Intrinsic value of EchoStar - SATS

Previous Close

$57.04

  Intrinsic Value

$55.61

stock screener

  Rating & Target

hold

-3%

  Value-price divergence*

+63%

Previous close

$57.04

 
Intrinsic value

$55.61

 
Up/down potential

-3%

 
Rating

hold

 
Value-price divergence*

+63%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of SATS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -2.77
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,057
  3,118
  3,190
  3,272
  3,364
  3,466
  3,578
  3,700
  3,831
  3,974
  4,126
  4,289
  4,463
  4,649
  4,846
  5,055
  5,276
  5,511
  5,759
  6,021
  6,297
  6,589
  6,897
  7,221
  7,563
  7,923
  8,302
  8,702
  9,121
  9,563
  10,028
Variable operating expenses, $m
 
  2,774
  2,837
  2,908
  2,989
  3,078
  3,176
  3,282
  3,397
  3,521
  3,655
  3,747
  3,899
  4,061
  4,233
  4,415
  4,609
  4,814
  5,030
  5,259
  5,501
  5,756
  6,025
  6,308
  6,607
  6,921
  7,252
  7,601
  7,968
  8,354
  8,759
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,692
  2,774
  2,837
  2,908
  2,989
  3,078
  3,176
  3,282
  3,397
  3,521
  3,655
  3,747
  3,899
  4,061
  4,233
  4,415
  4,609
  4,814
  5,030
  5,259
  5,501
  5,756
  6,025
  6,308
  6,607
  6,921
  7,252
  7,601
  7,968
  8,354
  8,759
Operating income, $m
  364
  344
  353
  363
  375
  388
  402
  418
  434
  452
  471
  543
  565
  588
  613
  639
  667
  697
  728
  762
  797
  833
  872
  913
  957
  1,002
  1,050
  1,101
  1,154
  1,210
  1,268
EBITDA, $m
  859
  753
  770
  790
  812
  837
  864
  893
  925
  959
  996
  1,035
  1,077
  1,122
  1,170
  1,220
  1,274
  1,330
  1,390
  1,453
  1,520
  1,591
  1,665
  1,743
  1,826
  1,913
  2,004
  2,100
  2,202
  2,308
  2,421
Interest expense (income), $m
  173
  214
  220
  227
  235
  244
  254
  265
  276
  289
  303
  318
  334
  351
  369
  388
  409
  430
  453
  477
  503
  530
  558
  589
  620
  654
  689
  726
  765
  806
  849
Earnings before tax, $m
  287
  130
  133
  137
  140
  144
  148
  153
  158
  163
  168
  224
  231
  237
  244
  251
  259
  267
  275
  284
  294
  303
  314
  325
  336
  349
  361
  375
  389
  404
  420
Tax expense, $m
  106
  35
  36
  37
  38
  39
  40
  41
  43
  44
  45
  61
  62
  64
  66
  68
  70
  72
  74
  77
  79
  82
  85
  88
  91
  94
  98
  101
  105
  109
  113
Net income, $m
  180
  95
  97
  100
  102
  105
  108
  112
  115
  119
  123
  164
  168
  173
  178
  183
  189
  195
  201
  207
  214
  222
  229
  237
  246
  255
  264
  274
  284
  295
  306

