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Last close As at 08/06/2023
-28.80
▲ −2.25 (−7.25%)
Market capitalisation
EUR165m
Research: TMT
Mynaric has developed optical inter-satellite link (OISL) terminals for transmitting data via laser between moving space or airborne platforms at rates similar to conventional optical fibre, but with the light transmitted through free space rather than along a cable. Recent newsflow demonstrates that not only are government and commercial entities planning satellite constellations deploying optical communications links, but also that Mynaric is being selected as a supplier of laser communications terminals for these constellations.
Mynaric |
Laser communication made scalable
Technology |
Deutsches Eigenkapitalforum 2021
21 October 2021 |
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Mynaric has developed optical inter-satellite link (OISL) terminals for transmitting data via laser between moving space or airborne platforms at rates similar to conventional optical fibre, but with the light transmitted through free space rather than along a cable. Recent newsflow demonstrates that not only are government and commercial entities planning satellite constellations deploying optical communications links, but also that Mynaric is being selected as a supplier of laser communications terminals for these constellations.
Getting ready for volume production
In preparation for volume shipments, in June 2021 Mynaric opened a new production hall at its facility in Germany. This facility recently reached high double-digit unit annual production rates and is on track for triple-digit unit production for 2022 to meet the market demand from both commercial and government customers, with an ultimate annual production target of 2,000 terminals.
Supporting needs of LEO constellations and more
These actions put Mynaric in a good position to take market share as the Space Development Agency (SDA) and others move from the pathfinder phase to full-scale deployment of hundreds of low earth orbit (LEO) satellites. We have previously inferred that Mynaric has been selected as one of the vendors of OISL terminals for the first phase of the SDA’s proposed satellite communications network. Mynaric has also been selected by Telesat to supply multiple units of its OISL terminals to the US Defense Advanced Research Projects Agency’s Blackjack programme, by SpaceLink for its proposed satellite network providing data relay services and by Cloud Constellation for its proposed network providing secure cloud storage on satellites. Mynaric has also started a joint demonstration campaign with high-altitude platform specialist H3 HATS. The two companies have successfully demonstrated stable bidirectional 10 Gbps laser links between an aircraft and a terminal on the ground using pre-series production terminals.
Valuation: Analysis of potential revenue
Mynaric does not expect to start delivering its first commercial units until H221, so we present a scenario analysis rather than a peer group comparison of multiples. This analysis shows a constellation of 100 LEO satellites could require €75m of Mynaric’s laser communications terminals and a cluster of 250 airborne communications platforms could require equipment with an estimated €113m in revenues attributable to Mynaric.
Consensus estimates
Source: Company data, Refinitiv |
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Research: Healthcare
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