When a small cap presumably takes a big bite from Echostar’s (SATS) and STMicro’s (STM) multi-billion satellite user terminal silicon lunch (with EnSilica’s recent ’Major SpaceTech’ contract win), the market tends to notice!
https://www.londonstockexchange.com/news-article/ENSI/major-spacetech-contracts/17559666
As some may recall, I sold my ‘Less than $10k to $1 million’ challenge holding in Intuitive Machines (LUNR) in early April, as I expected greater momentum with Vertical Aerospace (EVTL) after their successful full piloted transition news.
How wrong was I, in the short term at least, with LUNR up almost 50% since and EVTL barely in the green based on currently reported prices in Trading 212. Thankfully I retained all my LUNR shares outside of the challenge given my overall perspective on this prospective space prime.
Had I kept my LUNR challenge shares I would have comfortably doubled my starting capital by now. One of life’s lessons it seems, but the challenge is still doing well overall and up about 68% in the ten months since I began the challenge.
With other seven million users reported for Simply Wall St this is very welcome coverage. I must admit I am a great fan of SWS given its broad worldwide coverage of listed companies as opposed to platforms such as FinViz which last time I checked was largely focused on North America in my opinion.
When I get time I will update the narrative given the various developments since it was first written last October. However here’s the link to the narrative I wrote for anyone curious…
Congratulations to everyone at EnSilica, their partners and shareholders on exceeding 100p a share yesterday. Your hard work and determination is finally being recognised by the market it seems. This is the early stages of the adventure in my opinion. All the best for the future!
May fortune favour the brave,
Mark aka Double Bubbler
It reminded me of an older musings post and one of my favourites…
Last year I made my forecast for…
’€8.19 ($8.87) by the end of 2026*
* Including reinvesting four post-tax dividend payments of €0.21 each paid through 2025 and 2026. It should however be noted that while SES has stated its commitment to stable and progressive dividends, they are not guaranteed. An additional €1.00+ per share distribution could also be derived from a now approved US Federal Communications Commission C-band spectrum auction in 2026/27, however not knowing the exact potential special dividend amount I have not included this.’
I was pleased to see SESG exceed my forecast including dividends the other day. It’s even better to see the share price reach the forecast €8.19 today when ignoring dividends!
I may see if I can turn this capital into $1m one day! 😁
Thanks Trading 212!
As some readers may recall, last September I made the bold assertion that EnSilica could be worth 13x its share price at the time. Back then the company was valued at 38.5p (≈$0.52) a share and following a series of positive developments since, it is now trading on the OTC Markets at $1.07 (≈79p). That progress in my opinion is the early stages towards 13x and beyond, and given much has happened since September I thought I would outline my opinion today on why this promising semiconductor specialist could be worth over £5.00 / $6.79 a share by 2030.
EnSilica is a semiconductor designer, with a fabless business model like Nvidia, Broadcom and Marvell and partnered with companies such as TSMC, Global Foundries, Arm and Cadence Design Systems. They are developing a world class reputation for high-value, high-margin chips such as the AST5000 chip at the heart of AST SpaceMobile’s Block-2 BlueBird constellation satellites. In addition to their reputation they are in possession of and developing intellectual property and expertise for chips essential to modern life. Satellite communications, post-quantum secure computing, automotive, industrial, healthcare and notably a suite of chips for satellite user terminals, a multi-billion dollar industry, where EnSilica has just signed its largest contract to date for potentially in excess of $50m¹. I anticipate this will be the first of a number of notable contracts in this space.
What surprises me still is how EnSilica currently trades at such a discount to its peers, at about 40% according to recent research by Matt Butlin of Allenby Capital². Matt goes on to say ‘Applying a sector median multiple of 3.5x 2027 revenues implies a valuation of 110.5p [≈$1.50] with significant further upside available on a takeout basis.’
I came to a similar conclusion last year when assessing EnSilica and even now the relative discount to the semiconductor industry is staggering considering the progress EnSilica has made in the last six months in particular. EnSilica currently trades at a forward price-to-sales (PS) ratio of about 3 for the financial year (FY26) ending this month, which compares favourably with the average ten year PS of 4.5 for the British and 6.4 for the US semiconductor industries according to Simply Wall St data.
Furthermore MDA Space paid a 13x multiple of sales for EnSilica’s competitor Satixfy last year, and with EnSilica being one of a few companies worldwide (and possibly the only European firm) developing the entire satellite user terminal chipset (RF beam-formers, mixers, digital beam-formers, modems) along with corresponding satellite payloads, it isn’t beyond the realms of possibility that EnSilica may also command a 13x multiple on acquisition. Looking at it another way, EnSilica’s competitor in the post-quantum encryption market SealSQ Corp currently trades at a forward PS of 18.1 according to Simply Wall St. The addition of EnSilica’s anticipated and government grant funded secure processor for critical infrastructure can’t come soon enough!³
In the last six months we have seen EnSilica announce a record trading update for the first half of the financial year (FY26) ending this month. A further trading update anticipated imminently will hopefully confirm record results anticipated for the full year, along with the firm confirming it is in a far stronger position financially following a significantly oversubscribed fundraising recently ‘to accelerate new products and projects and its growing contract pipeline’⁴. I would also not be surprised to see EnSilica confirming material progress on its statement last November confirming ‘ambitions for the medium term (3 to 5 years)’ of ‘annual revenues in excess of £60m and longer term (6 to 10 years), our order book and opportunities give us extended aspirations of £100m of revenues.’⁵
EnSilica’s largest contract announced to date in the satellite user terminal market paves the way for potentially more orders in this space, especially so given what Ian Lankshear, CEO & Co-Founder, stated in the recent H1 FY26 trading update webcast in January. ‘We already have four chips sampling with customers, with further devices in development, and we have a number of funded engagements with user terminal manufacturers and satellite operators who are evaluating our chips in funded engagements—as in, they're funding us to support them. We're also working with multiple user terminal OEMs in terms of their responding to operators' RFIs, using our chipsets. So, a very exciting area, lots of potential for future revenues, very high revenues when those constellations get launched.’
