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  "documentTitle": "Maxar Technologies (MAXR)",
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  "authorName": "Ben Axler",
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  "notes": "The slide uses a screenshot of a Morgan Stanley financial model to prove that historical commercial revenue targets were missed.",
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      "text": "DigitalGlobe has been talking up the revenue opportunity away from the U.S. government for a very long time. As an example, when Morgan Stanley wrote its research initiation in 2014, it had expected non-U.S. government (commercial) revenue to reach $400m. As of its last reporting on June 30, 2017 LTM diversified commercial revenue was just $282m (~30% below plan).",
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      "text": "DigitalGlobe Has Never Met Commercial Revenue Expectations",
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      "text": "First, we expect foreign government adoption to continue being very low. We believe the reason is because the U.S. is highly likely to have a right of first refusal on images that DGI produces...\nFor example, we were very surprised to see Turkey, a NATO member... launch its own satellite imaging satellite called Göktürk...",
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      "text": "commercial revenue",
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      "kind": "source-note",
      "text": "Source: Morgan Stanley Equity Research\n1) SpaceWatch, Turkish reconnaissance satellite GÖKTÜRK-1 launched successfully\n2) SpaceTechAsia, June 2018",
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      "text": "DigitalGlobe Income Statement, Annual 2012-2019E (Exhibit 43 from Morgan Stanley Equity Research showing Total commercial net revenue and Total Revenue)",
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      "text": "Expect DigitalGlobe's Commercial Opportunities To Disappoint",
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