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3,093
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  9,009
  6,126
  6,267
  6,428
  6,609
  6,809
  7,029
  7,268
  7,527
  7,807
  8,106
  8,427
  8,769
  9,133
  9,520
  9,931
  10,366
  10,826
  11,314
  11,828
  12,372
  12,945
  13,550
  14,188
  14,859
  15,567
  16,311
  17,095
  17,920
  18,788
  19,701
Adjusted assets (=assets-cash), $m
  5,916
  6,126
  6,267
  6,428
  6,609
  6,809
  7,029
  7,268
  7,527
  7,807
  8,106
  8,427
  8,769
  9,133
  9,520
  9,931
  10,366
  10,826
  11,314
  11,828
  12,372
  12,945
  13,550
  14,188
  14,859
  15,567
  16,311
  17,095
  17,920
  18,788
  19,701
Revenue / Adjusted assets
  0.517
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
  0.509
Average production assets, $m
  3,513
  3,583
  3,665
  3,759
  3,865
  3,982
  4,111
  4,251
  4,402
  4,566
  4,741
  4,928
  5,128
  5,341
  5,568
  5,808
  6,062
  6,332
  6,617
  6,918
  7,236
  7,571
  7,925
  8,297
  8,690
  9,104
  9,540
  9,998
  10,481
  10,988
  11,522
Working capital, $m
  3,192
  134
  137
  141
  145
  149
  154
  159
  165
  171
  177
  184
  192
  200
  208
  217
  227
  237
  248
  259
  271
  283
  297
  311
  325
  341
  357
  374
  392
  411
  431
Total debt, $m
  3,655
  3,724
  3,843
  3,978
  4,131
  4,299
  4,484
  4,686
  4,904
  5,139
  5,391
  5,661
  5,949
  6,256
  6,582
  6,928
  7,294
  7,682
  8,092
  8,525
  8,983
  9,466
  9,975
  10,512
  11,077
  11,673
  12,300
  12,960
  13,655
  14,386
  15,154
Total liabilities, $m
  5,089
  5,158
  5,277
  5,412
  5,565
  5,733
  5,918
  6,120
  6,338
  6,573
  6,825
  7,095
  7,383
  7,690
  8,016
  8,362
  8,728
  9,116
  9,526
  9,959
  10,417
  10,900
  11,409
  11,946
  12,511
  13,107
  13,734
  14,394
  15,089
  15,820
  16,588
Total equity, $m
  3,920
  968
  990
  1,016
  1,044
  1,076
  1,111
  1,148
  1,189
  1,233
  1,281
  1,331
  1,385
  1,443
  1,504
  1,569
  1,638
  1,711
  1,788
  1,869
  1,955
  2,045
  2,141
  2,242
  2,348
  2,460
  2,577
  2,701
  2,831
  2,969
  3,113
Total liabilities and equity, $m
  9,009
  6,126
  6,267
  6,428
  6,609
  6,809
  7,029
  7,268
  7,527
  7,806
  8,106
  8,426
  8,768
  9,133
  9,520
  9,931
  10,366
  10,827
  11,314
  11,828
  12,372
  12,945
  13,550
  14,188
  14,859
  15,567
  16,311
  17,095
  17,920
  18,789
  19,701
Debt-to-equity ratio
  0.932
  3.850
  3.880
  3.920
  3.960
  4.000
  4.040
  4.080
  4.120
  4.170
  4.210
  4.250
  4.290
  4.340
  4.380
  4.420
  4.450
  4.490
  4.530
  4.560
  4.600
  4.630
  4.660
  4.690
  4.720
  4.750
  4.770
  4.800
  4.820
  4.850
  4.870
Adjusted equity ratio
  0.140
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  180
  95
  97
  100
  102
  105
  108
  112
  115
  119
  123
  164
  168
  173
  178
  183
  189
  195
  201
  207
  214
  222
  229
  237
  246
  255
  264
  274
  284
  295
  306
Depreciation, amort., depletion, $m
  495
  409
  417
  426
  437
  449
  461
  475
  491
  507
  524
  493
  513
  534
  557
  581
  606
  633
  662
  692
  724
  757
  792
  830
  869
  910
  954
  1,000
  1,048
  1,099
  1,152
Funds from operations, $m
  833
  504
  514
  526
  539
  554
  570
  587
  606
  626
  647
  657
  681
  707
  735
  764
  795
  828
  863
  899
  938
  979
  1,022
  1,067
  1,115
  1,165
  1,218
  1,273
  1,332
  1,394
  1,459
Change in working capital, $m
  30
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
Cash from operations, $m
  803
  501
  511
  523
  535
  550
  565
  582
  600
  620
  641
  650
  674
  699
  726
  755
  786
  818
  852
  888
  926
  966
  1,008
  1,053
  1,100
  1,149
  1,202
  1,256
  1,314
  1,375
  1,439
Maintenance CAPEX, $m
  0
  -351
  -358
  -367
  -376
  -387
  -398
  -411
  -425
  -440
  -457
  -474
  -493
  -513
  -534
  -557
  -581
  -606
  -633
  -662
  -692
  -724
  -757
  -792
  -830
  -869
  -910
  -954
  -1,000
  -1,048
  -1,099
New CAPEX, $m
  -722
  -70
  -82
  -94
  -106
  -117
  -129
  -140
  -152
  -163
  -175
  -187
  -200
  -213
  -226
  -240
  -255
  -269
  -285
  -301
  -318
  -335
  -354
  -373
  -393
  -414
  -436
  -458
  -482
  -508
  -534
Cash from investing activities, $m
  -632
  -421
  -440
  -461
  -482
  -504
  -527
  -551
  -577
  -603
  -632
  -661
  -693
  -726
  -760
  -797
  -836
  -875
  -918
  -963
  -1,010
  -1,059
  -1,111
  -1,165
  -1,223
  -1,283
  -1,346
  -1,412
  -1,482
  -1,556
  -1,633
Free cash flow, $m
  171
  80
  71
  62
  54
  46
  38
  31
  24
  16
  9
  -12
  -19
  -27
  -34
  -42
  -50
  -58
  -66
  -75
  -84
  -93
  -102
  -112
  -123
  -133
  -144
  -156
  -168
  -181
  -194
Issuance/(repayment) of debt, $m
  1,460
  102
  119
  136
  152
  169
  185
  202
  218
  235
  252
  270
  288
  307
  326
  346
  366
  388
  410
  433
  458
  483
  509
  537
  566
  596
  627
  660
  695
  731
  769
Issuance/(repurchase) of shares, $m
  27
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,476
  102
  119
  136
  152
  169
  185
  202
  218
  235
  252
  270
  288
  307
  326
  346
  366
  388
  410
  433
  458
  483
  509
  537
  566
  596
  627
  660
  695
  731
  769
Total cash flow (excl. dividends), $m
  1,647
  182
  189
  198
  206
  215
  223
  232
  242
  251
  261
  258
  269
  280
  292
  304
  317
  330
  344
  359
  374
  390
  407
  424
  443
  462
  483
  504
  526
  550
  574
Retained Cash Flow (-), $m
  -225
  -21
  -22
  -25
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -81
  -86
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
Prev. year cash balance distribution, $m
 
