<aside> ✅
Status: exact contraction theorem; original visual contains a decomposition error documented below.
</aside>
Set
$$ A=K^\dagger K. $$
Because $K$ is Hermitian,
$$ A=K^2,\qquad \ker A=\ker K=E_{47}. $$
For
$$ 0<\varepsilon<\frac{2}{\|A\|}, $$
define
$$ T=I-\varepsilon A. $$
Then
$$ T^n\longrightarrow P_{47}, $$
and
$$ x_{n+1}=(I-\varepsilon K^\dagger K)x_n\longrightarrow P_{47}x_0. $$