HomeUpdatesCompany »Research» Contact First Berlin - Kleos Space...

HomeUpdatesCompany »Research» Contact First Berlin - Kleos Space S.A. Research Update (February 3, 2021) 03 Feb 2021 By First Berlin Equity Research News First Berlin Equity Research has a research update on Kleos Space S.A. (ISIN: AU0000015588) published. Analyst Christian Orquera confirms his BUY recommendation and confirms his price target of AUD 1.15 / € 0.69. Summary On January 29, Kleos gave an update on the progress since the rocket launch of the Scouting Mission (KSM1), its first cluster with four satellites. Satellite commissioning, which will end with the positioning of KSM1 in its final operational orbit and formation, is ongoing. The company is currently in the third of five phases of this highly complex process. As is often the case with space programs, the company encountered some technical challenges during commissioning that needed to be overcome. According to management, the execution of the required actions had an impact on the original schedule and resulted in a delay of several weeks. However, this will not affect the successful completion of the in-orbit commissioning and the useful life of the satellites. Once this process is complete, including the commissioning of the other systems involved in delivering the geolocated data product, the company will be able to deliver RF data to the first customer. In preparation for the upcoming marketing phase, Kleos has strengthened its management team with a Chief Revenue Officer and a new Chief Operating Officer and expanded its pre-order pipeline to more than 160 potential customers (previously:> 130). Kleos has appointed sales agents in additional Latin American countries such as Colombia, Peru, Ecuador and Panama. With the AUD 19 million capital increase completed in December, the company is well funded to prepare for two more four-satellite cluster launches, the Polar Vigilance Mission (KSF1) and the Polar Patrol Mission (KSF2). The KSF1 rocket launch is scheduled to take place in mid-2021. Management expects to generate first sales in the second quarter of 2021. Based on the progress that has already been made, we are reiterating our buy recommendation and our price target of AUD 1.15 / € 0.69 Filed Under: Research