  2,973
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  3,134
  167
  172
  177
  183
  189
  195
  201
  207
  214
  207
  215
  222
  231
  239
  248
  257
  267
  277
  288
  299
  311
  324
  337
  351
  365
  380
  396
  413
  430
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  3,005
  153
  150
  146
  142
  137
  131
  125
  119
  112
  98
  92
  85
  77
  70
  63
  56
  49
  43
  37
  31
  26
  21
  17
  14
  11
  8
  6
  5
  3
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

EchoStar Corporation offers satellite operations, video delivery solutions, digital set-top boxes, and broadband satellite technologies and services for home and small office customers worldwide. The company operates in three segments: Hughes, EchoStar Technologies, and EchoStar Satellite Services. The Hughes segment provides satellite broadband Internet access and satellite technologies to North American consumer market; and broadband network technologies, managed services, equipment, and communications solutions to enterprise and government customers. This segment also offers managed services, equipment, and communications solutions to large enterprise customers for mobile satellite systems; designs, provides, and installs gateway and terminal equipment to customers for other satellite systems; and satellite ground segment systems and terminals to mobile system operators. The EchoStar Technologies segment designs, develops, and distributes high-definition and standard-definition digital set-top boxes, and related products and technologies, such as satellite dishes and remote controls for satellite TV service providers and telecommunication companies. This segment also offers digital broadcast operations, including satellite uplinking/downlinking, transmission services, signal processing, conditional access management, and other services; and Slingbox units directly to consumers through retail outlets and online, as well as to the pay-TV operator markets. The EchoStar Satellite Services segment provides satellite services on a full-time and occasional-use basis primarily to DISH Network, Dish Mexico, the United States government service providers, Internet service providers, broadcast news organizations, programmers, and private enterprise customers through its 18 owned and leased in-orbit satellites. EchoStar Corporation was founded in 2007 and is headquartered in Englewood, Colorado.

