Intrinsic value of EchoStar - SATS

Previous Close

$41.52

  Intrinsic Value

$112.35

stock screener

  Rating & Target

str. buy

+171%

Previous close

$41.52

 
Intrinsic value

$112.35

 
Up/down potential

+171%

 
Rating

str. buy

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 0001), $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 1.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  2,133
  2,395
  2,671
  2,963
  3,268
  3,588
  3,922
  4,270
  4,632
  5,009
  5,401
  5,809
  6,232
  6,672
  7,129
  7,604
  8,099
  8,613
  9,149
  9,706
  10,287
  10,892
  11,524
  12,183
  12,871
  13,589
  14,340
  15,124
  15,945
  16,803
Variable operating expenses, $m
  1,768
  1,972
  2,187
  2,414
  2,652
  2,900
  3,160
  3,431
  3,712
  4,006
  4,200
  4,517
  4,846
  5,188
  5,544
  5,914
  6,298
  6,698
  7,114
  7,548
  8,000
  8,471
  8,962
  9,474
  10,009
  10,568
  11,151
  11,761
  12,399
  13,067
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
  1,768
  1,972
  2,187
  2,414
  2,652
  2,900
  3,160
  3,431
  3,712
  4,006
  4,200
  4,517
  4,846
  5,188
  5,544
  5,914
  6,298
  6,698
  7,114
  7,548
  8,000
  8,471
  8,962
  9,474
  10,009
  10,568
  11,151
  11,761
  12,399
  13,067
Operating income, $m
  364
  422
  484
  549
  617
  688
  762
  839
  920
  1,004
  1,201
  1,292
  1,386
  1,483
  1,585
  1,691
  1,801
  1,915
  2,034
  2,158
  2,287
  2,422
  2,562
  2,709
  2,862
  3,021
  3,188
  3,363
  3,545
  3,736
EBITDA, $m
  1,005
  1,128
  1,259
  1,396
  1,540
  1,691
  1,848
  2,012
  2,183
  2,360
  2,545
  2,737
  2,936
  3,144
  3,359
  3,583
  3,816
  4,058
  4,310
  4,573
  4,847
  5,132
  5,430
  5,740
  6,064
  6,403
  6,756
  7,126
  7,513
  7,917
Interest expense (income), $m
  173
  218
  254
  292
  332
  374
  418
  464
  513
  563
  615
  670
  727
  786
  847
  911
  977
  1,045
  1,117
  1,191
  1,269
  1,349
  1,434
  1,521
  1,612
  1,708
  1,807
  1,911
  2,020
  2,133
  2,252
Earnings before tax, $m
  146
  169
  192
  217
  243
  270
  298
  327
  357
  388
  531
  565
  600
  637
  675
  714
  755
  798
  843
  889
  938
  988
  1,041
  1,096
  1,154
  1,214
  1,277
  1,343
  1,412
  1,484
Tax expense, $m
  39
  46
  52
  59
  66
  73
  80
  88
  96
  105
  143
  152
  162
  172
  182
  193
  204
  215
  228
  240
  253
  267
  281
  296
  312
  328
  345
  363
  381
  401
Net income, $m
  107
  123
  140
  158
  177
  197
  217
  239
  261
  283
  388
  412
  438
  465
  492
  521
  551
  583
  615
  649
  685
  721
  760
  800
  842
  886
  932
  980
  1,031
  1,083

