Bryan Garnier - EUTELSAT (ETL) 7.5% organic decline... as expected

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Bryan Garnier

Antoine Lebourgeois ...

Thomas Coudry

7.5% organic decline... as expected

Eutelsat has reported Q3 2022-23 revenues down 7.5% on an organic basis, in line with expectations, while FY23e guidance is confirmed. Growth was particularly weak this quarter due to (i) sanctions against Russian and Iranian channels and the carry-forward effect of the low rate of DoD renewals, (i

11/05/2023 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

Thomas Coudry

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7.5% organic decline... as expected

Eutelsat: EUR1.35bn raise and step towards becoming a strategic French asset

Eutelsat: Q3 in line but under pressure as Russia hit and qoq weakness weigh on momentum

Satcom update: Competitive pressure shows no sign of easing

VITEC Software: wait-and-see continued in Q2

XVIVO: Estimates reset post-Q2; upside remains intact with updated SEK410 PT

Median Technologies: EIB loan signed, tied to equity raise and debt repayment

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