Redeye initiates coverage of ASTG, a high-tech company in the SatCom and IMU markets. After several years of limited sales, negative earnings and recurring rights issues, 2019 proved to be a turning point for the company. We believe ASTG will be able to maintain its commercial progress as focus is more market oriented, following last year’s shift in management. Our valuation range is quite wide, due to great growth prospects but also high uncertainty. Our Base case fair value indicates some upside potential.