Maritime Launch Services is trading at a huge discount to its peers, analyst says

Beacon Securities analyst Russell Stanley says recent comments from U.S. Space Force leadership add support to his thesis that launch-site capacity constraints could drive demand for Maritime Launch Services (Maritime Launch Services Stock Quote, Chart, News, Analysts, Financials CSE:MAXQ).

In a July 22 update, Stanley reiterated his “Buy” rating and $1.50 target on MAXQ.

Stanley cited a recent industry report in which outgoing and incoming U.S. Space Force leaders identified launch-site capacity as a major issue. Space Force manages most U.S. launch operations at coastal ranges in Florida and California.

“A recent report from a noteworthy industry publication indicates that US Space Force leadership recently called out launch site capacity constraints in the US as a significant problem to be addressed, representing another validation of our thesis,” Stanley said.

The analyst said the comments follow a recent NASA audit that found launch infrastructure at Kennedy Space Center in Florida and Wallops Flight Facility in Virginia could approach capacity in 2028 or 2029 because of rising commercial demand, aging infrastructure and funding constraints.

Stanley said U.S. sites supported about 60% of orbital launches in 2025, or about 67% excluding China, partly because most payloads are manufactured in North America. He said that points to potential demand for access to Maritime’s Spaceport Nova Scotia.

He also noted that U.S. Space Force has previously said it would consider working with launch sites outside the United States for additional capacity and geographic resilience.

Maritime has now secured customer contracts with minimum payments totalling $360-million over 10 years. That includes a 10-year agreement with Isar Aerospace worth at least US$113-million, or about $160-million, and a $200-million contract with Canada’s Department of National Defence.

Stanley also pointed to recent Abacus Data polling, conducted for Maritime, showing 68% of Canadians believe Canada should have sovereign access to a launch facility. The survey found 66% support for Spaceport Nova Scotia and 80% comfort with its use for national defence.

The stock trades at four times Stanley’s fiscal 2028 Adjusted EBITDA forecast, an 87% discount to the group average of 29 times. Potential catalysts include further contract wins, Q2 results in August and a TSX uplisting.

Stanley expects Maritime to generate Adjusted EBITDA of $7-million on revenue of $22-million in fiscal 2026, improving to Adjusted EBITDA of $39-million on revenue of $73-million in fiscal 2027.

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