Latest News
The Satellite News Financial Ticker
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Week of March 28 – April 3, 2003
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Percentage Change
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|||||
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Symbol
|
April 3 Price
|
One Week
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One Month
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Three Month
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Year to Date
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|
Operators
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||||||
| APT SATELLITE HLDGS | ATS |
1.55
|
1.3
|
(0.6)
|
(13.4)
|
(9.9)
|
| ASIASAT TELECOM | SAT |
12.82
|
0.9
|
3.4
|
9.6
|
12.6
|
| BRITISH SKY BROADCASTING | BSY |
41.79
|
3.4
|
4.7
|
(1.1)
|
4.3
|
| ECHOSTAR COMM -CL A | DISH |
28.97
|
0.3
|
10.0
|
24.4
|
30.1
|
| GENERAL ELECTRIC | GE |
27.57
|
3.6
|
14.6
|
8.2
|
13.2
|
| GILAT COMMUNICATIONS | GICOF |
0.10
|
–
|
(42.9)
|
(28.6)
|
(33.3)
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| GLOBALSTAR TELECOM | GSTRF |
0.07
|
(2.9)
|
–
|
36.0
|
30.8
|
| HUGHES ELEC (GM -CL H) | GMH |
11.62
|
4.0
|
14.0
|
4.4
|
8.6
|
| IRIDIUM WORLD COMM | IRIDF |
0.08
|
(21.1)
|
(28.6)
|
(31.8)
|
(31.8)
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| LORAL SPACE & COMM | LOR |
0.30
|
(9.1)
|
(16.7)
|
(21.1)
|
(30.2)
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| NEWS CORP | NWS |
27.11
|
3.7
|
8.4
|
(0.4)
|
3.3
|
| NEW SKIES SATELLITES | NSK |
4.20
|
1.2
|
(1.6)
|
2.4
|
1.2
|
| PANAMSAT | SPOT |
14.58
|
(0.7)
|
5.2
|
(2.7)
|
(0.4)
|
| PASIFIK SATELIT NUSANTARA | PSNRY |
0.16
|
3.3
|
(3.1)
|
3.3
|
3.3
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| PEGASUS COMMUNICATIONS | PGTV |
14.09
|
0.3
|
(14.9)
|
12.3
|
7.6
|
| SES GLOBAL | SES.LU |
4.85
|
11.5
|
4.5
|
(22.5)
|
(24.2)
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| SIRIUS SATELLITE RADIO | SIRI |
0.67
|
(0.1)
|
(11.8)
|
9.8
|
4.7
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| XM SATELLITE RADIO | XMSR |
6.17
|
4.4
|
31.0
|
131.1
|
129.4
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| Operators’ Average |
100.00
|
0.2
|
(1.4)
|
6.7
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6.6
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|
|
Manufacturers
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||||||
| ANDREW | ANDW |
5.78
|
(0.0)
|
(24.2)
|
(45.7)
|
(43.8)
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| BALL | BLL |
57.80
|
3.8
|
8.5
|
9.2
|
12.9
|
| BOEING | BA |
26.50
|
0.4
|
(3.8)
|
(21.8)
|
(19.7)
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| COM DEV INTL | *CDV |
0.80
|
(5.9)
|
(7.0)
|
(27.9)
|
(19.2)
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| GILAT SAT NETWORKS | GILTF |
0.23
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(14.8)
|
(41.0)
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(42.5)
|
(41.0)
|
| GLOBECOM | GCOM |
2.99
|
0.7
|
(3.5)
|
(20.3)
|
(20.3)
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| HARRIS | HRS |
27.25
|
(2.0)
|
(9.0)
|
2.6
|
3.6
|
| HONEYWELL | HON |
22.45
|
0.6
|
(1.9)
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(10.1)
|
(6.5)
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| KVH | KVHI |
13.00
|
16.2
|
30.0
|
46.4
|
51.2
|
| LOCKHEED MARTIN | LMT |
47.72
|
3.2
|
4.4
|
(18.9)
|
(17.4)
|
| LUCENT TECHNOLOGIES | LU |
1.49
|
(2.0)
|
(9.1)
|
4.9
|
18.3
|
| MOTOROLA | MOT |
8.49
|
(0.2)
|
0.8
|
(7.7)
|
(1.8)
