You're browsing as a guest. Sign in to unlock all features.
SATS
SATS·Telecom Services·United States
EchoStar Corporation provides pay-tv services in the United States, Mexico, Canada, South and Central America, Asia, Africa, Australia, Europe, India, and the Middle East. The Pay-TV segment offers a ...
1 Total1 External0 In-site
SATSSATS
2026-03-25📡 Communication ServicesPitch
Externalby Triple S Special Situations Investing · Substack
Triple S Special Situations Investing on SATS (SATS)
公司名称
EchoStar Corp
主要经营地
美国
详细生意模式
特殊情况：$22B频谱售AT&T+$8.5B现金+$11B SpaceX股权(2.2%)+$2B利息承担=~$42B变现；post-paydown $10B+净现金+$15B收入运营+SpaceX权益
护城河
🔴弱：核心业务衰退，价值源自资产变现而非运营；SpaceX估值存不确定性
估值水平
At $1T SpaceX=$22B权益；MCap隐含核心业务免费
EV/Market Cap
EBITDA $1.49B / 债务$30.96B
网络观点
资产变现套利机会，SpaceX权益上行但IPO时点不确定
AI观点
$42B变现计划可见性强但执行复杂(税务/法律)；$1T SpaceX估值假设可能过度；催化剂(deal close/buyback/SpaceX IPO)时间表关键
原文日期
2026-03-25
作者简介
专业特殊情况投资者