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Description:
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Eugene Robin and Ben Claremon from Cove Street Capital discuss the battleground stock Viasat (VSAT). They discuss the biggest misperception among bears, why they think VSAT's government business is a hidden gem, and how the risk from Elon Musk's SpaceX (and other burgeoning competitors) is overblown.
Some relevant links:
Cove Street's March 2020 Viasat deck: http://covestreetcapital.com/eugene-robin-discusses-viasat-on-the-valuewalk-podcast/
Kerrisdale's short report: https://www.kerrisdalecap.com/investments/viasat-inc-vsat/
Cove Street's Kerrisdale rebuttal: http://covestreetcapital.com/wp-content/uploads/2017/06/Satellite-Potshots-ViaSat.pdf
Chapters
0:00 Intro
2:50 Viasat overview
8:15 Residential Broadband: the biggest VSAT misperception
15:45 Is Cove Street too close to VSAT?
25:00 Could a big increase in capacity create issues?
31:00 VSAT's all-in cost advantage and the SpaceX risk
36:45 VSAT's hidden jewel: the Government business
43:50 "Stock price bro" and capital allocation bear case
52:50 Why GEO can compete with LEO
1:06:00 Ben's quick run through of lingering points
1:17:00 Quantifying a reasonable bull case |
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