Intrinsic value of EchoStar - SATS

Previous Close

$59.10

  Intrinsic Value

$60.14

stock screener

  Rating & Target

hold

+2%

Previous close

$59.10

 
Intrinsic value

$60.14

 
Up/down potential

+2%

 
Rating

hold

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 5.7

 

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
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
Revenue, $m
  3,057
  3,210
  3,370
  3,539
  3,716
  3,902
  4,097
  4,302
  4,517
  4,742
  4,980
  5,229
  5,490
  5,764
  6,053
  6,355
  6,673
  7,007
  7,357
  7,725
  8,111
  8,517
  8,943
  9,390
  9,859
  10,352
  10,870
  11,413
  11,984
  12,583
  13,212
Variable operating expenses, $m
 
  2,854
  2,994
  3,142
  3,296
  3,458
  3,629
  3,808
  3,996
  4,193
  4,400
  4,567
  4,796
  5,035
  5,287
  5,551
  5,829
  6,120
  6,426
  6,748
  7,085
  7,439
  7,811
  8,202
  8,612
  9,043
  9,495
  9,970
  10,468
  10,991
  11,541
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
  2,854
  2,994
  3,142
  3,296
  3,458
  3,629
  3,808
  3,996
  4,193
  4,400
  4,567
  4,796
  5,035
  5,287
  5,551
  5,829
  6,120
  6,426
  6,748
  7,085
  7,439
  7,811
  8,202
  8,612
  9,043
  9,495
  9,970
  10,468
  10,991
  11,541
Operating income, $m
  364
  356
  376
  397
  420
  443
  468
  494
  521
  549
  579
  661
  694
  729
  766
  804
  844
  886
  931
  977
  1,026
  1,077
  1,131
  1,188
  1,247
  1,309
  1,375
  1,444
  1,516
  1,592
  1,671
EBITDA, $m
  859
  861
  904
  950
  997
  1,047
  1,099
  1,154
  1,212
  1,273
  1,336
  1,403
  1,473
  1,547
  1,624
  1,705
  1,791
  1,880
  1,974
  2,073
  2,177
  2,285
  2,400
  2,520
  2,646
  2,778
  2,917
  3,063
  3,216
  3,377
  3,545
Interest expense (income), $m
  173
  214
  229
  244
  261
  278
  296
  315
  335
  356
  378
  401
  426
  451
  478
  506
  535
  567
  599
  633
  669
  707
  746
  788
  832
  877
  925
  976
  1,029
  1,085
  1,143
Earnings before tax, $m
  287
  142
  147
  153
  159
  165
  172
  179
  186
  193
  201
  260
  269
  278
  288
  298
  309
  320
  332
  344
  357
  370
  385
  400
  415
  432
  449
  468
  487
  507
  528
Tax expense, $m
  106
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  70
  73
  75
  78
  80
  83
  86
  90
  93
  96
  100
  104
  108
  112
  117
  121
  126
  131
  137
  143
Net income, $m
  180
  104
  108
  112
  116
  121
  125
  130
  136
  141
  147
  190
  196
  203
  210
  217
  225
  233
  242
  251
  260
  270
  281
  292
  303
  315
  328
  341
  355
  370
  385

