Water Tower Research Publishes Initiation of Coverage Report on Nextgen Acquisition Corp II (NASDAQ: NGCA) Titled “Merging with Virgin Orbit, Disruptive Satellite Launch Leader Projecting 150+% CAGR Going Public at 6.4x 2025e EV/EBITDA, a 41% Discount to Its Peers “
December 8, 2021, CHICAGO, IL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage report on Nextgen Acquisition Corp II / Virgin Orbit (NASDAQ: NGCA) as Nextgen Acquisition Corp II is merging with Virgin Orbit, the world’s first air-launched, liquid-fueled launch system provider. The report centers around Virgin Orbit’s disruption of the satellite launch market and its projected revenue of over $2 billion by 2026.
“Virgin Orbit’s unique air-launch system could propel it into becoming a disruptive leader in a $72 billion market. The significant design advantages (particularly anytime/anywhere/ any orbit), its proven capabilities, and its reception by customers have given management the confidence to project 2026 revenues of over $2 billion. The stock is valued at a 41% discount to its peers on 2025e EV/EBITDA,” said John M.A. Roy, Managing Director, Technology at Water Tower Research.
“Virgin Orbit had it first successful launch on January 17th, 2021. Since then, the company has built up a $4 billion of opportunities with near term visibility. Virgin Orbit estimates more than 50% of 2022 forecast revenue is already accounted for by active contracts. The company has $2.3 billion in identified opportunities and $1.3 billion in active proposals. The long-term nature of its launch contracts, and its customer wins in 2021, give it enough confidence to publicly forecast a 5-year CAGR of 166%.”
We will be hosting Dan Hart, CEO of Virgin Orbit on Monday, December 20, 2021 at 11 am EST as part of our WTR Fireside Chat Series. Register for the event here.
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