- SA Pro author Buy the Dip, Sell the Rip notes Iridium (IRDM +3.5%) trades at a mere 60% of book value, something deemed unjustified given the company has been "solidly profitable" the last three years, and has major growth opportunities in the form of its Aireon traffic surveillance venture and NEXT satellite constellation (launching in 2015).
- Among other things, the author notes Iridium has landed a series of major contracts this year, stands to benefit from growing DoD reliance on commercial satellites, and thinks NEXT's technology benefits, limited competition, and (debt-based) financing structure will help Iridium deliver long-term growth and margin expansion.
- Shares rallied on Friday in response to news that Aireon, which has agreed to pay large hosting and data service fees to Iridium, is receiving $120M in fresh funding.
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