Ann: Kleos Investor Update, page-12

The market generally looks forward 6 months, so a successful launch should be the catalyst for a modest re-rate. Looking at ARR by EOY of $18m and a margin of around 40% (from First Berlin but on the low side in BAU IMHO), you can easily calculate a price target. On market average P/E (not sector average) it is around $1.50, matching Morningstar's. Their estimate is a bit old, but still close, assuming successful launch and commissioning of KSF2, and commencement of revenue from KSF1. The SP should be insulated from (even helped by) geopolitical uncertainty, which is another positive.
Plenty of operational risks in launching satellites though, so volatility will remain, but still a good story at the moment.