中長期的な成長ポテンシャルを評価、投資判断「買い」を継続

Research evidence excerpt

中長期的な成長ポテンシャルを評価、投資判断「買い」を継続

2026年 6月 15日

図表5. 宇宙・防衛関連企業のバリュエーション比較 (¥m, $m)

Company Market Enterprise Forward Forward EBITDA Forward EV/Rev Forward Forward Forward Net Profit Asset Leverage

Cap Value Sales EBITDA Margin EV/EBITDA P/E PBR ROE Margin Turnover Ratio

Earth Observation (JP) (¥m) (¥m) (¥m) (¥m)

9412 JP スカパーJSATホールディングス 1,037,419 995,463 137,492 56,218 40.9% 17.71 7.24 35.68 3.11 8.9% 18.3% 0.31 1.3

290A JP Synspective 204,839 194,468 6,548 5,764 88.0% 33.74 29.70 70.85 4.91 6.2% -15.6% 0.05 1.3

464A JP QPS Holdings 155,779 151,269 4,057 2,700 66.6% 56.03 37.29 249.29 5.02 2.2% -68.9% 0.16 1.6

402A JP Axelspace Holdings 45,244 42,476 3,646 -3,586 -98.4% -11.84 11.65 - 5.17 - -122.9% 0.19 3.1

Defense Company (JP) (¥m) (¥m) (¥m) (¥m)

7011 JP 三菱重工業 11,942,713 11,567,077 5,534,049 741,517 13.4% 15.60 2.09 29.05 3.64 13.0% 6.7% 0.67 2.6

7012 JP 川崎重工業 2,379,452 3,195,599 2,548,367 282,334 11.1% 11.32 1.25 21.11 2.54 13.0% 4.7% 0.73 3.5

7013 JP ＩＨＩ 2,631,106 2,995,203 1,813,229 306,867 16.9% 9.76 1.65 14.98 3.43 23.5% 9.8% 0.70 3.6

6503 JP 三菱電機 11,717,703 11,495,099 6,202,960 828,473 13.4% 13.88 1.85 23.04 2.43 10.8% 6.9% 0.86 1.6

6701 JP 日本電気 5,291,923 5,207,413 3,668,266 575,882 15.7% 9.04 1.42 18.05 2.10 12.3% 7.5% 0.82 2.0

6702 JP 富士通 5,671,677 5,374,077 3,555,942 538,334 15.1% 9.98 1.51 18.60 2.65 14.6% 12.8% 1.02 1.7

Earth Observation (Global) ($m) ($m) ($m) ($m)

MAXR US VANTOR PARENT INC* 4,200 6,400 1,833 491 26.8% 13.04 3.49 67.80 3.03 4.5% -9.3% 0.36 3.3

PL US PLANET LABS PBC 11,102 10,859 435 8 1.9% 1,341.30 24.95 - 36.65 -15.7% -80.2% 0.35 6.1

BKSY US BLACKSKY TECHNOLOGY INC 1,203 1,298 137 15 11.0% 86.28 9.47 - 18.21 -49.2% -65.9% 0.30 4.1

Small Satellite Manufacturers ($m) ($m) ($m) ($m)