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  6,643
  7,460
  8,322
  9,230
  10,182
  11,178
  12,218
  13,302
  14,431
  15,605
  16,826
  18,096
  19,414
  20,785
  22,209
  23,690
  25,230
  26,832
  28,500
  30,237
  32,047
  33,933
  35,900
  37,953
  40,096
  42,334
  44,672
  47,116
  49,672
  52,345
Adjusted assets (=assets-cash), $m
  6,643
  7,460
  8,322
  9,230
  10,182
  11,178
  12,218
  13,302
  14,431
  15,605
  16,826
  18,096
  19,414
  20,785
  22,209
  23,690
  25,230
  26,832
  28,500
  30,237
  32,047
  33,933
  35,900
  37,953
  40,096
  42,334
  44,672
  47,116
  49,672
  52,345
Revenue / Adjusted assets
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
Average production assets, $m
  4,510
  5,065
  5,650
  6,266
  6,913
  7,589
  8,295
  9,031
  9,797
  10,595
  11,424
  12,285
  13,181
  14,111
  15,078
  16,083
  17,129
  18,217
  19,349
  20,528
  21,757
  23,038
  24,373
  25,767
  27,222
  28,741
  30,329
  31,988
  33,723
  35,538
Working capital, $m
  109
  122
  136
  151
  167
  183
  200
  218
  236
  255
  275
  296
  318
  340
  364
  388
  413
  439
  467
  495
  525
  556
  588
  621
  656
  693
  731
  771
  813
  857
Total debt, $m
  4,230
  4,862
  5,529
  6,232
  6,969
  7,740
  8,545
  9,384
  10,258
  11,167
  12,112
  13,094
  14,115
  15,175
  16,278
  17,424
  18,616
  19,856
  21,147
  22,491
  23,892
  25,352
  26,875
  28,464
  30,122
  31,854
  33,664
  35,556
  37,534
  39,603
Total liabilities, $m
  5,142
  5,774
  6,441
  7,144
  7,881
  8,652
  9,457
  10,296
  11,170
  12,079
  13,024
  14,006
  15,027
  16,087
  17,190
  18,336
  19,528
  20,768
  22,059
  23,403
  24,804
  26,264
  27,787
  29,376
  31,034
  32,766
  34,576
  36,468
  38,446
  40,515
Total equity, $m
  1,501
  1,686
  1,881
  2,086
  2,301
  2,526
  2,761
  3,006
  3,261
  3,527
  3,803
  4,090
  4,388
  4,697
  5,019
  5,354
  5,702
  6,064
  6,441
  6,834
  7,243
  7,669
  8,113
  8,577
  9,062
  9,567
  10,096
  10,648
  11,226
  11,830
Total liabilities and equity, $m
  6,643
  7,460
  8,322
  9,230
  10,182
  11,178
  12,218
  13,302
  14,431
  15,606
  16,827
  18,096
  19,415
  20,784
  22,209
  23,690
  25,230
  26,832
  28,500
  30,237
  32,047
  33,933
  35,900
  37,953
  40,096
  42,333
  44,672
  47,116
  49,672
  52,345
Debt-to-equity ratio
  2.820
  2.880
  2.940
  2.990
  3.030
  3.060
  3.090
  3.120
  3.150
  3.170
  3.180
  3.200
  3.220
  3.230
  3.240
  3.250
  3.260
  3.270
  3.280
  3.290
  3.300
  3.310
  3.310
  3.320
  3.320
  3.330
  3.330
  3.340
  3.340
  3.350
Adjusted equity ratio
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  107
  123
  140
  158
  177
  197
  217
  239
  261
  283
  388
  412
  438
  465
  492
  521
  551
  583
  615
  649
  685
  721
  760
  800
  842
  886
  932
  980
  1,031
  1,083
Depreciation, amort., depletion, $m
  641
  706
  775
  847
  923
  1,003
  1,086
  1,172
  1,263
  1,356
  1,344
  1,445
  1,551
  1,660
  1,774
  1,892
  2,015
  2,143
  2,276
  2,415
  2,560
  2,710
  2,867
  3,031
  3,203
  3,381
  3,568
  3,763
  3,967
  4,181
Funds from operations, $m
  747
  829
  915
  1,006
  1,100
  1,200
  1,303
  1,411
  1,523
  1,640
  1,732
  1,858
  1,989
  2,125
  2,266
  2,413
  2,567
  2,726
  2,892
  3,064
  3,244
  3,432
  3,627
  3,832
  4,045
  4,268
  4,500
  4,744
  4,998
  5,264
Change in working capital, $m
  13
  13
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
Cash from operations, $m
  735
  816
  901
  991
  1,085
  1,183
  1,286
  1,393
  1,505
  1,621
  1,712
  1,837
  1,967
  2,102
  2,243
  2,389
  2,541
  2,700
  2,864
  3,036
  3,215
  3,401
  3,595
  3,798
  4,010
  4,231
  4,462
  4,704
  4,956
  5,220
Maintenance CAPEX, $m
  -469
  -531
  -596
  -665
  -737
  -813
  -893
  -976
  -1,062
  -1,153
  -1,246
  -1,344
  -1,445
  -1,551
  -1,660
  -1,774
  -1,892
  -2,015
  -2,143
  -2,276
  -2,415
  -2,560
  -2,710
  -2,867
  -3,031
  -3,203
  -3,381
  -3,568
  -3,763
  -3,967
New CAPEX, $m
  -521
  -554
  -586
  -616
  -646
  -676
  -706
  -736
  -766
  -797
  -829
  -862
  -895
  -930
  -967
  -1,005
  -1,046
  -1,088
  -1,132
  -1,179
  -1,229
  -1,281
  -1,336
  -1,394
  -1,455
  -1,519
  -1,587
  -1,659
  -1,735
  -1,815
Cash from investing activities, $m
  -990
  -1,085
  -1,182
  -1,281
  -1,383
  -1,489
  -1,599
  -1,712
  -1,828
  -1,950
  -2,075
  -2,206
  -2,340
  -2,481
  -2,627
  -2,779
  -2,938
  -3,103
  -3,275
  -3,455
  -3,644
  -3,841
  -4,046
  -4,261
  -4,486
  -4,722
  -4,968
  -5,227
  -5,498
  -5,782
Free cash flow, $m
  -256
  -269
  -280
  -290
  -299
  -306
  -313
  -319
  -324
  -329
  -364
  -369
  -374
  -379
  -384
  -390
  -396
  -403
  -411
  -420
  -429
  -439
  -451
  -463
  -476
  -491
  -507
  -524
  -542
  -562
Issuance/(repayment) of debt, $m
  595
  632
  668
  702
  737
  771
  805
  839
  874
  909
  945
  982
  1,021
  1,061
  1,102
  1,146
  1,192
  1,240
  1,291
  1,344
  1,401
  1,460
  1,523
  1,589
  1,659
  1,732
  1,810
  1,892
  1,978
  2,069
Issuance/(repurchase) of shares, $m
  64
  61
  55
  47
  38
  28
  18
  7
  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  
  659
  693
  723
  749
  775
  799
  823
  846
  874
  909
  945
  982
  1,021
  1,061
  1,102
  1,146
  1,192
  1,240
  1,291
  1,344
  1,401
  1,460
  1,523
  1,589
  1,659
  1,732
  1,810
  1,892
  1,978
  2,069
Total cash flow (excl. dividends), $m
  403
  424
  442
  459
  476
  493
  510
  527
  550
  580
  581
  614
  647
  682
  718
  756
  796
  837
  880
  925
  972
  1,021
  1,072
  1,126
  1,182
  1,241
  1,303
  1,368
  1,436
  1,507
Retained Cash Flow (-), $m
  -171
  -185
  -195
  -205
  -215
  -225
  -235
  -245
  -255
  -265
  -276
  -287
  -298
  -310
  -322
  -335
  -348
  -362
  -377
  -393
  -409
  -426
  -445
  -464
  -484
  -506
  -528
  -552
  -578
  -604
Prev. year cash balance distribution, $m
  2,832
  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
  3,065
  239
  247
  254
  261
  268
  275
  282
  294
  314
  305
  327
  349
  372
  396
  421
  448
  475
  503
  532
  563
  594
  627
  662
  698
  735
  775
  816
  858
  903
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
  2,938
  219
  215
  209
  202
  194
  186
  176
  169
  165
  145
  139
  133
  125
  116
  107
  97
  87
  77
  68
  58
  49
  41
  34
  27
  21
  17
  13
  9
  7
Current shareholders' claim on cash, %
  93.6
  88.4
  84.5
  81.6
  79.5
  78.2
  77.4
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1
  77.1