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
  6,209
  6,519
  6,845
  7,187
  7,547
  7,924
  8,320
  8,736
  9,173
  9,632
  10,113
  10,619
  11,150
  11,707
  12,293
  12,907
  13,553
  14,230
  14,942
  15,689
  16,473
  17,297
  18,162
  19,070
  20,023
  21,025
  22,076
  23,180
  24,339
  25,555
Adjusted assets (=assets-cash), $m
  5,916
  6,209
  6,519
  6,845
  7,187
  7,547
  7,924
  8,320
  8,736
  9,173
  9,632
  10,113
  10,619
  11,150
  11,707
  12,293
  12,907
  13,553
  14,230
  14,942
  15,689
  16,473
  17,297
  18,162
  19,070
  20,023
  21,025
  22,076
  23,180
  24,339
  25,555
Revenue / Adjusted assets
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
Average production assets, $m
  3,512
  3,688
  3,873
  4,066
  4,269
  4,483
  4,707
  4,942
  5,190
  5,449
  5,721
  6,008
  6,308
  6,623
  6,954
  7,302
  7,667
  8,051
  8,453
  8,876
  9,320
  9,786
  10,275
  10,789
  11,328
  11,895
  12,489
  13,114
  13,769
  14,458
  15,181
Working capital, $m
  3,192
  138
  145
  152
  160
  168
  176
  185
  194
  204
  214
  225
  236
  248
  260
  273
  287
  301
  316
  332
  349
  366
  385
  404
  424
  445
  467
  491
  515
  541
  568
Total debt, $m
  3,655
  3,874
  4,140
  4,418
  4,711
  5,018
  5,341
  5,680
  6,035
  6,409
  6,801
  7,213
  7,645
  8,099
  8,576
  9,076
  9,602
  10,153
  10,733
  11,341
  11,980
  12,651
  13,355
  14,094
  14,871
  15,686
  16,542
  17,441
  18,385
  19,375
  20,416
Total liabilities, $m
  5,089
  5,308
  5,574
  5,852
  6,145
  6,452
  6,775
  7,114
  7,469
  7,843
  8,235
  8,647
  9,079
  9,533
  10,010
  10,510
  11,036
  11,587
  12,167
  12,775
  13,414
  14,085
  14,789
  15,528
  16,305
  17,120
  17,976
  18,875
  19,819
  20,809
  21,850
Total equity, $m
  3,920
  900
  945
  993
  1,042
  1,094
  1,149
  1,206
  1,267
  1,330
  1,397
  1,466
  1,540
  1,617
  1,698
  1,782
  1,872
  1,965
  2,063
  2,167
  2,275
  2,389
  2,508
  2,633
  2,765
  2,903
  3,049
  3,201
  3,361
  3,529
  3,706
Total liabilities and equity, $m
  9,009
  6,208
  6,519
  6,845
  7,187
  7,546
  7,924
  8,320
  8,736
  9,173
  9,632
  10,113
  10,619
  11,150
  11,708
  12,292
  12,908
  13,552
  14,230
  14,942
  15,689
  16,474
  17,297
  18,161
  19,070
  20,023
  21,025
  22,076
  23,180
  24,338
  25,556
Debt-to-equity ratio
  0.932
  4.300
  4.380
  4.450
  4.520
  4.590
  4.650
  4.710
  4.760
  4.820
  4.870
  4.920
  4.970
  5.010
  5.050
  5.090
  5.130
  5.170
  5.200
  5.230
  5.270
  5.300
  5.320
  5.350
  5.380
  5.400
  5.430
  5.450
  5.470
  5.490
  5.510
Adjusted equity ratio
  0.140
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  180
  104
  108
  112
  116
  121
  125
  130
  136
  141
  147
  190
  196
  203
  210
  217
  225
  233
  242
  251
  260
  270
  281
  292
  303
  315
  328
  341
  355
  370
  385
Depreciation, amort., depletion, $m
  495
  506
  528
  552
  577
  604
  632
  661
  691
  723
  757
  742
  779
  818
  859
  902
  947
  994
  1,044
  1,096
  1,151
  1,208
  1,269
  1,332
  1,399
  1,468
  1,542
  1,619
  1,700
  1,785
  1,874
Funds from operations, $m
  833
  609
  636
  664
  693
  724
  757
  791
  827
  864
  904
  932
  975
  1,021
  1,069
  1,119
  1,172
  1,227
  1,286
  1,347
  1,411
  1,479
  1,549
  1,624
  1,702
  1,784
  1,870
  1,960
  2,055
  2,155
  2,260
Change in working capital, $m
  30
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
Cash from operations, $m
  803
  603
  629
  657
  686
  716
  748
  782
  817
  855
  894
  921
  964
  1,009
  1,056
  1,106
  1,158
  1,213
  1,271
  1,331
  1,394
  1,461
  1,531
  1,605
  1,682
  1,763
  1,848
  1,937
  2,031
  2,129
  2,233
Maintenance CAPEX, $m
  0
  -434
  -455
  -478
  -502
  -527
  -553
  -581
  -610
  -641
  -673
  -706
  -742
  -779
  -818
  -859
  -902
  -947
  -994
  -1,044
  -1,096
  -1,151
  -1,208
  -1,269
  -1,332
  -1,399
  -1,468
  -1,542
  -1,619
  -1,700
  -1,785
New CAPEX, $m
  -746
  -176
  -184
  -194
  -203
  -213
  -224
  -235
  -247
  -259
  -272
  -286
  -300
  -315
  -331
  -348
  -365
  -383
  -403
  -423
  -444
  -466
  -489
  -514
  -539
  -566
  -595
  -624
  -656
  -688
  -723
Cash from investing activities, $m
  -632
  -610
  -639
  -672
  -705
  -740
  -777
  -816
  -857
  -900
  -945
  -992
  -1,042
  -1,094
  -1,149
  -1,207
  -1,267
  -1,330
  -1,397
  -1,467
  -1,540
  -1,617
  -1,697
  -1,783
  -1,871
  -1,965
  -2,063
  -2,166
  -2,275
  -2,388
  -2,508
Free cash flow, $m
  171
  -7
  -11
  -15
  -19
  -24
  -29
  -34
  -40
  -46
  -52
  -72
  -78
  -85
  -93
  -100
  -108
  -117
  -126
  -135
  -145
  -155
  -166
  -178
  -190
  -202
  -216
  -229
  -244
  -259
  -275
Issuance/(repayment) of debt, $m
  1,460
  252
  265
  279
  293
  307
  323
  339
  356
  373
  392
  412
  432
  454
  477
  500
  526
  552
  579
  608
  639
  671
  704
  739
  776
  815
  856
  899
  944
  991
  1,040
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
  252
  265
  279
  293
  307
  323
  339
  356
  373
  392
  412
  432
  454
  477
  500
  526
  552
  579
  608
  639
  671
  704
  739
  776
  815
  856
  899
  944
  991
  1,040
Total cash flow (excl. dividends), $m
  1,647
  245
  255
  264
  273
  283
  293
  304
  316
  328
  340
  340
  354
  369
  384
  400
  417
  435
  453
  473
  494
  515
  538
  562
  587
  613
  640
  669
  700
  732
  765
Retained Cash Flow (-), $m
  -225
  -40
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -114
  -119
  -125
  -132
  -138
  -145
  -152
  -160
  -168
  -176
Prev. year cash balance distribution, $m
 
