New Risk • May 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Live News • May 06
Telesat Advances LightSpeed Constellation Targets With C$1.1b Backlog and New Broadband Deals Telesat reported progress on its LightSpeed low Earth orbit (LEO) constellation in Q1 2026, targeting full global commercial service by the end of Q1 2028.
The company highlighted an order backlog of about C$1.1b and is working with government partners on the ESCAPE Arctic program, which could materially affect its financial profile if finalized.
Telesat signed a contract with Northwestel to provide broadband across Nunavut and is pursuing refinancing options for GEO segment debt maturing later this year.
For investors, the update shows Telesat pushing ahead on two key fronts: building out the LightSpeed LEO constellation and keeping its existing GEO business on track. The C$1.1b backlog provides some visibility into contracted demand tied to these efforts. The Northwestel agreement adds further support to the rural and remote broadband opportunity that Telesat is targeting.
The ongoing ESCAPE Arctic discussions and interest from allied governments in additional military Ka-band capacity highlight potential demand from public sector customers, although no ESCAPE agreement is in place yet. At the same time, the focus on refinancing GEO debt later this year indicates that balance sheet management remains a key priority alongside funding and executing the capital-intensive LEO rollout. Announcement • Apr 21
Telesat Corporation to Report Q1, 2026 Results on May 05, 2026 Telesat Corporation announced that they will report Q1, 2026 results on May 05, 2026 Reported Earnings • Mar 18
Full year 2025 earnings released Full year 2025 results: Revenue: CA$418.0m (down 27% from FY 2024). Net loss: CA$155.4m (loss widened 77% from FY 2024). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Telecom industry in the US. Announcement • Mar 11
Telesat Corporation to Report Q4, 2025 Results on Mar 17, 2026 Telesat Corporation announced that they will report Q4, 2025 results on Mar 17, 2026 Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. Independent Director Janet Yeung was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 22
Telesat Announces Update on Creditor Litigation Telesat confirmed that certain creditors holding portions of the company's legacy GEO (Geostationary Earth Orbit) debt have filed lawsuits in both New York and Ontario regarding the equity distribution in September 2025 of the Telesat Lightspeed business. The lawsuits, filed at the direction of a group of distressed debt hedge funds, are without merit. The equity distribution at issue followed a robust governance process and was accomplished in strict accordance with relevant debt agreements and applicable law. Telesat intends to defend itself vigorously. Telesat and its stakeholders are firmly committed to supporting the company's customers, advancing the Telesat Lightspeed program, and creating long-term value. New Risk • Jan 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Reported Earnings • Nov 04
Third quarter 2025 earnings released: CA$2.38 loss per share (vs CA$1.27 profit in 3Q 2024) Third quarter 2025 results: CA$2.38 loss per share (down from CA$1.27 profit in 3Q 2024). Revenue: CA$101.1m (down 27% from 3Q 2024). Net loss: CA$35.3m (down 297% from profit in 3Q 2024). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Telecom industry in the US. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Announcement • Oct 27
Telesat Corporation to Report Q3, 2025 Results on Nov 04, 2025 Telesat Corporation announced that they will report Q3, 2025 results on Nov 04, 2025 New Risk • Sep 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Earnings are forecast to decline by an average of 24% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Significant insider selling over the past 3 months (US$666k sold). Announcement • Aug 27
Telesat Appoints Donald Tremblay as Chief Financial Officer, Effective October 20, 2025 Telesat on August 27, 2025 announced the appointment of Donald Tremblay as its new Chief Financial Officer (CFO), effective October 20, 2025. A highly experienced CFO, Mr. Tremblay brings over 35 years of financial expertise and leadership, including at publicly listed companies in high-growth, capital intensive industries. He has deep experience in equity and debt capital market transactions, mergers and acquisitions, compliance, and risk management. Mr. Tremblay will be succeeding Andrew Browne, who announced in March of this year that he would be retiring after serving as Telesat’s CFO since 2019. Most recently, Mr. Tremblay served as CFO of Champion Iron, where he was responsible for managing the company’s finances and treasury, playing an important role in positioning the company to successfully execute its operating and growth strategies. During his tenure as CFO of Transalta, he restructured the company’s balance sheet to strengthen its financial position and enhanced its capital management discipline. As CFO of Brookfield Renewable, Mr. Tremblay played an instrumental role in growing the organization’s market capitalization from $300 million to over $2.5 billion. