Inside the Market’s roundup of some of today’s key analyst actions
) is “akin to ‘catching a whale’” for a company of its size.
“We are cautious on firm, fixed-price development programs – particularly in the space industry given the dependency on suppliers and the difficulty of designing and building new types of space craft that are meant to last over a decade in harsh environments. And this is precisely what the company signed up for with the Telesat constellation as it appears the key selling point was a new digital payload system that the company has yet to develop.
“We like the company’s positioning as largely a provider of picks and shovels to a market in which Citi expects mid-to-high single digit growth, and its emphasis on more reliable government customers. However, we are concerned about the timing of the revenue ramp of several key programs, including the Canadian Surface Combatant, Globalstar’s multi-satellite constellation, and the company’s own CHORUS roll-out to provide synthetic aperture radar to both commercial and government customers.
“Distributions can be raised with successful execution,” he added. “We believe NWH should reconfigure its holdings by 1) expanding its disposition program, accelerating the repayment of expensive debt; and 2) consider exiting recently entered markets where long-term JVs are not in place to free up capital to facilitate a permanent reduction in NWH’s debt.
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