Jan. 17 at 11:30 PM
$VSAT
this is worth 12 billion at least
simply using Inmarsat-driven free cash flow to pay down acquisition debt creates substantial equity value without requiring growth, technological breakthroughs, or multiple expansion.
With the stock trading near enterprise value parity to revenue, incremental debt reduction flows almost entirely to equity holders; a normalized deleveraging path alone can plausibly double equity value from here, implying an embedded ~100% return on equity from the current price even under conservative assumptions.
