Globalstar: D2D Concerns Are A Distraction

Group 1 - Globalstar is progressing with the launch of a new constellation and the deployment of its XCOM RAN technology, although optimism about its D2D business is fading [1] Group 2 - Narweena, an asset manager, focuses on identifying market dislocations due to misunderstandings of long-term business prospects, aiming for excess risk-adjusted returns through secular growth opportunities in markets with entry barriers [2] - The research process at Narweena emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and a long-term investment horizon targeting deeply undervalued small-cap stocks [2] - Narweena believes that an aging population with low growth and stagnating productivity will create new investment opportunities, while many industries may face stagnation or decline, potentially improving business performance due to reduced competition [2] - The economic landscape is shifting towards asset-light businesses, leading to a declining need for infrastructure investments, which results in a large pool of capital chasing limited investment opportunities, driving up asset prices and compressing risk premia [2]