Satellite

Notes from 5th Annual Space and Satellite Regulatory Colloquium on Oct 20th

Attached are my notes from the Dentons, ManSat and SatNews “5th Annual Space and Satellite Regulatory Colloquium” held on September 20, 2016 in Washington DC. Executive Summary Dentons, ManSat and SatNews Annual Space and Satellite Regulatory Colloquium, now in it’s fifth year has grown to about 100 attendees and included 14 panels and keynotes (including […]

Armand’s Notes from Euroconsult 2016 Conference

Attached are a full set of my notes from the Euroconsult “World Satellite Business Week” held in Paris from September 12th to 15th.   Executive Summary FSS Sector Facing Headwinds The realities of massive satellite capacity growth and declining price has sunk in. It’s becoming broadly accepted that satellite video distribution is at best stable, […]

Should High-Throughput Satellites Really Last 15 Years?

See my article in the August 29th issue of SpaceNews: http://www.spacenewsmag.com/commentary/should-high-throughput-satellites-really-last-15-years/ Should high-throughput satellites really last 15 years? J. Armand Musey August 29, 2016, Commentary The fixed satellite services industry has been an anomaly in the communications sector, with stable, even increasing, pricing while prices for other forms of bandwidth fell dramatically. Stability allowed satellite […]

Notes from STS Global’s 2016 HTS Tech Day

Attached are my notes from the 2016 STS Global’s HTS Tech Day held on August 16, 2016 in Stony Brook, NY.  STS-Global-Tech-Day-Notes . STS placed many of the speaker’s presentations to their website’s blog: http://www.stsglobal.com/blog/ (last visited August 17, 2016). After leaving the helm of Globecomm Systems in late 2014, CEO Dave Hershberg and some of his former Globecomm […]

The Satellite Story Today – Not a Replay of the Fiber Story of 2000 – It’s Worse!

Initially, the parallels between the fiber buildout around the turn of the twenty first century and the satellite industry today are compelling. In the late 1990s, the telecom industry increasingly poured billions of dollars into fiber. As these investments peaked, new technologies emerged to increase fiber optic capacity, including wavelength division multiplexing. This resulted in […]

Five Reasons Distribution May be King of the HTS World

Satellite distributors (including resellers/systems integrators) have long been considered the black sheep of the satellite industry. Low margins, slow growth, low barriers to entry and dependence on large FSS operators have all kept returns down. But this may be changing. High throughput satellites (HTS) are poised to increase satellite capacity roughly 250-500% over the next several […]

Intelsat – With Pressure on Video, the Worst is Yet to Come

Intelsat S.A (I), is trading at 3.9x earnings, and is about to launch it next generation high throughput EPIC satellites which will dramatically increase capacity. It now trades at all time lows, down over 60% from its 2013 IPO. At first glance, Intelsat might seem like a buying opportunity. But greater downside, potentially even restructuring, […]

The Road to Approval for a Sprint/T-Mobile Merger May Run Through DISH Network

It’s no secret that Sprint (S) and T-Mobile (TMUS) have been exploring a potential merger and that there are significant concerns over whether such a merger would be approved. Sprint and T-Mobile argue that the US wireless market is a near-duopoly dominated by ATT (T) and Verizon (VZ) with a combined market share of approximately […]

Intelsat’s Yearend Results Highlight Dependence on Next Generation Epic Satellites

DISCLAIMER: The analysis below is for information purposes only. We believe, but cannot guarantee that the information contained in it is accurate. Moreover, it should not be considered a recommendation to buy or sell any security of any kind. Please consult a qualified advisor before making significant investment or business decisions. See our Terms of […]

“The Spectrum Handbook” 2013 Released

Summit Ridge Group,LLC is please to announce the publication of The Spectrum Handbook 2013. This 182 page book is available in hardcopy and e-book version through major on-line resellers. Executive Summary This Handbook has three objectives: 1) to serve as a primer for explaining the complex issues around the use of electromagnetic spectrum; 2) to […]

Is “Terrestrial Bias” a Political Problem for the Satellite Industry?

