Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Valued as a loss-making company: Analyst consensus.
ACCE opinionTelesat Corporation Class A Common Shares and Class B Variable Voting Shares (TSAT)
Fair value
Not available
ACCE price target
$22.00
Rating
Not rated
Horizon
12 months
ACCE price target published on 11 Oct 2026, 00:00 CEST.
Price used: $42.55 at the close on 23 Oct 2026, 22:00 CEST.
Models: Analyst consensus.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
28
out of 100
P/E
0.0x
forward 0.0x
1-year return
+38.2%
Dividend yield
0.00%
Telesat Corporation Class A Common Shares and Class B Variable Voting Shares in four questions
Plain answers, details below
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Overview
ACCE thesis
Telesat builds and operates geostationary satellites, selling transponder capacity and managed connectivity to government, maritime, aviation and enterprise customers, with its Lightspeed low-Earth-orbit constellation now in build-out. The structural case rests on that backlog and on the scarcity of orbital spectrum and launch-ready satellite capacity, which gives an incumbent with contracted government and enterprise revenue a defensible position. The near-term driver is Lightspeed: the company is converting the GEO business into a funded LEO network, and execution on that build is the swing factor. The stock looks interesting now only because the numbers are stretched in both directions, with revenue down 25.1% and an operating margin of -15.1% against a 38.8% gross margin that shows the underlying service economics are not broken, though ROE of -73.0% and a score of 34/100 mean this needs a deeper look at balance sheet funding before anyone would call the setup attractive.
⚠ Investor warnings · 5 flagsAI-assisted·How I use AI
severe
Heavy cash burn
Free cash flow is -$697.8M against a $2.2B market cap, with debt at 6.66x equity. Funding this burn without dilution or restructuring is the central question.
high
Revenue shrinking sharply
Revenue is down 25.1% year over year and 12.6% annualised over five years, with a further 7.4% drop quarter on quarter.
high
Operating losses deepening
Operating margin is -15.1% and net margin is -102.9%, with earnings down 43.8% year over year. Forward P/E of -5.8 confirms analysts expect continued losses.
high
Price far above ACCE target
The stock trades 93.4% above the ACCE price target of $22.00 at $42.55. The gap is wide enough to matter for position sizing.
moderate
Score down sharply in 90 days
The ACCE score fell 12 points, from 40 to 28, over 90 days. Short interest is 9.7% of shares outstanding.
AI research notes
AI-assisted·How I use AIWritten Oct 24, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Analysts' mean price target is $19.04, but the company reported an earnings surprise of +1567.2% in its latest quarter, showing results can beat expectations sharply.
Free cash flow yield is -22.9%, but the company's share count grew only 5.0%, so dilution has been modest for a capital-intensive business.
Return on invested capital is -3.1%, which is a smaller loss than the -73.0% return on equity suggests, because leverage magnifies the equity losses.
Why it could disappoint
Revenue fell 25.1% year over year, and the five-year average annual decline is 12.6%, so the core business is shrinking.
Net margin of -102.9% means the company loses about a dollar for every dollar of revenue, with no profit cushion.
Debt to equity of 6.66 and free cash flow of -CAD 698M leave little room for error while the Constellation build is funded.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 3, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
Walk me through this stock
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Valuation
INVESTOR
Where TSAT's valuation models land
Price
$42.55
Model fair valueConfidence: low
about $19.04
Model
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Upside
Analyst consensus
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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+Conviction breakdown and growth / value / quality / momentum scores
+Score history: how each score moved over time
Analysts
Wall Street consensus
No analyst coverage yet.
Analyst intelligence INVESTOR FEATURE
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
+Price-target low / average / high vs the current price, with implied upside
+Forward revenue and EPS consensus by fiscal year
+ACCE fair-value models lined up against the Street
Smart Money
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In one line
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Where it sits vs peers
News and Record
Press releases mentioning this company
Recent performance
1 week
-5.4%
1 month
-9.7%
3 months
+13.6%
6 months
-10.8%
YTD
+46.2%
1 year
+38.2%
SEC filings
Recommendation history, last 12 months
Date
Type
New
Previous
Price
11 Oct 2026, 00:00 CEST
ACCE price target
$22.00
first publication
$45.96
Price
+35.9% · 1Y
Ask anything about TSAT
Answered from Telesat Corporation Class A Common Shares and Class B Variable Voting Shares fundamentals + recent valuations. Every number shows its source and date.
This stock Peer Peer median weaker → stronger
P/Ebetter than 100% of peers
low 0.0x0.0xhigh 167.7x
ROEbetter than 0% of peers
low -73%-73%high 55%
Div yieldbetter than 50% of peers
low 0.0%0.0%high 2.7%
Peers
Prices Oct 23, 2026
Company
Price
Fair value
vs fair value
P/E
ROE
Quality
Score
TSATTelesat Corporation Class A Common Shares and Class B Variable Voting Shares