  3,060
  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
 
  3,265
  210
  217
  224
  231
  239
  247
  256
  265
  274
  270
  281
  292
  303
  315
  328
  341
  355
  370
  385
  401
  418
  436
  455
  475
  495
  517
  540
  564
  589
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
 
  3,131
  192
  188
  184
  179
  173
  167
  160
  152
  144
  128
  120
  111
  102
  93
  83
  74
  65
  57
  49
  42
  35
  29
  23
  18
  14
  11
  8
  6
  4
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 is a holding company. The Company is a provider of satellite operations, video delivery solutions, digital set-top boxes, and broadband satellite technologies and services for home and office, delivering network technologies, managed services, and solutions for enterprises and governments. The Company operates through three segments: Hughes, EchoStar Technologies (ETC) and EchoStar Satellite Services (ESS). The Company's Hughes segment provides broadband satellite technologies and broadband services for the home and office, delivering network technologies, managed services and communication solutions to domestic and international consumers and enterprise and government customers. The ETC segment provides end-to-end video and broadcast technology products and services to businesses and directly to consumers. The ESS segment operates its business using its owned and leased in-orbit satellites. Its operations also include real estate and other activities.

FINANCIAL RATIOS  of  EchoStar (SATS)

Valuation Ratios
P/E Ratio 31
Price to Sales 1.8
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow 97.9
Growth Rates
Sales Growth Rate -2.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10.3%
Cap. Spend. - 3 Yr. Gr. Rate 13.7%
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 5% 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 8.1 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 95.646 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 $5.7 billion.

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COMPANY NEWS

▶ ETFs with exposure to EchoStar Corp. : December 12, 2017   [Dec-12-17 02:05PM  Capital Cube]
▶ 5 Momentum Stocks Backed by Driehaus Strategy   [Nov-28-17 08:18AM  Zacks]
▶ ETFs with exposure to EchoStar Corp. : November 13, 2017   [Nov-13-17 01:09PM  Capital Cube]
▶ EchoStar Corporation Class A to Host Earnings Call   [Nov-08-17 09:00AM  ACCESSWIRE]
▶ EchoStar posts 3Q profit   [06:17AM  Associated Press]
▶ EchoStar 105/SES-11 Satellite Successfully Launched   [Oct-12-17 02:50AM  PR Newswire]
▶ ETFs with exposure to EchoStar Corp. : September 27, 2017   [Sep-27-17 10:38AM  Capital Cube]
▶ 5 Tech Companies Gurus Are Buying   [Sep-25-17 11:47AM  GuruFocus.com]
▶ EchoStar III Satellite Recovered and Retired   [Sep-06-17 11:00AM  PR Newswire]
▶ 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]
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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