IPO: PanAmSat Holding (PA)
NOTE: The following is not a recommendation to buy, sell, or hold PanAmSat. I'm just sharing some information and links. Since PanAmSat Holding (PA) was mentioned on Fox Bulls&Bears and it is a recent IPO, I decided to look back at some of C/W's views about HDTV and search the iNet for more information. MLD38
04/30/05 Fox B&Bs: PanAmSat Holding (PA) mentioned
PanAmSat is the number one distributor of television channels worldwide*
and the number one distributor of HD signals in the U.S.
panamsat.com
G2 Satellite Solutions is a wholly-owned subsidiary of PanAmSat Corporation
g2sat.com
g2sat is a ..."provider of global satellite and related telecommunications services for U.S. federal, state and local government agencies, the U.S. Department of Defense, foreign military organizations, system integrators and end users."....
I think it was Bob Olstein, president of The Olstein Funds, who suggested PA and Tobin Smith, editor ChangeWave Investing, who agreed and added, they may add PanAmSat to their list because of HDTV, etc.
Saturday at 10 a.m. ET with Repeats Monday at 4 a.m. ET.
Transcriptions available the following week.
foxnews.com
Each week there is a prediction poll menu box on the right: Which prediction is most likely to come true?
You can view the results without voting.
NOTE:
This is not a scientific poll.
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PanAmSat was an IPOhome IPO Pick of the Week on 03/14/05:
Provides video, network and government services with 23 in-orbit satellites.
Industry Telecomm-Svcs
ipohome.com
03/14/05 PanAmSat is IPO of the week : Commentary: Renaissance Capital eyes satellite firm
marketwatch.com{00CA1E54-151B-45DB-ACC5-FA5021C01346}&siteid=yhoo
4/26/2005 : Merrill Lynch Reinstates coveage with buy rating and $19.50 stock price target
marketwatch.com
MktWatch's PA message board:
marketwatch.com
PanAmSat analysts ratings, etc: Examples
newratings.com
04/28/05 Panamsat Holding initiated with "buy" , Deutsche Securities ( The target price is set to $20 )
04/28/05 PanAmSat Holding initiated with "overweight" - update , Morgan Stanley ( The target price is set to $21 )
Analysts at Morgan Stanley initiate coverage of PanAmSat Holding Corp (ticker: PA) with an "overweight" rating. The target price is set to $21. In a research note dated April 27 and published this morning, the analysts mention that the company's dividend yield of 9% is attractive, as compared to that in the broader media and telecommunications sector. The analysts estimate PanAmSat Holding’s revenue growth and adjusted EBITDA growth for 2004-2009 at 3%-4% and 2%-3%, respectively.
03/22/05 PanAmSat Adopts Dividend Policy and Declares Initial Dividend
.....a dividend policy reflecting an intention to distribute a substantial portion of the cash generated by its business in excess of operating expenses and working capital requirements, interest and principal payments on its indebtedness and capital expenditures as regular quarterly dividends to its stockholders.....
...PanAmSat expects to continue to pay quarterly dividends at an annual rate of $1.55 per share through at least March 31, 2006....
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IPO priced below range:
newratings.com
...The largest US-based commercial satellite operator said in a filing with the Securities and Exchange Commission (SEC) on Wednesday that it has sold 50 million shares at a price of $18 per share in the IPO. The company had previously estimated its IPO share price range at $19-$21 per share. PanAmSat said that about 41% of its shares were sold in the offering. The company added that the IPO proceeds would be used for debt repayments and a $200 million dividend payout to its shareholders, including Kohlberg Kravis Roberts & Company (KKR), Carlyle Group and Providence Equity Partners. KKR, a buyout firm, had acquired PanAmSat from DirecTV Group for $3.53 billion in April last year. Later in June 2004, Carlyle Group and Providence Equity Partners acquired stakes of about 27% in PanAmSat for $953 million each. PanAmSat's shares will trade on the New York Stock Exchange (NYSE) under the ticker "PA."....
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Info from Yahoo website:
Chart :
finance.yahoo.com
Insider Roster Includes :
PROVIDENCE EQUITY PARTNERS IV LLC Beneficial Owner (10% or more) with 19,691,554 shares
finance.yahoo.com
Direct competitors (re Yahoo) :
finance.yahoo.com
Pvt1 = Intelsat, Ltd. (privately held)
Pvt2 = New Skies Satellites Holdings Ltd. (privately held)
Pvt3 = SES GLOBAL S.A.
