jab-1 value = 91c, page-3

Good work, many different ways to look at it I guess.

One question why would you apply a higher discount rate to the FCF in addition to the % discount for launch and orbital failure?

I still think multiples are a more relevant but we will get the best idea of valuation if something comes from the current optus deal - though there are fairly big differences in customer base.

I think ultimately it will be worth more around you're top end figures (depending on shares outstanding) - My guess is the market is waiting for the earnings to be visible in the distance first