SATS: What publicly traded SATS is telling us SpaceX is worth…and vice versa
Every day there appear new headlines about SpaceX’s valuation which seem ever higher by a few hundred billion (really, what’s a few hundred billion among friends?). These reports (based on what?) are launching (sorry) the SpaceX stock into the orbit while the confidential S1 filing quietly bakes well ahead of an IPO reportedly slated for June. Having just returned from a European marketing swing, we know investors are looking for some evidence-based support for these increasingly breathless reports. We used the tools we have. In this report we analyze what the current SATS market valuation implies for SpaceX’s valuation after adjusting for all the pieces that SATS contains ex-SpaceX. Of course, we then show what different SpaceX valuation levels imply for SATS’ shares.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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