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Rocket Lab
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=== Growth accelerating, underpinned by robust backlog/pipeline === With industry launch demand continuing to outpace supply, Deutsche Bank believes Rocket Lab is well positioned for growth given its strong track record of reliability and diverse business streams. Backlog (contracted revenue) exited September worth >$170m vs. just $60m at the end of 2Q20. Rocket Lab can turn around a launch in about 2 weeks at its site in New Zealand, constrained mainly by staffing/procedural limitations and more recently, COVID-19 lockdowns. Recent prominent wins include a 5-launch deal with Kineis to deploy a fleet of IoT constellations beginning in 2023 and a 3 Photon spacecraft tie-up with Varda Space where internal components will also be used. Customer mix is split 50% commercial, 20% civil, and 30% national security. Looking ahead, management sees a $4.4bn active pipeline opportunity across a broad range of customers and verticals, up significantly from just $2.2bn in March. Deutsche Bank believes Rocket Lab was on track to beat initial 2021 management forecasts set out in March before the very stringent COVID-19 lockdowns in New Zealand halted launch activity. However, this should set-up 2022 to mechanically outperform and Deutsche Bank expects 2023-24 to demonstrate solid growth as launch activity and component wins pick up momentum.
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