FINANCIAL RATIOS  of  EchoStar (SATS)

Valuation Ratios
P/E Ratio 29.9
Price to Sales 1.8
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 6.7
Price to Free Cash Flow 66.5
Growth Rates
Sales Growth Rate -2.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10.8%
Cap. Spend. - 3 Yr. Gr. Rate 13%
Financial Strength
Quick Ratio 94
Current Ratio 0.6
LT Debt to Equity 92.4%
Total Debt to Equity 93.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 2.6%
Return On Equity 4.7%
Return On Equity - 3 Yr. Avg. 4.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 43.2%
Gross Margin - 3 Yr. Avg. 41.3%
EBITDA Margin 31.2%
EBITDA Margin - 3 Yr. Avg. 29.2%
Operating Margin 11.9%
Oper. Margin - 3 Yr. Avg. 10.8%
Pre-Tax Margin 9.4%
Pre-Tax Margin - 3 Yr. Avg. 7.2%
Net Profit Margin 5.9%
Net Profit Margin - 3 Yr. Avg. 5.1%
Effective Tax Rate 36.9%
Eff/ Tax Rate - 3 Yr. Avg. 28.9%
Payout Ratio 0%

SATS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SATS stock intrinsic value calculation we used $3057 million for the last fiscal year's total revenue generated by EchoStar. The default revenue input number comes from 2016 income statement of EchoStar. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SATS stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SATS is calculated based on our internal credit rating of EchoStar, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of EchoStar.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SATS stock the variable cost ratio is equal to 89%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SATS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.9% for EchoStar.

Corporate tax rate of 27% is the nominal tax rate for EchoStar. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SATS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SATS are equal to 114.9%.

Life of production assets of 10 years is the average useful life of capital assets used in EchoStar operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SATS is equal to 4.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3920 million for EchoStar - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 90.607 million for EchoStar is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of EchoStar at the current share price and the inputted number of shares is $5.2 billion.

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COMPANY NEWS

▶ EchoStar posts 2Q profit   [Aug-09-17 04:19PM  Associated Press]
▶ EchoStar III Satellite Experiences Anomaly during Move   [Aug-02-17 04:01PM  PR Newswire]
▶ EchoStar XXI Satellite Successfully Launched   [Jun-08-17 02:05PM  PR Newswire]
▶ HughesNet and National 4-H Council Win Silver Halo Award   [Jun-01-17 01:30PM  PR Newswire]
▶ ETFs with exposure to EchoStar Corp. : May 25, 2017   [May-25-17 12:47PM  Capital Cube]
▶ EchoStar posts 1Q profit   [May-10-17 06:20AM  Associated Press]
▶ SpaceX Blasts Off One of Its Last Nonreusable Rockets   [Mar-25-17 08:13AM  Motley Fool]
▶ SpaceX rocket launches EchoStar satellite into orbit   [Mar-16-17 11:45AM  at bizjournals.com]
▶ SpaceX rocket launches EchoStar satellite into orbit   [11:45AM  American City Business Journals]
▶ DISH, EchoStar Posts Q4 EPS That Beats Views   [05:33PM  at Investopedia]
▶ Deal aligns Dish Network for looming M&A, Ergen says   [Feb-23-17 01:15PM  at bizjournals.com]
▶ [$$] Dish Network CEO Sees Pickup in Wireless Deal-Making   [Feb-22-17 08:46PM  at The Wall Street Journal]
▶ [$$] Dish Network CEO Sees Pickup in Wireless Deal-Making   [04:40PM  at The Wall Street Journal]
▶ Dish Network, EchoStar shuffle assets, focus businesses   [Jan-31-17 08:25PM  at bizjournals.com]
Stock chart of SATS Financial statements of SATS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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