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: CA$1.43 (vs CA$2.55 in 2Q 2024) Second quarter 2025 results: EPS: CA$1.43 (down from CA$2.55 in 2Q 2024). Revenue: CA$106.1m (down 30% from 2Q 2024). Net income: CA$21.0m (down 41% from 2Q 2024). Profit margin: 20% (down from 23% in 2Q 2024). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Telecom industry in the US. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Announcement • Aug 06
Telesat Corporation Announces Earnings Guidance for the Full Year 2025 Telesat Corporation announced earnings guidance for the full year 2025. For the full year, the company expects revenues to be between $405 million and $425 million. Announcement • Jul 30
Telesat Corporation to Report Q2, 2025 Results on Aug 06, 2025 Telesat Corporation announced that they will report Q2, 2025 results on Aug 06, 2025 Recent Insider Transactions • Jun 29
Chief Commercial Officer recently sold US$319k worth of stock On the 26th of June, Glenn Katz sold around 14k shares on-market at roughly US$23.40 per share. This transaction amounted to 37% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.2m more than they bought in the last 12 months. Reported Earnings • May 07
First quarter 2025 earnings released First quarter 2025 results: Revenue: CA$116.7m (down 23% from 1Q 2024). Net loss: CA$15.5m (loss widened 5.3% from 1Q 2024). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Telecom industry in the US. Announcement • Apr 30
Telesat Corporation to Report Q1, 2025 Results on May 06, 2025 Telesat Corporation announced that they will report Q1, 2025 results on May 06, 2025 Announcement • Apr 01
Telesat Corporation, Annual General Meeting, Jun 17, 2025 Telesat Corporation, Annual General Meeting, Jun 17, 2025. Reported Earnings • Mar 27
Full year 2024 earnings released: CA$6.29 loss per share (vs CA$11.71 profit in FY 2023) Full year 2024 results: CA$6.29 loss per share (down from CA$11.71 profit in FY 2023). Revenue: CA$571.0m (down 19% from FY 2023). Net loss: CA$87.7m (down 156% from profit in FY 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Telecom industry in the US. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Mar 22
Telesat Corporation to Report Q4, 2024 Results on Mar 27, 2025 Telesat Corporation announced that they will report Q4, 2024 results on Mar 27, 2025 Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to US$21.88, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 11x in the Telecom industry in the US. Total returns to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$18.00, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 14x in the Telecom industry in the US. Total loss to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$20.92, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 16x in the Telecom industry in the US. Total loss to shareholders of 7.1% over the past three years. New Risk • Feb 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings are forecast to decline by an average of 111% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.1% net profit margin). Significant insider selling over the past 3 months (US$533k sold). Announcement • Jan 14
Telesat Corporation Announces Executive Changes Telesat announced that Michel Forest will be its new Chief Technology Officer following the retirement of David Wendling at the end of February 2025. In this role, Mr. Forest will report to Dan Goldberg, Telesat’s President and CEO, and oversee Telesat’s satellite operations, satellite and systems engineering, launch activities and program management. Serving most recently as Telesat’s Vice President of LEO System Engineering, Mr. Forest has been leading the end-to-end architecture and system performance of the advanced Telesat Lightspeed constellation. Prior to his decade-long career at Telesat, he held leadership positions in satellite systems and antenna engineering at MDA Space. Also announced today, Asit Tandon is joining Telesat in the role of Chief Network and Information Officer, reporting to Goldberg. In this role, Mr. Tandon will be responsible for the terrestrial elements of the Telesat Lightspeed network, including Network Operations systems, the Network Operations Center, facilities, program management and customer fulfillment, and network and corporate IT systems.
