Northern Sky Research

The Bottom Line

Archive: March 2013 (X)

  • Grading the Big Four’s Debt

    Mar 17th, 2013 by NSR

    With the release of 2012 financials for the “Big Four” FSS satellite operators, NSR views this as the opportune time to examine each operator’s standings in one of the key financial metrics from its Satellite Operator Financial Analysis 2nd Edition study. The table and chart below illustrate the current as well as historical data for each operator’s Net Debt to EBITDA ratios. This ratio is one of the typical financial metrics used by credit agencies in determining the investment grade…

  • Times sure do change.  Almost one year ago, NSR expected the GEO commercial launch services market for 2014 and onwards would face a perfect storm of oversupply. With lower launch demand and an increasing number of players, the market was headed towards a new price war a few years after the former one bankrupted one of the players. However, the market may well evolve in the opposite direction.

    This is not a surprise in the sense that every driver is well known. NSR identified heritage,…

  • The end of year 2012 results are in, and it turns out that despite some excessive industry expectations at times, the satellite broadband access market is beginning to see the payoff of moving to the next generation of very high capacity HTS. As of the end of last year, all three of the best known HTS-powered broadband access services … Tooway, Exede, and HughesNet … saw sustained subscriber growth. NSR expects that 2013 will be a productive year as well as the main players turn their…