I - Intelsat S.A.: Time To Relaunch
With shares 36% below last year’s highs, we believe an investment in Intelsat (I) represents exceptional value ahead of important catalysts as the regulatory process enters its final stages. The bull thesis as laid out in our original, full-length report and subsequent Seeking Alpha article, All Systems “Go”, remains unchanged: The C band is an extremely valuable spectrum and the C-Band Alliance (“CBA”) holds the keys to unlocking it.
We believe international spectrum auctions suggest the C band is worth substantially more than the $0.21/MHz-pop implied in Intelsat’s current share price. In