Viasat's Revival: Reassessing Valuation Amid New Connectivity Wins and Azerbaijan Airlines Deal

Viasat (VSAT) shares have surged 252% YTD, driven by new connectivity wins, including upgraded NexusWave maritime connectivity and a deal with Azerbaijan Airlines. The company's focus on operational efficiency, portfolio review, and progressing integration with Inmarsat sets up Viasat for positive free cash flow inflection, deleveraging, and earnings improvement. However, execution risk around ViaSat-3 spending and intensifying competition from Starlink and Project Kuiper could undermine the turnaround narrative.