Edison Investment Research Limited
London, UK, 31 October 2020
Mynaric (M0Y): Optical fibre for the skies
Mynaric's free space optical communications terminals are beginning to come off the production line just as government agencies and commercial operators are commissioning high-speed communications networks based on constellations of satellites. In the last quarter, the company has announced contracts to supply multiple terminals for deployment on pathfinder missions for two US government programmes: one with DARPA and the other, we have inferred, with the Space Development Agency (SDA).
Since Mynaric is not expected to start delivering significant numbers of commercial units until H221 and to generate an operating profit until FY22, we present a scenario analysis rather than a peer group comparison of multiples. This analysis shows that a constellation of 100 low earth orbit (LEO) satellites could require €75m of Mynaric's laser communications terminals and a cluster of 250 airborne communications platforms could require €113m of equipment.
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