We have spoken with 50 investors since our initiation, including both holders and non-holders. This note summarises the key areas of debate arising from these discussions. While most investors agreed with our positive investment case, many remain in ‘show me’ mode due to the 83% customer concentration with SpaceX and because additional large wins are yet to materialise. We think the opportunities on offer, particularly in defence, aren’t widely understood and therefore aren’t reflected in the price, presenting an attractive entry point. We would prefer to own the stock ahead of these catalysts, not after. We make no change to our forecasts and reiterate our BUY and 205p TP.
