New Street Research - EchoStar Corporation Class A (SATS) SATS: SpaceX, the final frontier

Report

New Street Research

David Barden

EUR 8587.00 For Business Accounts Only

SATS: SpaceX, the final frontier

We are revising our SATS valuation analysis to reflect 1) reports that SpaceX is pursuing a new secondary equity round seeking a valuation between $750-800bn vs. SATS’ $400bn buy-in as compensation for recent spectrum sales, and 2) rising concerns that upper C-Band spectrum deployments may get bogged down in airplane altimeter interference issues, placing a growing premium on today’s commercially available spectrum, specifically the AWS-3. We are raising our SATS price objective to $125 from $100, implying 42% upside.

09/12/2025 1 EN

Underlying

EchoStar Corporation Class A

EchoStar is a holding company. Through its subsidiaries, the company is a global provider of broadband satellite technologies, broadband internet services for home and small office customers, satellite operations and satellite services. The company operates in two business segments: Hughes, which provides broadband satellite technologies and broadband internet services and broadband network technologies, managed services, equipment, hardware, satellite services and communications solutions; and EchoStar Satellite Services, which uses certain of the company's owned and leased in-orbit satellites and related licenses to provide satellite service operations and satellite services.

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US2787681061 NASDAQ Stock Market United States

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

David Barden

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SATS: SpaceX, the final frontier

The future of broadband - Cable is losing share

The future of broadband 3Q25: Our updated broadband industry forecast framework

The future of broadband - Charter's cNPS remains low

The Ellison Antitrust Paradox: They Need Trump but Trump Card Could Backfire

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