Space: The Next Investment Frontier

Goldman Sachs Exchanges

Julia McGonagle

Business

4.4 • 1K Ratings

🗓️ 22 May 2017

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

Long dominated by government agencies, space is now in play for private companies and venture capitalists, who see big potential in areas like launch, communications and exploration. Noah Poponak, senior Aerospace and Defense equity research analyst for Goldman Sachs Research, says this investment interest has helped reduce launch costs and spur innovation across related industries, opening up a new chapter in the history of the space economy. This podcast was recorded on May 3, 2017. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2017 Goldman Sachs. All rights reserved.

Transcript

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0:00.0	This is exchanges of Goldman Sachs where we discuss developments currently shaping markets, industries, and the global economy.
0:15.0	I'm Jake Seward, Global Head of Corporate Communications here at the firm.
0:18.0	A second space age is emerging, according to my guest today Noah Popinich who in a recent
0:24.1	Goldman Sachs research report called space the next investment frontier.
0:28.3	Noah is here today to tell us what's reinvigorating the industry after all these years and what the surge in new space
0:34.9	activity could mean for the economy here on Earth.
0:37.8	NOAA, welcome to the program.
0:39.6	Jake, thanks a lot for having me.
0:41.1	So let's start with this idea of space
0:43.8	being the next big investment frontier.
0:46.1	What do you mean exactly by that?
0:48.1	Maybe I'll speak a little bit to our process
0:49.8	and how we ultimately arrived at that conclusion.
0:51.9	So we cover aerospace and defense within investment research.
0:55.6	In your day job?
0:56.4	That's right.
0:57.2	Yeah, exactly, exactly.
0:58.4	And so the 20 companies we cover,
1:01.2	a dozen or so of them have some space business but as a percentage of the
1:06.8	total business for most companies that cover spaces and particularly large.
1:11.0	So we've always known the space market, we've always looked at the space market, we've studied it, we've done the work on it, but we've never looked at it the way we look at commercial aircraft fundamentals or the defense budget or things more kind of core to that day job that you reference.
1:24.5	But separately we're always looking for new markets, longer term investment opportunities,
	...

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