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| NERA | NERAY |
0.83
|
1.5
|
(4.3)
|
(24.4)
|
(23.5)
|
| NII NORSAT INTL | NSATF |
0.78
|
(7.1)
|
(22.0)
|
(17.0)
|
(21.6)
|
| ORBITAL SCIENCES | ORB |
5.05
|
(8.2)
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(11.9)
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16.6
|
19.7
|
| QUALCOMM | QCOM |
34.37
|
(10.6)
|
(0.6)
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(7.5)
|
(5.6)
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| RAYTHEON | RTN |
28.96
|
3.6
|
6.9
|
(8.3)
|
(5.8)
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| ROCKWELL COLLINS | COL |
18.51
|
0.4
|
(5.8)
|
(21.2)
|
(20.4)
|
| SCIENTIFIC-ATLANTA | SFA |
14.78
|
7.3
|
12.6
|
17.5
|
24.6
|
| STM WIRELESS | STMI |
0.00
|
–
|
(99.5)
|
(100.0)
|
(100.0)
|
| TITAN | TTN |
7.31
|
0.8
|
(8.1)
|
(29.6)
|
(29.7)
|
| TRIMBLE NAVIGATION | TRMB |
20.40
|
10.3
|
21.8
|
55.8
|
63.3
|
| VIASAT | VSAT |
11.38
|
(9.3)
|
1.0
|
(4.1)
|
(1.4)
|
| Manufacturers’ Average |
100.00
|
(0.5)
|
(7.2)
|
(11.0)
|
(8.0)
|
|
| Nasdaq Composite Index | COMP |
1,396.58
|
0.7
|
4.4
|
0.8
|
4.6
|
| S & P 500 | SP50 |
876.45
|
0.7
|
4.2
|
(3.6)
|
(0.4)
|
| SN Stock Price Average |
100.00
|
(0.2)
|
(4.6)
|
(3.3)
|
(1.6)
|
|
Wall Street Analysis
By Tom Watts, SG Cowen Securities
To project the future of the satellite industry, we used to look at the diversified satellite operators, such as Hughes Electronics [NYSE: GMH] and Loral Space & Communications [NYSE: LOR]. These companies manufactured satellites and offered fixed satellite services (FSS).
How times have changed! Rather than these behemoths, one of the best industry bellwethers now is ViaSat [Nasdaq: VSAT] with its market capitalization of slightly more than $300 million.
ViaSat’s ramp-up in defense revenues over the last year presaged the importance of national security applications later reflected by PanAmSat’s [Nasdaq: SPOT] and Eutelsat’s revenues rise. ViaSat’s SurfBeam broadband terminal has gained increasing attention as a proxy for satellite broadband.
The launch customer for SurfBeam, WildBlue, has received new financing. EchoStar Communications [Nasdaq: DISH] also has considered adopting SurfBeam. SES Americom is studying SurfBeam adoption for its Americom2Home platform. Telesat Canada and Intelsat plan to follow WildBlue’s lead. Even Eutelsat has purchased a SurfBeam platform.
ViaSat developed SurfBeam originally to incorporate the DOCSIS standard, which is used by the cable TV industry to provide cable modem service. By leveraging the existing standard, ViaSat can take advantage of the economies of scale benefits already realized with cable modems for chipsets, access control software, billing and other features. ViaSat adds its value through its proprietary waveforms and RF components used to access the satellite. The result is a low-cost satellite broadband terminal with exceptional functionality.
SurfBeam appears ready to become an industry-wide standard for consumer broadband. To track the progress of broadband and other new markets that represent the satellite industry’s future, keep your eye on ViaSat.
Tom Watts is a managing director and satellite analyst at SG Cowen Securities. He can be reached by phone at 212/278-4260 or by e-mail at tom.watts@sgcowen.com. Readers should assume that SG Cowen Securities Corp. and/or its affiliates intend to offer services in investment banking to the above referenced companies within the next three months, and to seek compensation for such services.
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