Mr. Tandon brings deep expertise from a distinguished career in planning, deploying and operating telecom networks. He was most recently the Vice President of Network Technology at Rogers Communications, where he was responsible for the technology development, design, engineering and operations of wireline access and core networks. Previously, Mr. Tandon held leadership roles in Network Operations at Hutchison-3 Indonesia, Bharti Airtel and Siemens Ltd. He earned his Bachelor of Engineering degree from Delhi college of Engineering. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$18.91, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 19x in the Telecom industry in the US. Total loss to shareholders of 33% over the past three years. Announcement • Jan 06
Telesat Appoints Charles “Chuck” Cynamon as Its New President of Telesat Government Solutions Telesat announced the appointment of Charles “Chuck” Cynamon as its new President of Telesat Government Solutions, a wholly-owned subsidiary of Telesat that provides resilient and secure satellite solutions to the U.S. Government civil, military and intelligence sectors. Mr. Cynamon brings deep knowledge, expertise and leadership acumen from over 24 years of service in the U.S. Air Force and a subsequent decade working with leading space and satellite enterprises. Most recently he was Senior Vice President at LinQuest Corporation, where he led the company’s largest division and the development of Allied Space partnerships that serve the National Security Space community and U.S. Government agencies.Previously he served as Vice President, Business Development and Strategy for MacDonald Dettwiler & Associates Information Systems, leading the company’s growth in the emerging space market; and earlier as Senior Director for Hughes Network Systems’ Defense & Intelligence Systems Division. Recent Insider Transactions • Dec 23
Insider recently sold US$216k worth of stock On the 20th of December, John Flaherty sold around 12k shares on-market at roughly US$18.01 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$522k more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$15.50, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 19x in the Telecom industry in the US. Total loss to shareholders of 55% over the past three years. Announcement • Nov 15
Telesat Corporation Updates Earnings Guidance for the Year 2024 Telesat Corporation updated earnings guidance for the year 2024. For 2024, the company expected revenues to be toward the upper end of the guidance range of between CAD 545 million and CAD 565 million. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$13.21, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 19x in the Telecom industry in the US. Total returns to shareholders of 18% over the past year. Announcement • Nov 07
Telesat Corporation to Report Q3, 2024 Results on Nov 14, 2024 Telesat Corporation announced that they will report Q3, 2024 results on Nov 14, 2024 Announcement • Sep 18
Telesat Names Michael Adamson as New Senior Director of Defence Strategy and Business Development Telesat announced the appointment of recently retired Brigadier-General G. Michael Adamson as the company’s new Senior Director of Defence Strategy and Business Development. In this role, BGen (Ret’d) Adamson will work to expand and execute the government go-to-market and business development strategy for the Telesat Lightspeed low earth orbit (LEO) network, with an emphasis on Canada, the U.S. and other allied nations. Coming from a decorated career in the Canadian Department of National Defence (DND), Adamson will help lead several aspects of Telesat’s Government market strategy. This includes cultivating relationships with both government and industry partners and evolving the strategy and service offerings for Telesat Lightspeed to address key government SATCOM demands of the Canadian government and key allied nations. Most recently, BGen (Ret’d) Adamson was the inaugural Commander of the Canadian Armed Forces (CAF) 3 Canadian Space Division and the Joint Force Space Component Commander, where he worked with Canadian and Allied Partner stakeholders to operationalize the Space Domain and determine CAF space operations requirements. Prior to that he served as Commander 14 Wing Greenwood, where he was responsible for operations and administrations at Canada’s largest east coast airbase. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$12.07, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 19x in the Telecom industry in the US. Total loss to shareholders of 26% over the past year. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$10.70, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 19x in the Telecom industry in the US. Total loss to shareholders of 44% over the past year. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: CA$2.55 (vs CA$10.41 in 2Q 2023) Second quarter 2024 results: EPS: CA$2.55 (down from CA$10.41 in 2Q 2023). Revenue: CA$152.4m (down 15% from 2Q 2023). Net income: CA$35.5m (down 75% from 2Q 2023). Profit margin: 23% (down from 78% in 2Q 2023). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Telecom industry in the US. Announcement • Aug 15
Telesat Corporation Provides Earnings Guidance for the Year 2024 Telesat Corporation provided earnings guidance for the year 2024. For 2024, Telesat continues to expect full year: revenues to be between $545 million and $565 million. Announcement • Aug 08
Telesat Corporation to Report Q2, 2024 Results on Aug 14, 2024 Telesat Corporation announced that they will report Q2, 2024 results on Aug 14, 2024 New Risk • Jul 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 9.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.6% operating cash flow to total debt). Earnings are forecast to decline by an average of 98% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (9.7% average weekly change). Large one-off items impacting financial results. Announcement • May 11
