Mbps to Orbit
  • 3.3. Program ROI Analysis
  • 3.4. Bits per Hertz Ratio
  • 3.5. EBITDA Margin on Data Business

4. Individual Operator Analysis

  • 4.1. Fully Reporting FSS 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
  • 4.2. Partially Reporting FSS Operators
    • 4.2.1. SKY Perfect JSAT
    • 4.2.2. StarOne
    • 4.2.3. Thaicom
    • 4.2.4. Hispasat
    • 4.2.5. Telenor Satellite Broadcasting
    • 4.2.6. Amos-Spacecom
    • 4.2.7. Avanti Communications
  • 4.3. MSS Operators
    • 4.3.1. Inmarsat
    • 4.3.2. Iridium
    • 4.3.3. Globalstar
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