Annual Dividend Yield 4.00%
Value of Contingent Claim Per Share #NAME?
Number of Shares Subject to Claim (000s)
1,000
Total Value of Contingent Claim ($000s) #NAME?
Residual Income Valuation ($000)
Company Name SIRIUS SATELLITE RADIO
Most Recent Fiscal Year End 12/31/2005
Date of Valuation 6/1/2006
Cost of Common Equity 10.00%
Fiscal Year of Forecast 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016
Valuation to Common Equity
Net Income (1,131,600) (558,100) (173,900) 162,400 358,200 373,025 400,025 420,026 441,027 463,079 486,232
Common Equity at Beginning of Year 324,968 1,025,263 1,647,168 2,225,365 2,334,719 1,736,413 456,082 478,886 502,831 527,972 554,371
Residual Income (1,164,097) (660,626) (338,617) (60,136) 124,728 199,384 354,416 372,137 390,744 410,281 430,795
Present Value of Residual Income (1,058,270) (545,972) (254,408) (41,074) 77,446 112,547 181,872 173,605 165,714 158,181 150,991
Present Value Beyond 20 Years 2,086,125
Present Value of First 20 Years 205,321
Common Equity as of
12/31/2005 324,968
Forecast Equity Value Before Time Adj. 2,616,414
Forecasted Value as of Valuation Date 2,862,466
Less Value of Contingent Equity Claims 0
Value Attributable to Common Equity 2,862,466
Common Shares Outstanding at BS Date 1,346,227
Equivalent Shares at Valuation Date 1,346,227
Forecast Price/Share $2.13
Valuation to all Investors
Cost of Debt 8.00%
Cost of Preferred Stock 9.00%
After Tax Weighted Average Cost of Capital 8.91%
Interest Expense to Debtholders 64,484 71,618 65,644 49,818 27,287 7,720 00000
Beginning Book Value of Debt 1,084,437 1,390,104 1,358,190 1,160,871 750,882 296,264 00000
Residual Interest Expense (22,271) (39,591) (43,011) (43,052) (32,783) (15,981) 0 0 0 0 0
Present Value of Residual Interest Income (20,621) (33,943) (34,144) (31,644) (22,312) (10,071) 0 0 0 0 0
Value of Debt 931,703
Dividends to Preferred Stockholders 0 0 0 0 0 0 0 0 0 0 0
Beginning Book Value of Preferred Stock 0 0 0 0 0 0 0 0 0 0 0
Residual Income to Preferred Stock 0 0 0 0 0 0 0 0 0 0 0
Present Value of Preferred Residual Income 0 0 0 0 0 0 0 0 0 0 0
Value of Preferred Stock 0
Net Operating Income (1,066,943) (486,290) (108,080) 212,352 385,561 380,766 400,025 420,026 441,027 463,079 486,232
Beginning Net Operating Assets 1,409,405 2,415,367 3,005,358 3,386,236 3,085,600 2,032,677 456,082 478,886 502,831 527,972 554,371
Residual Income to all Investors (1,192,458) (701,391) (375,722) (89,209) 110,772 199,746 359,408 377,379 396,248 416,060 436,863
Present Value of Residual Investor Income (1,094,947) (591,372) (290,882) (63,418) 72,307 119,723 197,806 190,712 183,873 177,279 170,922
Entity Value 5,076,660
Less Value of Debt (931,703)
Less Value of Preferred Stock 0
Forecast Equity Value Before Time Adj. 4,144,957
Forecasted Value as of Valuation Date 4,534,756
Less Value of Contingent Equity Claims 0
Value Attributable to Common Equity 4,534,756
Common Shares Outstanding at BS Date 1,346,227
Equivalent Shares at Valuation Date 1,346,227
Forecast Price/Share $3.37
12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 12/31/2028 12/31/2029 12/31/2030
510,544 536,071 562,875 591,019 620,570 651,598 684,178 718,387 754,306 792,021 831,623 873,204 916,864 962,707
582,089 611,194 641,753 673,841 707,533 742,910 780,055 819,058 860,011 903,011 948,162 995,570 1,045,349 1,097,616
452,335 474,952 498,700 523,635 549,816 577,307 606,172 636,481 668,305 701,720 736,806 773,647 812,329 852,945
144,128 137,577 131,323 125,354 119,656 114,217 109,025 104,070 99,339 94,824 90,514 86,399 82,472 78,723
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0
510,544 536,071 562,875 591,019 620,570 651,598 684,178 718,387 754,306 792,021 831,623 873,204 916,864 962,707
582,089 611,194 641,753 673,841 707,533 742,910 780,055 819,058 860,011 903,011 948,162 995,570 1,045,349 1,097,616
458,706 481,641 505,723 531,010 557,560 585,438 614,710 645,446 677,718 711,604 747,184 784,543 823,770 864,959
164,792 158,882 153,185 147,691 142,395 137,288 132,365 127,618 123,042 118,629 114,375 110,273 106,319 102,506
DCF Valuations ($000)
Company Name SIRIUS SATELLITE RADIO
Most Recent Fiscal Year End 12/31/2005
Date of Valuation 6/1/2006
Cost of Common Equity 10.00%
Fiscal Year of Forecast 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016
