Ann: In Orbit Testing Completed Successfully, page-247

I keep a log-book of the initial thought processes I used when purchasing each stock in my portfolio, so that when I get into emotionally 'flurries,' I can re-stablise myself by re-reading the initial, underlying rationale of my investment. Often, these thought processes can be paragraphs in length for certain stocks; but for SAS, it's simply 6 short lines because the potential is so simple and compelling:

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Hold SAS for the long term (until 2020), unless there is a material, seismic shift in operational functionality that changes the fundamentals of the company. If SAS achieve its goal of launching 200 nanosatellites across the equatorial belt by 2020, then they will generate at a minimum: $600M in annual revenue (which is bottom end), and assuming a 50% margin (given the low annual costs of operation after the initial once off cost of $160M to build and launch all satelittes), then at a P/E of 20x, they have a MC of $6B by 2020. Accounting for a fully diluted market cap of $370M (which occurs mid-2018 when further escrowed shares come out), this represents 1021% return in 3 years. Patience is key.
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