Telesat: Lightspeed's Strategic Value Is The Bull Case

TSAT remains a two-part story. First, it has a declining GEO business. But it also has an ongoing Lightspeed buildout. Lightspeed is moving into production, with the planned constellation now expanded to 225 satellites. TSAT targets to have global commercial service ready by the end of Q1 2028. Plus, TSAT signed a C$2.7 billion Canadian defense agreement. This agreement suggests that their LEO backlog is probably closer to C$5.6 billion. And I believe that underlies Lightspeed's long-term strategic value. TSAT's timeline is now more concrete than when I first covered them. So, I feel the shares are a viable speculative "Buy" at these levels. Telesat Corporation ( TSAT ) is a Canadian satellite communications company. They 're currently relying on the geostationary satellite (GEO) business, but their long-term focus is on TSAT 's Lightspeed, which is a newer low-Earth-orbit (LEO) broadband.