Quick Analysis of Intelsat’s Q1 Financial Results

By Armand Musey | May 12, 2013

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,…

Unbelievable Lack of Consensus on Spectrum Supply & Demand

By Armand Musey | April 9, 2013

I’ve recently spoken at several wireless industry conferences where I’ve had a chance to informally discuss various topics with a number of well-regarded U.S. industry experts. In the course of these conversations, the discussion often turned to the issue of supply and demand for wireless spectrum. While it’s normal for opinions about the future to…

The Intelsat IPO – A Setup for Dilution?

By Armand Musey | April 5, 2013

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

By Armand Musey | March 20, 2013

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?

By Armand Musey | March 13, 2013

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…

Could Incumbents Wireless Cos Dominate Unlicensed Spectrum?

By Armand Musey | February 25, 2013

Significant amounts of government spectrum are headed towards being made available for shared unlicensed use. However, industry commentators have barely analyzed the potential impact on the industry structure from the availability of this new spectrum. The common initial reaction, and one suggested in the PCAST Report is that new entrepreneurial unlicensed providers will emerge to…

Why the Intelsat 27 Failure May Be Good News for Intelsat

By Armand Musey | February 5, 2013

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…

Unlicensed Spectrum and the Challenge of Finding Investment Capital

By Armand Musey | January 27, 2013

White spaces use is becoming increasingly visible way to use spectrum more efficiently and jumpstart the use of new services. However, the industry will need significant investment in order to build a substantial industry. Traditional telecom service providers have FCC spectrum licenses that can serve as collateral for investors. White space service providers don’t have…

The Shifting Balance Between Infrastructure vs. Service Providers Now Favoring Infrastructure

By Armand Musey | January 17, 2013

In the wireless industry hardware providers seem to be gaining the upper hand over the wireless service providers. Examining the wireless value chain, its clear that hardware and spectrum are the only areas with increased demand. The wireless service infrastructure consists of 1) spectrum; 2) network hardware; 3) network integration and management; 4) marketing, billing…