We raise our PT to $58 from $51 following 1Q26 results. Our PT
of $58 is based on a ~3.9x EV/sales multiple and 2027 sales of
~$2bn. ~3.9x 2027 sales reflects a ~20% discount to the wider Space
peer group (US-based), though space infrastructure players trade in
the ~3-4x sales range. Our PT also implies a EBITDA multiple of
~20.5x on 2027E EBITDA of ~$385mn, a premium to US Defense Primes
with significant Space portfolios. Our prior PT of $51 leveraged a
~3.2x multiple.
MDA is a Canada-based supplier for the global space industry,
specializing in high-volume manufacturing of LEO satellites. The
company benefits from increased spending in Space. A $3.7bn backlog
provides important revenue visibility while a >$40bn pipeline
presents notable growth opps. The stock trades at a discount to
peers, and a bright catalyst path offers re-rating potential.
MDA Space
Posted by kalkgrun on 11th of May 2026 at 04:06 pm
MDA SpaceRaising PT to $58; Maintaining OW
We raise our PT to $58 from $51 following 1Q26 results. Our PT of $58 is based on a ~3.9x EV/sales multiple and 2027 sales of ~$2bn. ~3.9x 2027 sales reflects a ~20% discount to the wider Space peer group (US-based), though space infrastructure players trade in the ~3-4x sales range. Our PT also implies a EBITDA multiple of ~20.5x on 2027E EBITDA of ~$385mn, a premium to US Defense Primes with significant Space portfolios. Our prior PT of $51 leveraged a ~3.2x multiple.
MDA is a Canada-based supplier for the global space industry, specializing in high-volume manufacturing of LEO satellites. The company benefits from increased spending in Space. A $3.7bn backlog provides important revenue visibility while a >$40bn pipeline presents notable growth opps. The stock trades at a discount to peers, and a bright catalyst path offers re-rating potential.
Looking good, chart wise
Posted by shellson2 on 11th of May 2026 at 06:05 pm
Looking good, chart wise