Hot off the press!, page-706

Yes, it has retraced to my buy price. I'm still struggling to come up with any kind of realistic valuation for this company. Based on pre-pandemic fundamentals it is seriously undervalued. But the pandemic has severely dented the pre-pandemic sales momentum the company had, and it's hard to judge where the pipeline now sits. The grand vision for global space communications has crystallised over the last two years and become much more concrete. And what a huge, difficult, expensive block of concrete it is. I think concerns over the reach required to deliver this vision is offsetting the lust for the resulting revenue. C4 EDGE is another one of these sparkling visions.

This has always been a company with long and lofty horizons. In the distance everything looks fine, but as the goals approach the risks and costs become more apparent. I'm sure this plays into the market's valuation of the company.