EchoStar Corporation
Communication Services · Diversified Telecommunication Services
STRUCTURAL: EchoStar sits at the intersection of satellite broadband infrastructure and 5G spectrum, owning ~80 MHz of mid-band spectrum across the US through the DISH merger. HughesNet serves ~1M+ rural broadband subscribers with no terrestrial alternative, giving pricing power.
JUPITER 3 satellite (2023 launch) doubled Ka-band throughput to 500 Gbps, enabling capacity upsell. LEO constellation plans (EchoStar 702) could extend addressable market beyond GEO-limited geographies.
(1) 5G spectrum optionality - mid-band licenses worth $10B+ independently; potential MVNO or sale to $T or $TMUS. (2) HughesNet rural lock-in insulated from fiber overbuilders. (3) JUPITER 3 capacity headroom supports ARPU expansion without capex.
(4) Post-DISH restructuring removes DISH's debt overhang from the satellite business. (5) LEO deployment could triple serviceable geography and compete directly with $SATS peer $VSAT.
(1) $AMZN Kuiper and $TSLA Starlink are LEO-native with structural latency advantages over GEO. (2) Spectrum licenses require FCC build-out milestones - failure risks forfeiture. (3) Legacy satellite EBITDA declining as broadband mix shifts to LEO alternatives.
(4) High debt load from DISH merger limits financial flexibility. (5) Execution risk on LEO constellation: launch delays and capex overruns typical in the sector.
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