New Street Research - EchoStar Corporation Class A (SATS) Towers 4Q25 Estimates Ratings Refresh

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New Street Research

David Barden

EUR 8460.00 For Business Accounts Only

Towers 4Q25 Estimates & Ratings Refresh

The last 3 months have seen substantial tower price dislocation catalyzed by news that SATS intends to invoke contractual clauses and stop paying the tower industry for current leases. We highlight some key industry developments impacting sentiment and preview 4Q results based on our catch-up conversations with the companies in recent weeks.

05/01/2026 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:

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US Telecoms, Cable, Satellite and Towers
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Pan European Telecom Services and Cable

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Analysts

David Barden

Other Reports on these Companies

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Not unexpectedly, SATS defaults on AMT leases – We quantify the readthrough

AMT (Buy, PT $203), after the close today, shared that SATS has defaulted on its tower lease agreement payments. This was unsurprising following a similar revelation from CCI (Neutral, PT $93) on 1/12/26 (see our note). AMT says this action will have no impact on 2025 results. AMT did not mention the value of the remaining payments, but we assume it is similar to the ~$3.5bn (undiscounted) CCI cited.

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January 29, 2026 January 29, 2026 1 EN

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SATS defaults on CCI leases - Quantifying the readthrough

CCI (Neutral, PT $93) after the close today announced that SATS has defaulted on its tower lease agreement payments. As a result, the company has terminated the agreement and will seek to recover ~$3.5Bn+ of the remaining undiscounted payments owed. CCI says this decision will have no impact on 2025 results. As a function of this announcement, we are taking SATS payments fully out of our model for 2026E. Previously, we had zeroed out SATS payments for only 2H26 and beyond. In this note, we share our updated CCI model and a scenario analysis which looks at how a similar disclosures from AMT (B...

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January 13, 2026 January 13, 2026 1 EN

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Part Three of Year in Preview: Our Analysis about Policyband’s Predictions

This week we published three notes that preview what we think will be critical to investors in telecom/media/tech policy environment. In the first, we evaluated what questions do we not know the answer to today but will in a year that will have a material impact on stocks and depend in part on policy. In the second, we looked at the biggest policy related investment stories of 2025 and how the lingering elements of those stories will play out. In this third one we evaluate nine predictions made by a popular media outlet that offered a 10th as well; that “New Street Research analyst Blair Lev...

EUR 8460.00

January 8, 2026 January 8, 2026 1 EN

Takeaways from Metro Connect 2026 Day One

Greetings from sunny, if chilly Fort Lauderdale where we are attending Metro Connect which one of our companies described as one of the two most important infrastructure conferences of the year. We are soooo lucky not to have gotten snowed in. If you are in the northeast, please stay warm! We just wrapped Day One where we had meetings and run-ins with many, primarily, small to mid-size private fiber operators. In this short note, we present our key takeaways from our conversations at the event.

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Dan Salmon

Dan Salmon

AI Expert Call Recap: Frameworks for Understanding Agentic Commerce (GOOGL, AMZN, SHOP, PINS, RDDT, PYPL, YELP, OTAs

Last week, we hosted a very insightful AI Expert Call with Jacqueline Karlin, a seasoned AI and commerce strategist (former AMZN, META, PYPL, EXPE) to discuss agentic commerce, the shift from human discovery, searching and prompting to agent delegation, and implications across the internet ecosystem.

EUR 8460.00

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Russell Waller

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Digi (Equal Weight) Q4 25: New bullish Spanish guidance; Portugal fibre roll to stall

Digi has reported a weak set of results vs our expectations, but has given new bullish mid-term guidance for Spain, and reported good Spanish EBITDAaL growth (+41% y/y) as the MNO benefits continue to come through.

EUR 8460.00

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Towers 4Q25 Estimates & Ratings Refresh

Not unexpectedly, SATS defaults on AMT leases – We quantify the readthrough

SATS defaults on CCI leases - Quantifying the readthrough

Part Three of Year in Preview: Our Analysis about Policyband’s Predictions

Takeaways from Metro Connect 2026 Day One

AI Expert Call Recap: Frameworks for Understanding Agentic Commerce (GOOGL, AMZN, SHOP, PINS, RDDT, PYPL, YELP, OTAs

Digi (Equal Weight) Q4 25: New bullish Spanish guidance; Portugal fibre roll to stall

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