Added to YB: 2026-03-19
Pitch date: 2026-03-17
KVHI [bullish]
KVH Industries, Inc.
Author Info
Guasty Winds is a former L/S hedge fund analyst turned full-time private investor. Sign up for the newsletter.
Company Info
KVH Industries, Inc., together with its subsidiaries, designs, develops, manufactures, and markets mobile connectivity and managed services for the marine and land mobile markets.
Market Cap
$151.9M
Pitch Price
N/A
Price Target
40.40
Dividend
N/A
EV/EBITDA
130.73
P/E
-20.49
EV/Sales
0.78
Sector
Communications Equipment
Category
value
KVH Industries (KVHI-US)
KVHI: Maritime connectivity co transitioning GEO→LEO. Airtime rev inflected to growth in 3Q25 after LEO ramp offset GEO declines & Coast Guard loss. 6K Starlink terminals shipped in FY25 vs 7.4K total vessel count start of year; now >9K vessels (record). LEO margins ~high-30s/low-40s stable. FY26 guide $137.5M rev (+27% Airtime growth), $16M EBITDA achievable. FY27 est $30M EBITDA, $25M FCF. $70M cash ($3.50/sh) = 50% mkt cap. Trading 2.7x FY27 P/FCF ex-cash vs fair 6-8x EBITDA. Activists hold 35.5% (Deckoff/Black Diamond, Radoff, Torok); board now 3/5 ex-Speedcast execs signals potential M&A (sale, reverse merger, or roll-up). 3-4x upside base case.
Read full article (11 min)