Disclosure
We are long shares of Intelsat S.A. and SES S.A. Please click here to read full disclosures.
We are long shares of Intelsat and SES, two large satellite operators with significant and underappreciated 5G spectrum assets. For us, this is an unusual position to be in. For years, with our reports on Globalstar (2014), Straight Path (2015) and DISH (2016), we have publicly railed against the excesses of spectrum hype. Time and again, we have argued, equity investors have gotten carried away with their enthusiasm about offbeat frequencies and futuristic…