@anticyclical True, but there are some other pressures to this...

@anticyclical True, but there are some other pressures to this business that didn't exist in early September, namely the fcc's decision - https://www.speedcast.com/blog-hub/2019/how-the-fcc-c-band-decision-will-impact-the-media-business/

in addition, spacex and others are increasingly active in the satellite industry, which will increase competition and drive revenue down in the coming years.

I think the board has made some smart appointments recently (https://au.finance.yahoo.com/news/speedcast-international-ltd-asx-sda-214800817.html) who specialise in restructuring and refinancing etc... and as you said 75% is recurring, and they have solid long term contracts in place that will cover debt repayments. this is on my watchlist, be interesting to see what news comes out over the next 6 months.

when management start gobbling up shares at these prices, might be a good time to take another look.