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Intelsat (I) has not fared well recently. A reduction in FY2019 guidance further exacerbated the core business' weak quarterly results. The loss of 29e and unexpected non-renewals in Media and Government segments also contributed to a $60M reduction in FY2019 Revenue guidance. On top of that, $25M additional opex from accounting changes and $15M to be spent on the 3rd-party capacity to restore some 29e customers resulted in a $100M reduction in Intelsat's adjusted EBITDA guidance.
Based on the updated adjusted EBITDA numbers and an average EBITDA multiple of 8.5x, we