Is “Terrestrial Bias” a Political Problem for the Satellite Industry? I recently caught-up with a European wireless executive and we compared notes on the communications industry. While discussing different technologies, I mentioned the progress satellite broadband was making in various countries. He responded with an interesting insight. Simply put, local politicians are eager to support […]

More Evidence on Widespread Telecom Pricing Pressure

Last week I attended the 16th Annual Oppenheimer Technology, Internet and Communications Conference in Boston. Over 100 companies also attended, with 5 to 7 presenting simultaneously in different rooms, so unfortunately I could not attend all of them and concentrated my time on the communications presentations including: American Tower [AMT], AT&T [T], Ceragon Networks [CRNT], […]

Wall Street Finally Starting to UnderstandHigh Throughput Satellites

A recent Morgan Stanley research report  suggest they are cooling on their view of SES, in part, due to the expanded capacity upcoming High Throughput Satellites (HTS) may bring the industry. Each of these satellites has 40x to 100x the capacity of a traditional single-beam satellite. The Morgan Stanley report estimates that industry capacity may increase […]

Quick Analysis of Intelsat’s Q1 Financial Results

I’ve neglected the blog for a while as I am working on my forthcoming “Spectrum Handbook 2013.” I expect to release it in a few weeks. Please contact me if you’d like a copy. But I did have a chance to review Intelsat’s Q1 results. Results were somewhat better than I expected – modest growth, […]

The Intelsat IPO – A Setup for Dilution?

DISCLAIMER: The analysis below is for information purposes only. We believe, but cannot guarantee that the information contained in it is accurate. Moreover, it should not be considered a recommendation to buy or sell any security of any kind. Please consult a qualified advisor before making significant investment or business decisions. See our Terms of […]

Intelsat’s Financials Explained in Three Easy Tables

DISCLAIMER: The analysis below is for information purposes only. We believe, but cannot guarantee that the information contained in it is accurate. Moreover, it should not be considered a recommendation to buy or sell any security of any kind. Please consult a qualified advisor before making significant investment or business decisions. See our Terms of […]

Does Intelsat’s Recent Management Shake-up Indicate Lack of Confidence in the IPO?

Intelsat’s recent management shake-up may suggest management has given-up on the IPO. If not, the company sent negative signals to investors that may setback the IPO prospects even further. Intelsat management shake-up included several senior-level promotions and the departure from daily operations of their highly credible General Counsel, Phil Spector. Mr. Spector also ran the […]

Why the Intelsat 27 Failure May Be Good News for Intelsat

The launch failure of Intelsat 27 (“IS 27”) as it tries to show growth before a planned IPO was widely viewed as terrible news for Intelsat. However, it may be the opposite.  Of course Intelsat will lose some expected revenue.  But the launch failure also gives Intelsat insurance money that may be more valuable than […]

Technology Won’t Decide the Ka-band vs. Ku-band HTS Battle

Technology Won’t Decide the Ka-band vs. Ku-band Battle for HTS Satellites The current debate about the advantages of Ka-band vs. Ku-band for next generation High Throughput Satellites (HTS) misses the point. Endless pages have been written about Ka-band advantages of higher theoretical throughput vs. Ku-bands superiority in sub-optimal weather vs. the costs of end user […]

ITAR Restrictions on US Satellite Exports to be Loosened

Under the 2013 Defense Authorization bill approved by both houses and awaiting President Obama’s expected signature, the highly controversial restrictions on US satellite exports under the International Traffic and Arms Regulation (known as ITAR) are set to be loosened. Specifically, the bill allows the president to remove commercial satellites and satellite components from the U.S. munitions […]

A Layman’s Guide to the Possible Intelsat IPO

Given all of the industry questions about a possible Intelsat IPO, I decided to spend some time an analyze the situation. This resulted in a 26 page analysis (e-mail me at amusey@SummitRidgeGroup.com) for a copy. Here is the executive summary: Executive Summary In light of its May 18th $1.75 billion IPO filing, satellite industry observers […]

Implications of Expected FCC Limits on DISH’s AWS-4 Spectrum

BACKGROUND The FCC recently indicated it was leaning towards limiting DISH’s use of its 40 Mhz of AWS-4 spectrum it acquired from Terrestar and DBSD North America to prevent interference with the H-block which runs from 1915 MHz to 1920 Mhz and 1995 MHz to 2000 MHz. DISH’s spectrum currently runs between 2000 Mhz and […]

Introductory Presentation on Summit Ridge Group, LLC

Summit Ridge Group, LLC’s new introductory presentation regarding the valuation and strategic advisory services we offer. Summit Ridge Group, LLC from Summit Ridge Group, LLC Feedback and questions are always welcome.

Telecom Exchange 2012

I spent an interesting day at Telecom Exchange 2012 on Wednesday June 27th at the fabled Cipriani on Wall Street. While there were also plenty of major company announcements, I’ll leave commenting on those to the many qualified industry observers and instead focus on macro connections between industry segments. The conference was a step away […]