Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered

EchoStar Corporation (SATS)

$24.675

0.095 (+0.39%)

Operating Data

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	3,282.45	3,445.59	3,143.76	3,056.67	1,885.36	2,091.24	1,762.50	1,616.56	1,482.71	1,359.94	1,247.34
Revenue (%)
EBITDA	610.54	884.83	884.34	859.54	730.20	789.44	624.28	490.63	450.00	412.74	378.57
EBITDA (%)
EBIT	103.40	328.02	356.19	364.36	196.27	183.40	36.13	132.07	121.14	111.11	101.91
EBIT (%)
Depreciation	507.14	556.81	528.15	495.18	533.93	606.04	588.14	358.55	328.86	301.63	276.66
Depreciation (%)

Balance Sheet Data

Year A/P	2013 Projected	2014 Projected	2015 Projected	2016 Projected	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Total Cash	1,620.55	1,687.99	1,536.67	3,093.66	3,245.64	3,210.47	2,460.09	1,648.25	1,511.77	1,386.60	1,271.79
Total Cash (%)
Account Receivables	159.20	163.32	179.19	209.69	196.83	201.18	196.69	123.18	112.98	103.63	95.05
Account Receivables (%)
Inventories	65.98	63.05	66.96	72.44	83.52	75.28	48.12	44.13	40.48	37.13	34.05
Inventories (%)
Accounts Payable	201.54	188.13	213.78	189.82	108.41	121.50	124.08	99.74	91.48	83.91	76.96
Accounts Payable (%)
Capital Expenditure	433.61	723.57	812.66	722.29	583.14	555.22	418.59	380.86	349.33	320.40	293.87
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 24.675
Diluted Shares Outstanding	96.74
Cost of Debt
Tax Rate	69.29
After-tax Cost of Debt	-3.41
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.51
Total Debt	0.49
Total Equity	2,387.01
Total Capital	2,387.50
Debt Weighting	0.02
Equity Weighting	99.98
Wacc

Build Up Free Cash

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	3,282.45	3,445.59	3,143.76	3,056.67	1,885.36	2,091.24	1,762.50	1,616.56	1,482.71	1,359.94	1,247.34
EBITDA	610.54	884.83	884.34	859.54	730.20	789.44	624.28	490.63	450.00	412.74	378.57
EBIT	103.40	328.02	356.19	364.36	196.27	183.40	36.13	132.07	121.14	111.11	101.91
Tax Rate	107.42%	14.28%	30.79%	37.27%	-289.86%	-408.48%	69.29%	-62.76%	-62.76%	-62.76%	-62.76%
EBIAT	-7.67	281.19	246.53	228.55	765.15	932.56	11.10	214.96	197.16	180.83	165.86
Depreciation	507.14	556.81	528.15	495.18	533.93	606.04	588.14	358.55	328.86	301.63	276.66
Accounts Receivable	-	-4.12	-15.87	-30.49	12.86	-4.35	4.48	73.51	10.20	9.35	8.58
Inventories	-	2.92	-3.91	-5.48	-11.08	8.24	27.17	3.98	3.65	3.35	3.07
Accounts Payable	-	-13.41	25.65	-23.96	-81.41	13.09	2.58	-24.34	-8.26	-7.57	-6.95
Capital Expenditure	-	-289.96	-89.09	90.37	139.15	27.92	136.63	37.73	31.54	28.92	26.53
UFCF	499.47	533.42	691.46	754.17	1,358.60	1,583.50	770.10	664.40	563.15	516.52	473.76
WACC
PV UFCF								564.27	440.78	372.57	314.92
SUM PV UFCF											5,343.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.51
Free cash flow (t + 1)	492.71
Terminal Value	10,924.76
Present Value of Terminal Value	7,262.12

Intrinsic Value

Enterprise Value	12,605.45
Net Debt	-2,459.60
Equity Value	15,065.06
Shares Outstanding	96.74
Equity Value Per Share	155.73

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