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  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-04-09 00:00:00",
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  "notes": "Uses a 'villain' framing (Blue Origin/SpaceX) to highlight the company's failure to compete.",
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      "text": "Aerojet has long warned of increasing competition from SpaceX and Blue Origin, but a recent win by Blue Origin makes the realization of this risk more tangible. Based on our conversation with industry experts, the loss to Blue Origin was the “death blow” to Aerojet and will impair its relationship with ULA – a material customer.",
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      "text": "Blue Origin’s anticlimactic victory and Aerojet’s Plan B: \"ULA couched the selection of BE-4 as one part of a larger industry team...\"",
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      "text": "Aerojet’s Historical Risk Factor: \"For example, we face increasing competition from entrepreneurs such as SpaceX and Blue Origin...\"",
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      "text": "For example, we face increasing competition from entrepreneurs such as SpaceX and Blue Origin, who have been or are in the process of developing liquid fuel propulsion capabilities which are primarily focused on the development of space propulsion systems for heavy lift launch vehicles. These new entrepreneurs have signaled their intent to compete primarily on price and are therefore bringing pressure to bear on existing cost paradigms and our manufacturing methodologies — Aerojet Rocketdyne Risk Factor",
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      "text": "Source: Space News, Oct 5, 2018",
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      "text": "Competitive Pressures Intensifying",
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