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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 ...
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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