Valuation to Common Equity
Free Cash Flow to Common Equity (1,831,895) (1,180,005) (752,096) 53,046 956,505 1,653,356 377,221 396,082 415,886 436,680 458,514
Present Value of FCF (1,665,359) (975,211) (565,061) 36,231 593,914 933,277 193,574 184,775 176,376 168,359 160,706
Present Value Beyond 20 Years 2,220,352
Present Value of First 20 Years 396,062
Forecast Equity Value Before Time Adj. 2,616,414
Forecasted Value as of Valuation Date 2,862,466
Less Value of Contingent Equity Claims 0
Value Attributable to Common Equity 2,862,466
Common Shares Outstanding at BS Date 1,346,227
Equivalent Shares at Valuation Date 1,346,227
Forecast Price/Share $2.13
Valuation All Investors
Cost of Debt 8.00%
Cost of Preferred Stock 9.00%
After Tax Weighted Average Cost of Capital 8.91%
Free Cash Flow to Debt (241,183) 103,532 262,963 459,808 481,905 303,984 00000
Present Value of FCF to Debt (223,318) 88,762 208,748 337,972 327,977 191,562 00000
Value of Debt 931,703
Free Cash Flow to Preferred Stock 0 0 0 0 0 0 0 0 0 0 0
Present Value of FCF to Preferred Stock 0 0 0 0 0 0 0 0 0 0 0
Value of Preferred Stock 0
Free Cash Flows to Investors (2,072,905) (1,076,282) (488,957) 512,988 1,438,483 1,957,361 377,221 396,082 415,886 436,680 458,514
Present Value of FCF to Investors (1,903,398) (907,457) (378,548) 364,676 938,979 1,173,200 207,609 200,164 192,986 186,065 179,393
Entity Value 5,076,660
Less Value of Debt (931,703)
Less Value of Preferred Stock 0
Forecast Equity Value Before Time Adj. 4,144,957
Forecasted Value as of Valuation Date 4,534,756
Less Value of Contingent Equity Claims 0
Value Attributable to Common Equity 4,534,756
Common Shares Outstanding at BS Date 1,346,227
Equivalent Shares at Valuation Date 1,346,227
Forecast Price/Share $3.37
12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 12/31/2028 12/31/2029 12/31/2030
481,440 505,512 530,787 557,327 585,193 614,453 645,175 677,434 711,306 746,871 784,214 823,425 864,596 907,826
153,402 146,429 139,773 133,420 127,355 121,566 116,040 110,766 105,731 100,925 96,338 91,959 87,779 83,789
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0
481,440 505,512 530,787 557,327 585,193 614,453 645,175 677,434 711,306 746,871 784,214 823,425 864,596 907,826
172,959 166,757 160,777 155,011 149,452 144,092 138,925 133,943 129,140 124,509 120,043 115,739 111,588 107,586
EPS Forecaster ($000, except per share amounts)
Company Name SIRIUS SATELLITE RADIO
Common Shares Outstanding at BS Date 1,346,227
Equivalent Shares at Valuation Date 1,346,227
Forecasted Price at Valuation Date $2.13
Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year of Forecast 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 12/31/2028 12/31/2029 12/31/2030
Net Income (1,131,600) (558,100) (173,900) 162,400 358,200 373,025 400,025 420,026 441,027 463,079 486,232 510,544 536,071 562,875 591,019 620,570 651,598 684,178 718,387 754,306 792,021 831,623 873,204 916,864 962,707
Common Equity Issued (Repurchased) 1,831,895 1,180,005 752,096 (53,046) (956,505) (1,653,356) (377,221) (396,082) (415,886) (436,680) (458,514) (481,440) (505,512) (530,787) (557,327) (585,193) (614,453) (645,175) (677,434) (711,306) (746,871) (784,214) (823,425) (864,596) (907,826)
Forecasted Price at Year End $2.25 $2.48 $2.72 $3.00 $3.29 $3.62 $3.99 $4.39 $4.82 $5.31 $5.84 $6.42 $7.06 $7.77 $8.55 $9.40 $10.34 $11.37 $12.51 $13.76 $15.14 $16.65 $18.32 $20.15 $22.17
New Shares Issued (Repurchased) 814,059 476,702 276,213 (17,710) (290,317) (456,203) (94,623) (90,322) (86,216) (82,297) (78,556) (74,986) (71,577) (68,324) (65,218) (62,254) (59,424) (56,723) (54,144) (51,683) (49,334) (47,092) (44,951) (42,908) (40,958)
Shares Outstanding at End of Year 2,160,286 2,636,988 2,913,200 2,895,490 2,605,173 2,148,970 2,054,347 1,964,026 1,877,810 1,795,513 1,716,956 1,641,971 1,570,394 1,502,070 1,436,852 1,374,598 1,315,175 1,258,452 1,204,307 1,152,624 1,103,290 1,056,198 1,011,247 968,339 927,382
Forecast EPS -$0.65 -$0.23 -$0.06 $0.06 $0.13 $0.16 $0.19 $0.21 $0.23 $0.25 $0.28 $0.30 $0.33 $0.37 $0.40 $0.44 $0.48 $0.53 $0.58 $0.64 $0.70 $0.77 $0.84 $0.93 $1.02
Consensus Analyst Forecast of EPS
Forecast Five Year Growth Rate in EPS -175%
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