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Equity Bottom-Up

Iridium Communications / Equity Bottom-Up

<ul>
<li>IRDM is facing a competitive challenge while undergoing an accounting change that could result in the stock, at minimum, staying near current levels for an extended period of time</li>
<li>IRDM’s management has previously boasted how the Company does not face competition from broadband satellite service providers.  </li>
<li>Starlink as a competitor into IRDM’s market has credible level of threat to IRDM’s ability to grow.</li>
</ul>


IRDM is facing a competitive challenge while undergoing an accounting change that could result in the stock, at minimum, staying near current levels for an extended period of time
IRDM’s management has previously boasted how the Company does not face competition from broadband satellite service providers.  
Starlink as a competitor into IRDM’s market has credible level of threat to IRDM’s ability to grow.


IRDM: Accounting and Competition, Downgrading

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>This is our first report on mobile voice and data communications services provider, Iridium Communications.</li><li>The company's Q3 2023 Earnings demonstrated both the company's resilient growth and emerging challenges in an increasingly competitive environment.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

This is our first report on mobile voice and data communications services provider, Iridium Communications.The company's Q3 2023 Earnings demonstrated both the company's resilient growth and emerging challenges in an increasingly competitive environment.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Iridium Communications: Initiation of Coverage - Can It Capitalize On The IoT Explosion? - Major Drivers

<ul>
<li>IRDM has announced the termination of its partnership with Qualcomm (QCOM). The news is disappointing, but not a surprise.</li>
<li>IRDM has not included revenue from the partnership within its guidance for 2023 nor its 2030 free cash flow target</li>
<li>We were hopeful QCOM was looking to make a bigger splash at CES in January 2024 with a new update</li>
</ul>


IRDM has announced the termination of its partnership with Qualcomm (QCOM). The news is disappointing, but not a surprise.
IRDM has not included revenue from the partnership within its guidance for 2023 nor its 2030 free cash flow target
We were hopeful QCOM was looking to make a bigger splash at CES in January 2024 with a new update


<ul>
<li>IRDM used its third quarter results as means to update investors on where operating EBITDA would end up for 2023 and the continued progress with direct to device</li>
<li>IRDM reported quarterly results missing our estimates due to a larger than expected decline in equipment revenue. </li>
<li>The Qualcomm (QCOM) partnership is poised to emerge as the most significant catalyst for 2024</li>
</ul>


IRDM used its third quarter results as means to update investors on where operating EBITDA would end up for 2023 and the continued progress with direct to device
IRDM reported quarterly results missing our estimates due to a larger than expected decline in equipment revenue. 
The Qualcomm (QCOM) partnership is poised to emerge as the most significant catalyst for 2024


<ul>
<li>The theme of this year’s investor day at Iridium Communications (IRDM) was 2030 and what the Company was looking to achieve between now and then</li>
<li>IRDM did not announce any new products. The event was about IRDM’s ability to generate free cash flow that would be used to repurchase shares and increase the cash dividend</li>
<li>We, like many others, were looking to hear more about IRDM’s relationship with Qualcomm (QCOM), which was not the case. We are expecting an update from QCOM in January 2024</li>
</ul>


The theme of this year’s investor day at Iridium Communications (IRDM) was 2030 and what the Company was looking to achieve between now and then
IRDM did not announce any new products. The event was about IRDM’s ability to generate free cash flow that would be used to repurchase shares and increase the cash dividend
We, like many others, were looking to hear more about IRDM’s relationship with Qualcomm (QCOM), which was not the case. We are expecting an update from QCOM in January 2024


United States

Iridium Communications, Inc. offers mobile satellite communications services. The Company's satellites operate in a low-earth orbit and provide 100% global coverage.  Iridium Holdings offers voice and data communications services to the United States and foreign governments; businesses; non-governmental organizations; and consumers.

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Iridium Communications (IRDM US)

IRDM: Accounting and Competition, Downgrading

IRDM has changed its accounting for useful life of its satellite network. Additionally, IRDM has competition from Starlink for a portion of...

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Iridium Communications: Initiation of Coverage - Can It Capitalize On The IoT Explosion? - Major Drivers

This is our first report on mobile voice and data communications services provider, Iridium Communications. The company's Q3 2023 Earnings...

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IRDM: QCOM Partnership Terminated

The market was already pricing IRDM without the QCOM relationship after IRDM's third quarter earnings call, so we do not think this is much of a...

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IRDM: Valuation Reset, Cash Flow Rising

IRDM's management downplayed the timing of when IRDM would generate royalties from its partnership with QCOM leading to the stock to remove the...

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IRDM: Highlights from Investor Day

IRDM hosted an investor day to highlight the importance of the US Government business. IRDM did mention the upcoming release of direct to device,...

BWS Financial Inc

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