Our Core Satellite & Space index was down -0.3% in August, underperforming the S&P 500 which saw a gain of +2% and the MSCI Global (ex.-U.S.) index which saw a gain of +3%.
Transaction activity held relatively steady in August, with ten minority VC/PE equity financings and three M&A transactions announced.
The largest M&A transaction in August was Lockheed Martin’s announcement of its agreement to acquire Terran Orbital at an enterprise value of $450M, reflecting an EV/TTM Revenue multiple of 3.4x.  Terran Orbital is a supplier of smallsat buses to Lockheed for a range of programs including the U.S. SDA’s PWSA program.