Archer Aviation unveiled plans for a new engineering hub in the UK to handle defense partnerships. The stock is down about 12.5% over the last year and currently trading around $7.95. Valuations look reasonable at 3.5x book value, which is right in line with the aerospace industry average. They are still pre-revenue and expected to be unprofitable for at least three more years. While some valuation models suggest a fair value closer to $22, the market seems to be pricing in the execution risks regarding certification delays.