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    David McFadgen • Cormark Securities

    David McFadgen is a Director of Institutional Equity Research at Cormark Securities, specializing in coverage of Canadian-listed mid-cap and emerging growth companies with a particular focus on consumer products and media sectors. He covers specific companies such as CCL Industries and is recognized for delivering insightful equity research that supports institutional investment decisions across the Canadian market. With a career in the investment industry dating back to 1996, McFadgen joined Cormark Securities in 2003 after prior roles at CT Securities and Octagon Capital. He holds the Chartered Financial Analyst (CFA) designation, highlighting his extensive professional credentials and commitment to rigorous financial analysis.

    David McFadgen's questions to Telesat Corp (TSAT) leadership

    David McFadgen's questions to Telesat Corp (TSAT) leadership • Q2 2025

    Question

    David McFadgen inquired about the Telesat Lightspeed LEO backlog, seeking clarification on the reported figures versus Q1, the impact of foreign exchange, and the status of recent term sheets. He also asked for an update on the timing of debt restructuring negotiations, the key drivers behind the GEO segment's revenue decline, and whether management's optimism on Lightspeed demand remains high.

    Answer

    President & CEO Daniel Goldberg explained the LEO backlog was impacted by FX conversion but grew slightly on a constant currency basis, noting that term sheets with Arabsat and Space Norway are not yet included. He stated that engagement with debt holders will begin in the 'near term' and could conclude by year-end. Goldberg attributed roughly 75% of the GEO revenue decline to four specific items, including contracts with DISH and Shaw, and noted the next major headwind will be the Nimiq 4 contract renewal. He affirmed his bullish outlook on Lightspeed, especially in the aero and government sectors.

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    David McFadgen's questions to Telesat Corp (TSAT) leadership • Q1 2025

    Question

    David McFadgen of Cormark Securities asked about the expected quarterly cadence of the LEO segment's EBITDA loss, whether Viasat intends to use Lightspeed for all its service verticals, and if Telesat is in discussions with other GEO operators for potential partnerships. He also inquired about the potential magnitude of the Space Norway deal, any updates regarding Taiwan, and the status of negotiations with debt holders.

    Answer

    Executive Andrew Browne explained the LEO EBITDA loss cadence is tied to program development and hiring ramp-up, reaffirming the full-year guidance. President and CEO Daniel Goldberg added that Viasat is expected to leverage Lightspeed across its enterprise verticals, excluding direct-to-consumer. He confirmed active discussions with other regional GEO operators. Regarding Space Norway, he called it premature to discuss size but expects a meaningful agreement. He declined to comment on specific government discussions like Taiwan and stated that while refinancing is a key priority, they have not yet fully engaged with debt holders.

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    David McFadgen's questions to Telesat Corp (TSAT) leadership • Q4 2024

    Question

    David McFadgen of Cormark Securities inquired about the timeline for the planned debt restructuring, the outlook for GEO revenue declines beyond 2025, the reason for pausing debt repurchases, and the CapEx forecast for 2026.

    Answer

    President and CEO Daniel Goldberg affirmed that refinancing the restricted group debt is a priority for 2025 and believes it's realistic to complete this year. He declined to project GEO revenue to 2026 but acknowledged ongoing headwinds. Regarding debt repurchases, he cited market variables like liquidity and trading prices. Executive Andrew Browne confirmed that 2026 and 2027 CapEx would likely be in a similar range to the ~$1 billion guided for 2025.

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    David McFadgen's questions to Telesat Corp (TSAT) leadership • Q3 2024

    Question

    David McFadgen inquired about the net financial impact of the EchoStar renewal, the accounting for Lightspeed CapEx, potential government contracts for Lightspeed in Taiwan, and how Lightspeed will compete with an evolving Starlink.

    Answer

    CEO Dan Goldberg explained that the net impact of the EchoStar renewal is not yet clear, as the freed-up capacity will be used to service existing customers from aging satellites, making it more of a revenue shift. He declined to comment on specific customer discussions like Taiwan but affirmed talks with Viasat. Regarding competition, Goldberg acknowledged Starlink's strength and stated Telesat will compete on service quality, price, and enterprise-focused features like SLAs and CIRs. CFO Andrew Browne clarified that the full $1B-$1.4B CapEx guidance will be reflected in cash flow statements, detailing the year-to-date cash payments and accrued expenses.

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    David McFadgen's questions to Rogers Communications Inc (RCI) leadership

    David McFadgen's questions to Rogers Communications Inc (RCI) leadership • Q2 2025

    Question

    David McFadgen from Cormark Securities asked about the product roadmap for the new Rogers Satellite service, specifically when voice and data capabilities might be available. He also inquired about its potential to help reverse the decline in wireless ARPU.

    Answer

    President & CEO Tony Staffieri estimated that voice and data capabilities for the satellite service could arrive sometime later in 2026, dependent on satellite partner technology. He noted that while it's too early to predict the revenue upside, the service has seen strong sign-ups in its first week. The service will move to a paid model in October, priced at $15/month, with a discount for early beta users.

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    David McFadgen's questions to Bragg Gaming Group Inc (BRAG) leadership

    David McFadgen's questions to Bragg Gaming Group Inc (BRAG) leadership • Q1 2025

    Question

    Asked a series of detailed questions covering the Q1 client onboarding ramp in Brazil, the expected go-live date for Ohio, the status of the BetCity contract and potential migration, and the collateral for the new credit facility.

    Answer

    The company responded that Brazil's Q1 ramped up during the quarter and has more potential. Ohio is expected to launch as early as Q1 2026. The risk from BetCity is now minimal, with its contract expiring at the end of 2025 and a near-term migration seen as unlikely. The new credit facility will be a working capital loan secured by accounts receivable.

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