Telesat Corporation Provides Earnings Guidance for the Year 2024 Telesat Corporation provided earnings guidance for the year 2024. For 2024, Telesat continues to expect full year: revenues to be between $545 million and $565 million. Reported Earnings • May 10
First quarter 2024 earnings released: CA$1.08 loss per share (vs CA$0.62 profit in 1Q 2023) First quarter 2024 results: CA$1.08 loss per share (down from CA$0.62 profit in 1Q 2023). Revenue: CA$152.2m (down 17% from 1Q 2023). Net loss: CA$14.8m (down 283% from profit in 1Q 2023). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Telecom industry in the US. New Risk • Apr 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 124% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.3% operating cash flow to total debt). Earnings are forecast to decline by an average of 124% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Announcement • Mar 29
Telesat Corporation, Annual General Meeting, Jun 18, 2024 Telesat Corporation, Annual General Meeting, Jun 18, 2024. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: CA$11.55 (vs CA$1.90 loss in FY 2022) Full year 2023 results: EPS: CA$11.55 (up from CA$1.90 loss in FY 2022). Revenue: CA$704.2m (down 7.2% from FY 2022). Net income: CA$157.1m (up CA$180.5m from FY 2022). Profit margin: 22% (up from net loss in FY 2022). Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Telecom industry in the US. Announcement • Mar 28
Telesat Corporation Provides Earnings Guidance for the Year 2024 Telesat Corporation provided earnings guidance for the year 2024. For the year, the company expects revenues to be between $545 million and $565 million. Announcement • Mar 22
Telesat Corporation to Report Q4, 2023 Results on Mar 28, 2024 Telesat Corporation announced that they will report Q4, 2023 results on Mar 28, 2024 New Risk • Dec 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 137% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.8% operating cash flow to total debt). Earnings are forecast to decline by an average of 137% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Announcement • Nov 08
Telesat Corporation Provides Earnings Guidance for the Full Year 2023 Telesat Corporation provided earnings guidance for the full year 2023. For the year, the company continues to expect revenues (assuming a foreign exchange rate of USD 1 = CAD 1.35) to be between $690 million and $710 million. Reported Earnings • Nov 07
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: CA$175.1m (down 2.8% from 3Q 2022). Net loss: CA$1.02m (loss narrowed 98% from 3Q 2022). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Telecom industry in the US. Announcement • Oct 31
Telesat Corporation to Report Q3, 2023 Results on Nov 06, 2023 Telesat Corporation announced that they will report Q3, 2023 results on Nov 06, 2023 Announcement • Sep 18
Telesat Corporation(NasdaqGS:TSAT) dropped from S&P Global BMI Index Telesat Corporation(NasdaqGS:TSAT) dropped from S&P Global BMI Index Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 76% After last week's 76% share price gain to US$14.83, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 10x in the Telecom industry in the US. Total returns to shareholders of 27% over the past year. Announcement • Aug 12
Telesat Corporation Provides Preliminary Earnings Guidance for the Full Year 2023 Telesat Corporation provided Preliminary earnings guidance for the full year 2023. For the year, the company continues to expects revenues to be between $690 million and $710 million. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: CA$10.41 (vs CA$0.16 loss in 2Q 2022) Second quarter 2023 results: EPS: CA$10.41 (up from CA$0.16 loss in 2Q 2022). Revenue: CA$179.8m (down 3.7% from 2Q 2022). Net income: CA$140.0m (up CA$141.9m from 2Q 2022). Profit margin: 78% (up from net loss in 2Q 2022). New Risk • Aug 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 3.7% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Announcement • Aug 04
Telesat Corporation to Report Q2, 2023 Results on Aug 11, 2023 Telesat Corporation announced that they will report Q2, 2023 results on Aug 11, 2023 Announcement • Jul 21
Telesat’s Leo 3 Demonstration Satellite Successfully Launched Telesat announced its LEO 3 demonstration satellite was successfully launched aboard Rocket Lab’s Electron rocket. LEO 3 was one of seven satellites in the rideshare mission launched from Mahia, New Zealand. The LEO 3 satellite, built by Space Flight Laboratory (SFL), features Ka- and V-band payloads and will provide continuity for customer and ecosystem vendor testing campaigns following the decommissioning of Telesat’s Phase 1 LEO satellite. Separation of the LEO 3 satellite from the Electron rocket occurred 106 minutes after liftoff. Having achieved signal acquisition, solar arrays deployment, and successfully passing initial satellite health tests, SFL and Telesat are now testing the full satellite. Announcement • Jul 06
