I bought @1.20 for this exact thinking but I considered it a very risky investment and am lucky it's paying out. The company's financials were not looking good at all but a couple of days and a couple of good company news later it popped. Now everyone is talking about it. My thinking was that:

1. the company merging with oneweb and owning their fleet of LEO satellites,
2. the hurrying necessity for a starlink replacement and
3. the iris2 project on the horizon gives it a huge advantage in the current geopolitical climate and thus can truly turn around completely and trade at more than just 30€ eventually.

Having said that, the company still needs ways to sort out its troubled finances so we will see how they handle everything.