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  "documentTitle": "Maxar Technologies (MAXR)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2018-08-07 00:00:00",
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  "notes": "Uses dual charts to show the correlation between industry cycles and company performance, highlighting the 2012 acquisition point.",
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      "text": "We believe these factors may have lead management to use overly aggressive accounting methods to inflate performance, and seek the DigitalGlobe acquisition as a last ditch effort to save a sinking ship.",
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      "text": "SSL (Communications) Sales vs. Satellites Under Construction",
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      "text": "satellite orders: 50%",
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      "text": "The satellite industry is notoriously cyclical. We believe MDA incorrectly acquired Space Systems Loral with leverage near the peak of the latest cycle. Given the strong relationship between its satellite order book and revenues, MDA management was facing more than a 50% drop in its revenues. Given the high fixed cost base of the business, Maxar faces large financial losses. We believe these factors may have lead management to use overly aggressive accounting methods to inflate performance, and seek the DigitalGlobe acquisition as a last ditch effort to save a sinking ship.",
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      "text": "Source: Loral and MDA and market figures",
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      "text": "Levered Up At The Peak of A Falling Cycle",
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