Initiating at Buy with $18 Price Target

We are initiating coverage of Tailwind Two Acquisition Corp. (TWNT) with a Buy rating and an $18 price target. TWNT has announced its intent to merge with Terran Orbital, a U.S. based manufacturer, owner, and operator of satellites and related space-based solutions that provide Earth observation, as well as data and analytics, to defense, intelligence, civil, and various commercial end users. Through subsidiary Tyvak Nano-Satellite Systems, Inc., Terran Orbital is a leading provider of next-generation satellite solutions that are focused primarily on the small satellite market. These satellite technologies and solutions serve the U.S. government defense, intelligence, and civil agencies, including the Department of Defense, NASA, and the Space Development Agency. Terran Orbital also provides satellites to defense prime contractors, notably including Lockheed Martin.

After more than a decade of experience in satellite solutions and mission support, through another subsidiary, PredaSAR, Terran Orbital is developing a constellation of NextGen Earth observation (EO) satellites that use synthetic aperture radar (SAR) data and electro-optical capabilities. The Company expects to provide EO data and other solutions that are differentiated by breadth of coverage, revisit rates, and the ability to observe and detect during day and night, as well as through clouds and other interference. This area of Terran Orbital’s business, Terran Orbital Satellite Solutions, has begun building satellites and intends to continue to develop and launch the largest commercially operated Next-Generation EO satellite constellation, with the first constellation of 96 satellites currently expected to be completed and in orbit by 2026. Terran Orbital expects to launch the first of the 96 satellites later this year. The Terran Orbital Satellite Solutions area has developed more than 65 flight-proven modules and devices and has successfully executed more than 80 missions.

TWNT

Terran Orbital Corporation

Semiconductors & Emerging Technologies

Terran Orbital Debuts as a Publicly Traded Company

SmallSat Innovator with Strong Pipeline and Deep Relationships