FCC Issues Telesat Phase II Certification of Accelerated Relocation Order Telesat announced that the Wireless Telecommunications Bureau of the U.S. Federal Communications Commission (FCC) has validated Telesat's Phase II certification of accelerated C-band clearing activities in the 3.7 GHz band. With this order, the FCC confirms that Telesat has completed all requirements for relocating customers from the 3700-3820 MHz band in the contiguous U.S. along with all required Earth station equipment modifications. Telesat fulfilled the Phase II relocation requirements six months in advance of the December 2023 deadline, and is now eligible to receive its second accelerated relocation payment of nearly USD 260 million, expected by October 2023. Telesat has already received its Phase I clearing payments totaling USD 84.8 million. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: CA$0.62 (vs CA$1.16 in 1Q 2022) First quarter 2023 results: EPS: CA$0.62 (down from CA$1.16 in 1Q 2022). Revenue: CA$183.4m (down 1.3% from 1Q 2022). Net income: CA$8.07m (down 42% from 1Q 2022). Profit margin: 4.4% (down from 7.5% in 1Q 2022). Announcement • May 05
Telesat Corporation to Report Q1, 2023 Results on May 11, 2023 Telesat Corporation announced that they will report Q1, 2023 results on May 11, 2023 Reported Earnings • Mar 31
Full year 2022 earnings released: CA$1.86 loss per share (vs CA$2.29 profit in FY 2021) Full year 2022 results: CA$1.86 loss per share (down from CA$2.29 profit in FY 2021). Revenue: CA$759.2m (flat on FY 2021). Net loss: CA$23.4m (down 123% from profit in FY 2021). Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$7.36, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 15x in the Telecom industry in the US. Total loss to shareholders of 65% over the past year. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 20% share price gain to US$8.75, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 11x in the Telecom industry in the US. Total loss to shareholders of 70% over the past year. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$7.55, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 12x in the Telecom industry in the US. Total loss to shareholders of 77% over the past year. Board Change • Nov 17
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. No experienced directors. No highly experienced directors. Independent Director Hank Intven is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 10
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: CA$180.1m (down 6.4% from 3Q 2021). Net loss: CA$58.6m (loss widened 40% from 3Q 2021). Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improved over the past week After last week's 17% share price gain to US$8.07, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 11x in the Telecom industry in the US. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorated over the past week After last week's 17% share price decline to US$7.21, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 12x in the Telecom industry in the US. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment deteriorated over the past week After last week's 20% share price decline to US$8.98, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 13x in the Telecom industry in the US. Reported Earnings • Aug 05
Second quarter 2022 earnings released: CA$0.16 loss per share (vs CA$0.51 profit in 2Q 2021) Second quarter 2022 results: CA$0.16 loss per share (down from CA$0.51 profit in 2Q 2021). Revenue: CA$186.6m (flat on 2Q 2021). Net loss: CA$1.95m (down 103% from profit in 2Q 2021). Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment deteriorated over the past week After last week's 17% share price decline to US$11.51, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 10x in the Telecom industry in the US. Buying Opportunity • Jul 21
Now 22% undervalued Over the last 90 days, the stock is up 8.8%. The fair value is estimated to be US$16.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has grown by 37%. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorated over the past week After last week's 17% share price decline to US$10.95, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 10x in the Telecom industry in the US. Buying Opportunity • Jun 17
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 41%. The fair value is estimated to be US$17.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has grown by 37%. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$14.47, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 12x in the Telecom industry in the US. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 17% share price gain to US$15.05, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 11x in the Telecom industry in the US. Reported Earnings • May 06
First quarter 2022 earnings released: EPS: CA$1.16 (vs CA$0.35 in 1Q 2021) First quarter 2022 results: EPS: CA$1.16. Revenue: CA$185.8m (down 2.5% from 1Q 2021). Net income: CA$14.0m (down 67% from 1Q 2021). Profit margin: 7.5% (down from 22% in 1Q 2021). The decrease in margin was primarily driven by higher expenses. Board Change • Apr 29
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. No experienced directors. No highly experienced directors. Independent Director Hank Intven is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Director Guthrie Stewart was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$14.29, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 10x in the Telecom industry in the US. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 16% share price gain to US$22.92, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 9x in the Telecom industry in the US. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improved over the past week After last week's 18% share price gain to US$32.46, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 16x in the Telecom industry in the US. Announcement • Nov 25
Telesat Corporation(NasdaqGS:TSAT) dropped from S&P TMI Index Telesat Corporation(NasdaqGS:TSAT) dropped from S&P TMI Index Board Change • Nov 23
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 6 highly experienced directors. 1 independent director (8 non-independent directors). Independent Director Richard Fadden was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.