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  "documentTitle": "Maxar Technologies (MAXR)",
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  "authorName": "Ben Axler",
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  "notes": "Uses a 'satellite industry heuristic' to derive a $225m annual recurring capex figure, contradicting management's $300-350m guidance for 2018.",
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      "text": "Maxar's management is currently guiding for $300-350m of capex in 2018, after which, management suggests that capex should fall. (1) We think this is unreasonable and capex will remain elevated.",
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      "text": "recurring capex: $224.6m",
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      "text": "We have been able to deduce realistic recurring capex for the Company, and that number is much higher than management's guidance: Starting with DigitalGlobe (DGI), our approach to calculating recurring capex is the same one that the satellite investors take...",
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      "text": "1) 2018 investor presentation shows $1,235 of total capex forecasted over 5yrs from 2018-2022, implying $247m on average per year",
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