Original-Research: Mynaric AG - von GBC AG
Einstufung von GBC AG zu Mynaric AG
Unternehmen: Mynaric AG
Anlass der Studie: Executive Board interview
Analyst: Marcel Goldmann, Cosmin Filker
20/11/2017: Executive Board interview with Dr Wolfram Peschko, Chief
Executive Officer of Mynaric AG
GBC: The amount of data that is transferred globally over communications
networks has risen rapidly over the last few years. What are the reasons
for this and what are your predictions for future developments?
Dr Peschko: Progressive digitisation has many different aspects – the
Internet of Things (IoT), Industry 4.0, driverless cars and artificial
intelligence, but also a wide range of consumer applications, such as
augmented reality. Almost all heavily-traded growth markets require a fast
and, above all, widespread internet connection. As a result, the number of
internet users and devices connected to the internet is growing steadily.
Today, more than 17 billion devices are already connected to the internet.
By 2021, it is estimated that over 27 billion will be so connected. At the
same time, the data needs per user and device are increasing. We are
expecting the global flood of data to triple by 2021.
GBC: Are traditional communications networks able to handle current and
future quantities of data, as well as meet the requirements of users within
reason, and what supporting role can Mynaric take on in this regard?
Dr Peschko: The current infrastructure mainly consists of international
fibre optic networks on the ground. These are increasingly reaching their
logistical and economic limits – in particular in sparsely populated and
remote areas. Our customers and diverse, international companies, such as
Facebook, Google, SpaceX and OneWeb, want to build an “internet above the
clouds”, in order to economically provide these areas with broadband
connectivity. These businesses view laser communication as a key technology
in building digital highways between the many hundreds and even thousands
of high-altitude platforms, drones and satellites which virtually make up
the backbone of these data networks above the clouds. Mynaric provides
these key technologies in the form of tested products.
GBC: How does laser communication technology from existing providers or
traditional systems differ in comparison with the technology used by
Dr Peschko: Laser communication is especially suitable for digital
highways, the so-called backbone connections. Laser connections achieve
considerably higher data rates than those that are possible over radio
frequency systems. The current world record in terms of laser communication
has already surpassed the milestone of 1,000 Gbps and this is by no means
its limit. In addition, laser communication is conveniently encrypted,
since the beam is highly collimated. In contrast to radio communication,
licences for the use of this technology are not required. Compared to other
providers of laser communication, we see ourselves as a mass producer of
products that suit the economic business models of our customers. We think
on industrial scales and quantities in the three to four-digit range.
GBC: Your business is creating a completely new market with its technology.
How high do you think the market potential is for successfully establishing
Dr Peschko: To begin with, it is not just us who single-handedly work to
form this market. In fact, our customers and large, diverse, international
companies have discovered laser communication as their technology of choice
for their data networks above the clouds. We expect a market volume similar
to that of terrestrial optical networks: that is to say, a market in the
tens of billions of dollars per year.
GBC: What are the main target groups that Mynaric is aiming for with its
laser-based communication technology and what are typical hardware
components that you plan to deliver to your customers?
Dr Peschko: We target all those businesses that would like to build
communications networks in air and space. This spans all the way from
operators of regional networks consisting of several dozen drones to global
networks comprising hundreds of satellites. We provide equipment precisely
for these types of networks so that air platforms and satellites are
networked together with high data rates. We manufacture so-called laser
terminals, which are simultaneously both receivers and senders of laser
communication connections between these network nodes. We additionally have
optical ground stations in our portfolio, which enable high-speed
connections on the ground.
GBC: What further technological developments were you able to achieve in
the past fiscal year of 2016 and what projects have already been completed
or initiated with clients?
Dr Peschko: Last year, we were able to demonstrate, on behalf of a client,
a connection with a data transmission rate of 1 Gbps between two air
platforms in the stratosphere that were 80km apart. In 2017, we
demonstrated a connection of 10 Gbps from the air to the ground – so the
data rate of our products has increased tenfold. An optical ground station
for satellite communication is currently in production.
GBC: After the successful subscription phase in the course of the IPO, your
company reaped around 27.3 million euros in investor capital. What will
these financial resources be used for?
Dr Peschko: The funds will largely be used for developing serial
production. For example, investments in measuring systems and assembly
capacities, as well as more employees, are required. In addition, the funds
should be used for the further development of our laser terminals for
satellites, as well as for the general evolution of the performance of our
products and further internationalisation.
GBC: What objectives are you going to pursue on an operational and
technological level over the coming years?
Dr Peschko: To begin with, we expect increasing quantities in the field of
laser terminals for aviation. In this respect, we shall be seeing network
demonstrations with aeroplanes or other platforms and several dozen of our
laser terminals. Following this, we then anticipate the beginning of
operational roll-outs of our products for aviation, which will be required
in three to four-digit quantities. At the same time, we will continue to
develop our laser terminals for satellites, which we started at the end of
last year and which we hope will be finished towards the end of 2018. In
2019, we plan to fly the terminal on a satellite into space for the first
GBC: Where do you see the business being in five years’ time?
Dr Peschko: We would like Mynaric to have established itself as a leading
business for building communications networks in the aviation and space
industries, and to reach a market capitalisation of 1 billion euros.
GBC: Dr Peschko, thank you for talking to us.
GBC’s conclusion: Mynaric AG believes itself to be the only provider that
currently supplies laser-based communications technology specifically for
commercial use to a wide group of customers. This market is still in its
infancy and we predict that it will experience highly dynamic growth over
the coming years. We are confident that this market can achieve a market
volume in the double-digit billion range in the long term. With its
know-how and expertise, Mynaric should be able to achieve a significant
market share. We therefore see a ready opportunity for investors to profit
very early on from this new growth market.
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