Bryan Garnier - EUTELSAT (ETL) Eutelsat: modest revenue and margin beat, LEO capex recalibrated

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Bryan Garnier

Antoine Lebourgeois

Eutelsat: modest revenue and margin beat, LEO capex recalibrated

Eutelsat released H1 results this morning, marginally ahead of consensus (+0.6% revenue, +40bps adj. EBITDA margin), though partly driven by one-offs, including a change in revenue recognition for Video contracts. The group reaffirmed all FY25 targets and lowered its capex guidance by EUR200m to EU

14/02/2025 1 EN

Underlying

EUTELSAT

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Provider

Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

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Analysts

Antoine Lebourgeois

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Antoine Lebourgeois

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Eutelsat: modest revenue and margin beat, LEO capex recalibrated

€10.6bn Iris² contract signed: a challenging deal for SES and Eutelsat

Eutelsat: no growth reacceleration in sight

Nel: FY24 results, poor visibility FY25

SES: a strong Q4 in line with last week's trading update

Medincell: Uzedy's sNDA for label extension into BP-I accepted by the FDA

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