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 21.8
Price to Sales 1.3
Price to Book 1
Price to Tangible Book
Price to Cash Flow 4.9
Price to Free Cash Flow 68.8
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 $1885.508 million for the last fiscal year's total revenue generated by EchoStar. The default revenue input number comes from 0001 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 13.1% 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 83.6%.

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 6% 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 211.5%.

Life of production assets of 8.5 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 5.1%. 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 - $4162.563 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 46.413 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 $1.9 billion.

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COMPANY NEWS

▶ EchoStar: 3Q Earnings Snapshot   [08:07AM  Associated Press]
▶ [$$] London Report: Pound weakness elevates FTSE 100   [Aug-08-18 12:22AM  Financial Times]
▶ EchoStar Corporation Class A to Host Earnings Call   [Aug-07-18 09:00AM  ACCESSWIRE]
▶ EchoStar: 2Q Earnings Snapshot   [06:11AM  Associated Press]
▶ Hughes Wins Four Awards for Workplace Excellence   [Jul-19-18 09:04AM  PR Newswire]
▶ Company News For Jul 9, 2018   [Jul-09-18 10:04AM  Zacks]
▶ [$$] EchoStar Won't Make Offer for Inmarsat   [Jul-06-18 12:35PM  The Wall Street Journal]
▶ [$$] Inmarsat/EchoStar: back down   [07:03AM  Financial Times]
▶ [$$] Echostar drops £3.2bn bid for Inmarsat   [Jul-05-18 11:59PM  Financial Times]
▶ [$$] Eutelsat Rules Out Inmarsat Offer   [03:34AM  The Wall Street Journal]
▶ [$$] Inmarsat/Eutelsat: making waves   [03:14AM  Financial Times]
▶ [$$] Satellite groups no longer UKs sleeping giants   [Jun-21-18 09:20PM  Financial Times]
▶ EchoStar Weighs Raising Inmarsat Bid After Rejection   [Jun-18-18 11:40AM  Bloomberg]
▶ [$$] Security debate looms over sale of Inmarsat   [Jun-15-18 12:00AM  Financial Times]
▶ [$$] Stocks to watch: Inmarsat, Evraz, NMC, Genworth, Aggreko   [Jun-10-18 10:04PM  Financial Times]
▶ EchoStar: 1Q Earnings Snapshot   [May-10-18 06:31AM  Associated Press]

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