VSAT – Market expectations are for Uniform ROA to remain muted, but management is confident about their government business, the GSAT program, and Link 16 satellite

• Viasat, Inc. (VSAT:USA) currently trades at a historical low relative to UAFRS-based (Uniform) assets, with a 1.0x Uniform P/B. At these levels, the market is pricing in expectations for profitability to remain muted, but management is confident about their government business opportunities, the GSAT program launch, and their Link 16 satellite
  
• Specifically, management is confident they are seeing opportunities in all three of their government businesses, that they launched their global satellite (GSAT) program, and that they are interested in expanding the range of their Link 16 satellite