Building out space infrastructure for the present and future, initiate Buy w/ $55 PT

研报英文原文证据摘录

Building out space infrastructure for the present and future, initiate Buy w/ $55 PT

Investment Thesis

We view Voyager as an increasingly scaled, acquisition-driven consolidator of critical space and missile-defense technologies,

supported by meaningful post-IPO capital to continue building out differentiated capabilities across a historically fragmented

supply chain. We look favorably upon the company's growing alignment to fast-growing and often stickier national security funding

sources, most notably via propulsion technology on Next Generation Interceptor (NGI) and participation on Golden Dome SpaceAEROSPACE Based Interceptor (SBI) teams. Longer-term, we see potential upside optionality related to Starlab, though we acknowledge ongoing

procurement/timing risk around the Commercial LEO Destinations (CLD) program.

AND

Upcoming Catalysts Price Performance

■ CLD Phase 2 RFP (expected summer 2026). $80

■ Additional missile defense / Golden Dome contract awards. $70

■ M&A activity in high-growth end markets. $60DEFENSE $50

$40

Base Case Assumptions: $55 Price Target $30 $20EQUITY ■ 25% organic sales CAGR through 2030 (ex-Starlab). $10

■ Gross margins reaching 32% by 2030 (ex-Starlab). Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 ■ Adjusted EBITDA positive exiting 2027 (ex-Starlab).

VOYG

■ FCF positive by 2028 (ex-Starlab). S&P 500 (rebased)

Source: FactSetRESEARCH Upside Scenario Company Description

■ Starlab is selected as the winner of the CLD program and replaces the ISS by 2031. Voyager is a defense and space

■ Meaningful content secured on additional missile defense platforms (e.g. THAAD, technology company delivering mission-

PAC-3). critical solutions across national

■ Sizable work won on NASA's Moon Base initiative.