EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Maxar Technologies (MAXR)

Technology

Veritas Investment Research

Two years too late - persistent delays to the launch of MAXR’s next-generation Legion constellation of satellites has severely weakened the investment case. MAXR will incur higher capex and lower organic growth than estimated by the Street. As a result, the company will fail to meet its de-leveraging target by the end of 2024. Deleveraging is a key tenet of the bull case; without a cleaned-up balance sheet, MAXR will be unable to close the persistent trading multiple gap vs. peers.

Edition: 147

- 28 October, 2022