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MDA Space Ltd T.MDA

Alternate Symbol(s):  MDALF

MDA Space Ltd, formerly MDA Ltd, is a global space company. The Company is a robotics, satellite systems and Geo intelligence provider. It provides communications satellites and earth and space observation. It is also involved in space exploration and infrastructure. Its software, AURORA, is a digital satellite product line providing critical new solutions to operators. AURORA technology enables constellations to extend communication networks to every corner of the globe with digital automation, and robotics. Its communications satellites include a complete range of modular digital products and components for space-based communication solutions coupled with advanced manufacturing capable of producing two satellites a day. It owns and operates RADARSAT-2 earth observation satellite. Its earth observation services include analytics solutions that give customers information and insights from environmental monitoring, disaster management, maritime domain awareness and security to mining.


TSX:MDA - Post by User

Post by zack50on Nov 04, 2022 10:10am
409 Views
Post# 35072822

Coverage initiated with TP...

Coverage initiated with TP...

Scotia Capital’s Mark Neville initiated coverage of MDA Ltd.  with a “sector perform” rating and $10 target. The average target on the Street is $10.60.

“The space economy is large and growing, and MDA operates across most segments of the space ecosystem,” he said. “MDA is seeing robust top-line growth and is highly profitable. However, the company is currently going through a heavy capital expenditure period to support its growth initiatives, which should continue through 2024. As a result, we do not expect MDA to generate positive free cash flow (FCF) until 2025.

Importantly, we do not believe the company will need equity to help finance this growth as, in our opinion, it should be able to rely on its operating cash flow (CFO), its balance sheet, and other potential sources of nondilutive funding. On an EV/EBITDA basis, the shares look compelling, but, in our opinion, the lack of near-term FCF justifies a discounted multiple relative to the company’s larger, more diversified peers.

We believe a positive resolution regarding Telesat Lightspeed funding represents the most meaningful potential positive catalyst for the shares in the near term.”

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