SLT Innovation Portfolio: Update on Planet Labs ($PL) - the company boosts its full-year forecasts
PL is the "Bloomberg Terminal" for Earth data is a company in which we are invested since 2/27 this year, as part of the SLT Innovation Portfolio. What struck me when analyzing the company is that digital and sustainability transformation is reaching almost all industry, hence PL has a massive TAM. The company is operating with a highly scalable business model and experts estimate that PL has a 5 years lead over competitors mainly due to significantly higher square kilometers covered, and more advanced technology.
After the closing bell yesterday, PL reported FY23 Q2 earnings and boosted its full-year guidance for revenue and adjusted gross margin. EBITDA loss and Capex have been revised downward.
Top-line growth accelerated during last quarter. NDDR reached 127% and margins improved thanks to the scalable data subscription model. We are still bullish on the company as it is (my opinion) one of the best investible options to gain exposure to the Space industry.
The stock opened c.10% higher today, and even if we adopt a very, very long-term investment horizon for the SLT Innovation Portfolio, the unrealized P&L is +19.67% (in EUR terms) since we initiated the position (following our recommendation in late Feb-22).
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