I think $KVHI, now down -42% in the past six months, is trading somewhat in line with SpaceX. Which would be absurd if true. If the market has started trading KVHI as a Starlink-sympathy name, marking it down whenever SpaceX secondary valuations wobble or Starlink headlines turn negative, while they are positioned to ride this LEO adoption story very well, that would be something. Now around 4.0x this year’s EBITDA and likely 2.0-2.7× 2027E.
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