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  "documentTitle": "Maxar Technologies (MAXR)",
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  "authorName": "Ben Axler",
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  "notes": "The slide uses a table to calculate the implied price per km2 of the NGA contract to challenge the bull case thesis.",
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      "text": "Our research suggests both pillars seem unrealistic: it appears that DigitalGlobe is more likely to see prices decreases on the NGA contract and opportunities outside of U.S. government appear limited",
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      "text": "Maxar’s bull case for DigitalGlobe is predicated on two pillars: 1. DGI’s contract with NGA is priced too cheaply and is due for a price increase. 2. There’s a huge opportunity for DGI outside of the U.S. government.",
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      "text": "implied price per km²: $0.54",
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      "text": "DigitalGlobe (DGI) operates a fleet of 4 in orbit imaging satellites that provide high resolution images of Earth’s surface. The Company generates two thirds of its revenues through contracts with the U.S. government, the majority of which is contracted with the U.S. National Geospatial Intelligence Agency (or “NGA”).",
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      "text": "1) DigitalGlobe secures $3.55bn EnhancedView Agreement with NGA, Aug 2010",
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      "text": "Significant Downside To DigitalGlobe",
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