SATS will go ahead to buy Worldwide Flight Services – a global cargo handling business with presence across 18 countries in five continents. At first glance, I thought this acquisition made much sense — SATS/WFS deal would push the combined companies to become a global cargo handling player. In fact, SATS would eventually diversify revenues across Asia, Europe, the Middle East and Africa, and North America. Trending Is AIMS APAC REIT’s 7.6% Dividend Safe From Rising Rates? Source: SATS/WFS Prospectus 3 Jan 2023 Yet SATS shares have fallen more than 30%. And even after the deal was approved last week, shares were still stuck in the bargain bin. If the SATS/WFS deal had so much growth potential, why is the market still undervaluing its SATS shares? And more importantly, will SATS still pay a dividend ever again? WFS — struggling profits? I went deeper into the SATS/WFS prospectus… WFS profits soared over the last two years. But that’s not what surprised me....