In this Report: M&A Stock Performance, Peer Group Valuations, and Company Profiles on: Eutelsat OneWeb, Iridium, JSAT, KVH, Hughes, SES, Telesat, and Viasat.
 
Industrywide revenues remained broadly flat y/y with modest q/q (+4%) improvement, as growth segments overcome structural decline. Backlog was sequentially down 4% to $17B, implying an industrywide book-to-bill of <1.0x. 
 
Government (+11%) and Mobility (+10%) are doing the heavy lifting, with SES leading the growth with IRIS2 and Aviation revenue. Meanwhile, legacy segments continue to erode -Video and Consumer saw mid-teen declines (13-19%).
 
Profit scarcity was largely transition-driven. SES and Telesat are absorbing the bulk of the hit as they fund next-gen capacity and integration, dragging margins down