u/_DoubleBubbler_

EnSilica trades at ~3x forward FY26 sales vs. sector medians of 4.5x (UK) and 6.4x (US); peers like Filtronic (>11x PS) and SealSQ (18x PS) command much higher multiples; MDA Space paid 13x sales for competitor Satixfy. Recent $50M+ satellite terminal contract, oversubscribed fundraising, and growing pipeline in satellite user terminals and post-quantum chips create a clear growth trajectory toward £60M+ revenue, justifying a re-rating toward peer multiples. Patient investors can capture upside from both revenue growth and multiple expansion as the market recognizes EnSilica's strategic position in high-growth satellite and secure computing niches. Revenue growth may disappoint if satellite constellation deployments stall; customer concentration; risk of dilution from further fundraising; small-cap OTC liquidity risk; competitive pressure from larger players.