Sectors > Services > Communications Services :
biz.yahoo.com
PanAmSat Holding Corporation is a global provider of video, corporate, Internet, voice and government communications services with a large and modern fleet of 24 in-orbit satellites. The Company leases transponder capacity on its satellites to a variety of customers, including cable television systems, television broadcasters, direct-to-home (DTH) television systems, Internet service providers (ISPs), telecommunications companies, governments and other corporations. The Company operates in two segments: the fixed satellite services (FSS) segment and government services segment (G2). The FSS segment is comprised of video services, network services and telemetry, tracking and control (TT&C) and other services. The G2 segment provides global satellite and related telecommunications services to the United States Government, international government entities and their contractors.
For the fiscal year ended 12/31/04, revenues decreased 1% to $827.1 million. Losses totaled $79 million vs. an income of $99.5 million. Revenues reflect lower program distribution and DTH video sales. Net loss also reflects transaction-related costs and asset impairment charges.
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Web Site:
panamsat.com
Timeline :
panamsat.com
Press Releases:
panamsat.com
News items:
news.google.com
Like: PanAmSat chief predicts industry shrinkage ( full article is for subscribers )
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Year of HDTV
News:
news.google.com
April 12, 2005: Death of Voom: we just weren't ready
..."Voom was ahead of its time, and the mass market isn't actually doing the HDTV dance, despite all the annual buzz about "the year of HDTV." (A quick spin through Google will tell you that "the year of HDTV" happened 1998, 2000, and 2003, and predictions now include both 2005 and 2006.)"...
cnet.com
04/29/05: DISH Network Expands High-Definition Package with Addition of VOOM Programming---
Lineup Will Include 10 Original VOOM HD Channels
biz.yahoo.com
The 10 VOOM HD networks will include RUSH HD, Gallery HD, Rave HD, Ultra HD, Equator HD, Monsters HD, Animania HD, Majestic HD, HD News and Guy TV HD. These networks will give viewers a high-def experience in such entertainment categories as science fiction, fashion, travel, music concerts and more.
Jan 1, 2005 > Will 2005 be the year of HDTV worldwide?
Byline: NICK RADLO
bg.broadcastengineering.com
DirecTV, HDTV channels, Lack of satellite space
tvpredictions.com
DIRECTV now carries seven national HDTV channels, in addition to high-def feeds of the major networks in selected cities. However, the satcaster is not expected to offer any new HD channels until this summer, with the possible exception of one or two. (And don't even bet on that.) The reason: Lack of satellite space.
HDTV monitors , etc : Confusing the customer --- definition of what kind of “units”
broadcastengineering.com
...ATSC reported last year that there were 575 models of HDTV monitors available on the market and 106 with integrated HDTV capabilities. Where are they, and why do you never see them advertised?...
...So, research says there will be 47 million DTV units in use by 2007 and 37 million in service by 2008. The numbers don't seem important when you have no definition of what kind of “units” we are actually talking about. It's not just the consumers who are confused; it's me too....
HDTV magazine : guide
hdtvmagazine.com
'SNL' GOES HIGH-DEF
nypost.com
March 28, 2005--As of March 2005, 10 million homes around the world were watching HDTV programming on a high-definition TV set. By the end of 2005, the worldwide total of these HDTV service households is projected to reach 15.5 million, reports In-Stat ( Their reports are fee based in-stat.com ).
home.businesswire.com
The rate of growth of HDTV households will continue to be strong over the next several years, and by 2009, HDTV households worldwide are forecasted to reach 52 million, according to the high-tech market research firm. "Even with the rise in the number of HDTV households, there are still several market challenges slowing the spread of HDTV service," said Mike Paxton, In-Stat analyst. "Foremost among these challenges are: the need for more HDTV content, continuing the education of the public about the benefits of HDTV, and widening the geographic availability of HDTV services, especially in Europe." A recent report by In-Stat also found the following:
-- HDTV services are widely available in only five countries: Australia, Canada, Japan, the United States and South Korea.
-- There are currently 4 million HDTV households in the United States, up from 1.6 million in March 2004.
-- 45% of the worldwide HDTV households get their service from a satellite TV service provider. Terrestrial broadcasters and cable TV operators provide high-def service to the remaining HDTV households.
-- A survey of U.S. consumers showed that an amazing 76% of the respondents had watched HDTV programming on an HDTV set, although many of the respondents noted that they had simply seen a demonstration of HDTV in a retail store.
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April 11, 2005L 3. THE ALLIANCE REPORT
2006 -- The Year of HDTV: Consumer Electronics Industry Report
changewave.com
In February, we surveyed Alliance members who work in or are knowledgeable about the consumer electronics industry. The focus was on current trends in the "digital living room."
