Section1: Company Overview

MDA Space Ltd. (TSX: MDA) is a Canada based global space company. The Company is a robotics, satellite systems and Geo intelligence provider. It provides communications satellites and earth and space observation. It is also involved in space exploration and infrastructure. Its software, AURORA, is a digital satellite product line providing critical new solutions to operators. AURORA technology enables constellations to extend communication networks to every corner of the globe with digital automation, and robotics. 

This Report covers the Key Recommendation Rationale, Valuation, Target Price, and Recommendation on the stock. 

Section2:  Financial Highlights

Section 3:  Stock Recommendation Summary

 Valuation Methodology (Illustrative): EV to Sales based Relative Valuation approach:

The stock has witnessed a downside of ~34.84% and ~47.99% over the 1 month and 3 months respectively. The stock is trading below the average of 52-week high price of CAD 48.31 and 52-week low price of CAD 19.95, providing an opportunity to accumulate the stock.

One-Year Technical Price Chart (as of November 19, 2025). Source: REFINITIV, Analysis: Kalkine Group

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on November 19, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.