Summary of MDA Space Conference Call Company Overview - **Company**: MDA Space - **Date of Call**: September 8, 2025 - **Key Participants**: Mike Greenley (CEO), Guillaume Lavoie (CFO), Luigi Posabani (VP of Satellite Systems) Key Industry and Company Insights Contract Termination - MDA Space received a termination-for-convenience notification from EchoStar Corporation regarding a satellite constellation contract valued at approximately CA$1.8 billion for over 100 software-defined MDA AURORA satellites [4][5] - The termination was due to EchoStar's sudden change in business strategy following spectrum allocation discussions with the FCC, leading to the sale of its AWS-4 and H Block spectrum to SpaceX [4][5] Financial Impact - MDA Space will be compensated for all related termination costs and fees as per the contract, ensuring no financial loss from this event [5][9] - The company maintains a backlog of CA$4.6 billion at the end of Q2 2025, excluding the EchoStar contract, providing revenue visibility for 2025 and beyond [5][36] Business Fundamentals - MDA Space has a robust opportunity pipeline of CA$20 billion, with CA$13 billion related to satellite constellations [6] - The company continues to focus on execution, converting opportunities, and expanding leadership in core markets while maintaining strong profitability and free cash flow [6] Guidance and Future Outlook - MDA Space reiterated its 2025 financial outlook and guidance, unaffected by the EchoStar contract termination [5][36] - The company expects to maintain a compound annual growth rate (CAGR) of 20% to 30% over the next five years, driven by its strong backlog [36] Additional Insights Risk Profile Comparison - The existing backlog has a lower risk profile compared to the EchoStar contract, which was an unexpected termination due to a drastic change in EchoStar's business plan [12][11] - Current contracts with customers like Telesat and Globalstar are deep into execution, reducing risk [12][13] Technological Advancements - MDA Space has developed a 5G-compliant version of the AURORA digital satellite, which was accelerated by the EchoStar contract, positioning the company favorably in the market [44][45] Market Dynamics - The direct-to-device market remains competitive, with multiple players expected to emerge, similar to terrestrial mobile networks [29][48] - The termination of the EchoStar contract may influence other companies to expedite their own direct-to-device plans [48] Geopolitical Considerations - There is a growing trend among countries to enhance their technological independence, which may be fueled by recent developments in the space communications sector [55][56] Upcoming Events - MDA Space plans to engage with new customers at the World Satellite Business Week, focusing on their products and services despite the loss of collaboration with EchoStar [61][62] Conclusion - MDA Space remains optimistic about its future prospects, maintaining strong fundamentals and a solid pipeline of opportunities despite the unexpected termination of the EchoStar contract. The company is well-positioned to continue its growth trajectory in the satellite communications industry.

Shares of EchoStar Corporation sank on Monday morning, the first day of trading since the Wall Street Journal reported Friday evening that the company is considering a bankruptcy filing. https://t.co/UgChWSABF5 ...

Investment Rating - Industry View for Media & Entertainment, Telecom & Cable Services, and Communications Infrastructure is rated as In-Line [3][5]. Core Insights - The report provides a comprehensive analysis of trading multiples across various segments, including Diversified Media & Streaming, Mid-Cap Entertainment & Sport, Mid-Cap Advertising & Film, Telecom & Cable Services, and Communications Infrastructure [6][20]. - Historical performance metrics are included for sub-industries over different time frames, such as 1 Week, 1 Month, 3 Months, 12 Months, and 3 Years Year-to-Date [2][6]. Summary by Industry Segment Diversified Media & Streaming - Price to Earnings (P/E) for 2025E is 42.2x, decreasing to 27.3x by 2027E - Adjusted Price/FCF for 2025E is 49.1x, decreasing to 30.9x by 2027E - EV/EBITDA for 2025E is 46.1x, decreasing to 29.1x by 2027E - Dividend Yield is projected at 0.2% for 2025E, increasing to 0.3% by 2027E [6]. Mid-Cap Entertainment & Sport - P/E for 2025E is 57.3x, decreasing to 27.5x by 2027E - Adjusted Price/FCF for 2025E is 40.6x, decreasing to 22.3x by 2027E - EV/EBITDA for 2025E is 56.1x, decreasing to 33.4x by 2027E - Dividend Yield is projected at 1.2% for 2025E, increasing to 1.4% by 2027E [6]. Mid-Cap Advertising & Film - P/E for 2025E is 13.7x, decreasing to 11.7x by 2027E - Adjusted Price/FCF for 2025E is 12.3x, decreasing to 10.7x by 2027E - EV/EBITDA for 2025E is 14.1x, decreasing to 12.5x by 2027E - Dividend Yield is projected at 4.3% for 2025E, increasing to 4.8% by 2027E [6]. Telecom & Cable Services - P/E for 2025E is 14.7x, decreasing to 13.5x by 2027E - Adjusted Price/FCF for 2025E is 14.3x, decreasing to 10.9x by 2027E - EV/EBITDA for 2025E is 15.0x, increasing to 14.1x by 2027E - Dividend Yield is projected at 2.2% for 2025E, increasing to 2.4% by 2027E [6]. Communications Infrastructure - P/E for 2025E is 24.4x, decreasing to 29.0x by 2027E - Adjusted Price/FCF for 2025E is 27.8x, decreasing to 24.2x by 2027E - EV/EBITDA for 2025E is 28.4x, decreasing to 26.0x by 2027E - Dividend Yield is projected at 3.4% for 2025E, increasing to 3.6% by 2027E [6].

Core Insights - Gen Mobile has announced significant updates to its prepaid wireless plans, offering more data and international features without any price increases, addressing the needs of cost-conscious consumers in a rising living cost environment [1][3]. Plan Enhancements - Plans starting at $20 now include North America Roaming with 500 minutes, 500 texts, and 500MB of data per month, enhancing connectivity for customers traveling to Mexico and Canada [2][3]. - The new plans are designed to empower customers to stay connected with loved ones globally while managing their wireless expenses effectively [3][5]. Target Audience - Gen Mobile's offerings cater to budget-conscious individuals and families, prepaid customers seeking flexible payment options, and those with limited credit who require reliable service without credit checks [5][7]. - The company emphasizes its commitment to making wireless service more accessible and affordable, with plans starting at $10 per month [5]. Network and Connectivity - Gen Mobile operates on America's largest 5G networks, ensuring dependable nationwide connectivity through physical SIM or eSIM for compatible devices [3][5]. - All plans include unlimited calling to over 100 destinations, facilitating easy and affordable communication for customers in the U.S. [3][6].