Iridium Communications' New GPS Protection Tech: Valuation and Outlook After Q3 Results

Iridium Communications (IRDM) introduced a new GPS protection tech, the Iridium PNT ASIC, and opened beta trials. The company also reported solid Q3 earnings, but the 1-year total shareholder return is -41.3%. The recent product launch and earnings briefly lifted sentiment, but the ongoing share price slide raises questions about the company's growth prospects. The current share price is below what the most widely followed narrative considers fair value, pointing to a valuation gap driven by rising demand for secure communications and potential margin expansion.