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  "documentTitle": "Maxar Technologies (MAXR)",
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  "authorName": "Ben Axler",
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  "notes": "Includes a specific callout on the Ukraine liability and debt maturity cliff in 2020.",
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      "text": "MAXR appears \"cheap\" on its inflated Non-IFRS metrics. However, Spruce Point's forensic analysis unravels its aggressive accounting methods used to inflate EBITDA and EPS. Furthermore, when its debt is adjusted for standard credit agency adjustments, we find leverage to be in excess of its 5.8x covenant",
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      "text": "MAXR appears “cheap” on its inflated Non-IFRS metrics. However, Spruce Point’s forensic analysis unravels its aggressive accounting methods used to inflate EBITDA and EPS. Furthermore, when its debt is adjusted for standard credit agency adjustments, we find leverage to be in excess of its 5.8x covenant",
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      "text": "Debt Maturities Start Coming Into Focus In 2020",
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      "text": "68% Exposed To Rates Rising",
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      "text": "Net Debt / EBITDA: 5.8x",
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      "text": "Note: Cash and projections pro forma for Neptec acquisition announced July 16, 2018",
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      "text": "Note: In its Q2 report, Maxar disclosed that Ukraine is seeking $227m in arbitration over the Ukraine satellite program. While uncertain at this time, we list it as a potential long-term liability",
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      "text": "Capital structure and valuation metrics comparing Street vs Spruce Point adjustments.",
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      "text": "Adjusted Capital Structure And Valuation of Maxar",
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