With potentially accelerated progress in this sector (and the various others EnSilica is specialised in) in part thanks to growing critical mass following contract wins and improved financial arrangements, I hope to see EnSilica with revenues comfortably exceeding £60m / $81m in 2030. Assuming £60m revenue, achieving a share price of £5.00 / $6.79 will therefore require a PS multiple of about 10. Stretching yes, but far less than the 13x MDA Space paid for Satixfy, and less than peer Filtronic currently trades at, which is over 11. It is also substantially less than Nvidia’s current PS of 22, Broadcom’s current PS of 29, and Marvell’s current PS of 17.6 according to Simply Wall St data.
All considered EnSilica still offers tremendous value in my opinion. And while I do not expect the share price to rise in a straight line I do expect the patient investor will be richly rewarded in the coming years.
May fortune favour the brave,
Mark aka Double Bubbler
¹ https://www.londonstockexchange.com/news-article/ENSI/major-spacetech-contracts/17559666
² https://wp-allenby-2020.s3.eu-west-2.amazonaws.com/media/2026/04/260423-EnSilica-plc-ENSI.L-Space-industry-contract-Allenby-Capital.pdf?c5301=on
³ https://www.londonstockexchange.com/news-article/ENSI/ensilica-to-develop-critical-infrastructure-chip/17326647
⁴ https://www.londonstockexchange.com/news-article/ENSI/result-of-oversubscribed-placing-and-subscription/17501286
⁵ https://www.ensilica.com/wp-content/uploads/2025/11/272132-EnSilica-AR-WEB-version-2.pdf
I can't deny I am over the moon with progress so far in turning about $10,700 into $268,290 in three years... twice as my better half's pension has mirrored the trades too!
I just need 373% gain from here to complete the challenge now which seems very achievable.
Hopefully EnSilica (OTC: ENSIF / AIM: ENSI) as my sole investment in this challenge now will see me through to target in the next few years.
Today, on National Astronaut Day, Intuitive Machines announced two redesigns of their Lunar Terrain Vehicle to meet to revised requirements of Phase I of the LTV contract. Moon RIDER and Moon RANGER. We don’t have any additional information at this time besides the announcement post. Phase I of the LTV contract is expected on May 22nd based on NASA’s procurement timeline.
Edit: Moon RIDER (Rapid Initial Delivery Exploration Rover) and Moon RANGER (Rapid Autonomous Navigation and Exploration Rover)
Hi all -
Question -
u/doublebubbler - In your opinion, what does it take to be an active investor? What are some of your approaches to identifying and sticking with good investments?
Context -
I've been a member of this sub since November and am up £60K in paper gains across ENSI, RDDT, EVTL, LUNR, SESG, MDAI. Thanks DB!!!!
I noticed u/doublebubbler's comment about getting into active investing after leaving the Police, and it resonated with me as I'm considering my next career move. From 2021-2024 I made great money in a business, which has nosedived in the last 2 years (0 revenue atm, for more context see this post in HENRY UK). I'm 29. I have £2M in various stocks and shares (current value, ofc may drop) and am re-assessing the best use of my time, given that successful stewardship of my portfolio could produce substantial growth, or troublesome decline at my own hands.
For those who missed the comment:
Having come all the way from being homeless when I was about eighteen to where I am now, I am over the moon with how my fascination with investing is panning out so far. I just wished I had taken to focusing on active investing earlier in life, as I only really knuckled down with it when I had more time after leaving the Police about ten years ago.
The AMA is live! Submit your questions below for our Chief Test Pilot Si Davies to answer.
The AMA will end the session at 16:45 GMT (12:45 EDT / 9:45 PDT)
>Thank you all for your questions, it was great chatting with you and look forward to doing this again soon - Si
Join us next Friday, 1st May, for our AMA with Simon Davies. Have questions about the flight test programme, transition, or what it’s like to fly the VX4? Now's your chance.
We’ll post at 16:00 GMT (12:00 EDT / 09:00 PDT) for you to submit your questions which Simon will answer in real time.
Looking forward to chatting with you then!
- Lily
Reddit’s First Quarter 2026 Results
- Daily Active Uniques (“DAUq”) increased 17% year-over-year to 126.8 million
- Revenue grew 69% year-over-year to $663 million
- Net income of $204 million, 31% of revenue. Diluted EPS of $1.01, up 7x year-over-year
- Adj. EBITDA¹ of $266 million, 40% of revenue, up 131% year-over-year
- Operating cash flow of $312 million, 47% of revenue, up 145% year-over-year
What’s not to like?!?
Read the full announcement…