* HDTV: Look for 2006 to be a big breakout year for HDTV, with 47% of industry respondents saying that will be the year HDTV attains critical mass-market acceptance.
The primary reasons? Lower prices and a major increase in HDTV content from multiple sources. The increased availability of High-Def DVDs should also act to spur sales.
* TV Sets: Industry Respondents believe LCD Flat-Panel TVs will lead a year from now both in overall picture quality/features and total unit sales --with DLP and Plasma Flat-Panel TVs slugging it out in the battle for second place in the HDTV marketplace.
And which companies are most likely to benefit from a breakout year for HDTV? Among industry respondents, Silicon Image (SIMG, 18%) is seen as the company best positioned to capitalize on growing demand for HD hardware, along with Broadcom (BRCM, 11%).
* The HD-DVD Race: While 59% think it's "still too early to tell" which format will win the High-Def DVD race, Sony's Blu-Ray format (19%) holds a clear early lead over Toshiba's HD-DVD format (5%) among industry respondents.
* Media Devices: One-in-three industry respondents (34%) believe Media Center devices will have a big breakout year in 2006. However, a majority (51%) still believe that Media Centers won't breakout and become a central feature of the digital living room until 2007 or beyond.
While the Windows XP Media Center is seen as the early leader in the marketplace, nearly two-thirds of respondents (64%) believe it currently falls short either technically or in terms of ease of use. This could prove an Achilles Heel, as nearly half (46%) of the respondents believe that a "consumer-friendly interface" is by far the most important determinant of eventual success.
Despite current product inadequacies, Microsoft is still seen as the company most likely to benefit from a big breakout year for Media Center devices.
As one industry respondent wrote, "Microsoft -- they have the start of successful efforts on several fronts already, with Media Center and Xbox, as well as their Comcast MSTV deals." Another added, "Microsoft -- sorry -- but they have been working this issue for years now. They either own it or they will buy it. How you going to fight them? They decided long ago that this was the future of home media. They do this 24 hours a day. Bank on it."
But, looking ahead, the survey results suggest that major competition may loom in the battle for control of the digital living room.
* Could Apple Win Out? Better than two-in-five respondents (43%) are bullish on the prospects of Apple developing a media center product within the next 12 months. Moreover, Apple received by far the most mentions (23%) as the company "... involved in products and services for the digital living room that should be on the radar screen in the coming year."
As one respondent put it, "I think Apple's reputation for ease of use and quality, along with the momentum from the iPod, will convince consumers to give it a try, especially if the cost is right. ... Media Centers might be one place where Macs are cheaper than PCs, and still easier to use." Another wrote, "Look to Apple for the lead they have developed with the iPod/iTunes."
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02/17/05 C/W research : 2006 –The Year of HDTV: Media Centers Will Also See Growth
Consumer Electronics Industry Survey: 2006 –The Year of HDTV: Media Centers Will Also See Growth
February 17, 2005
Companies Mentioned: AAPL, BRCM, DELL, INTC, MSFT, Samsung, SIMG
Overview
During the week of February 2 - 7, 2005, we conducted our first survey of Alliance members who work in or are knowledgeable about the Consumer Electronics industry. The focus was trends in the “digital living room,” and 365 Alliance members participated – including 113 who work for companies manufacturing component parts or selling consumer electronics products or services.
Conclusions
HDTV:
2006 will be the year when HDTV attains critical mass market acceptance.
The reason? Content – content will drive sales of HDTVs.
Another reason? HDTVs will be available at or under the $2K price point by yearend.
Another reason? High Def DVDs should spur sales.
Potential Winners: Silicon Image (SIMG), Broadcom (BRCM)
TV Sets:
LCD Flat Panel TVs will lead a year from now both in overall picture quality/features and total unit sales.
DLP and Plasma Flat Panel TVs will be in a close battle for second in the High Def TV marketplace.
Media Center Devices:
Not quite ready for prime time
A majority (51%) do not see a big breakout for Media Centers until 2007 or beyond, although 34% do see them being a central feature of the digital living room by 2006
What will drive acceptance? A “consumer friendly interface” will be most important determinant of success.
Windows XP Media Center still falls short – nearly two-thirds (64%) say it will have to struggle for market acceptance due to technical and user friendliness issues-- but MSFT market clout may still push it to forefront
By two-to-one margin, respondents believe Apple is likely to have a media center (theirs or third party) by yearend
Current Inventories
Inventory Buildup: Cell phones, digital cameras, PDAs
Inventory Shortage: You guessed it, iPODs |
