Bryan Garnier - EUTELSAT (ETL) Eutelsat: finally, something to hold on to?

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Bryan Garnier

Antoine Lebourgeois

Eutelsat: finally, something to hold on to?

We reassess our investment case after the recent share price rally and speculation that Eutelsat could replace Starlink in Europe, amid rising European reliance on OneWeb for strategic satcoms. Near-term volatility should persist as speculation has yet to translate into concrete revenue. However, w

13/03/2025 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

Other Reports on these Companies

Bryan Garnier

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

February 14, 2025 February 14, 2025 1 EN

Bryan Garnier

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

The contract for Iris², the European sovereign constellation, was signed yesterday. While widely expected, the announcement offered more clarity on the project’s financial and technical framework. European operators will invest a combined EUR4bn, with SES contributing up to EUR1.8bn and leading the

December 17, 2024 December 17, 2024 1 EN

Hugo Boss: stronger emphasis on margin improvement this year

The FY25 outlook unveiled yesterday shows greater visibility on the margin improvement trajectory, thanks to further sourcing efficiencies and disciplined cost control. However, sales trends remain more volatile, as evidenced by a MSD decline in the first two months of 2025 following a strong Q4. W

8h / 27m 8h / 27m 1 EN

Aurelien Deside

Aurelien Deside

ATOSS Software: whatever it takes

Following the release of the 2024 annual report and the share's underperformance since our initiation of coverage at Sell last October, we have reviewed our model and investment case. We continue to view the name as a high-quality vendor, which despite impressive fundamentals faces multiple risks t

March 13, 2025 March 13, 2025 1 EN

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Eutelsat: finally, something to hold on to?

Eutelsat: modest revenue and margin beat, LEO capex recalibrated

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

Hugo Boss: stronger emphasis on margin improvement this year

ATOSS Software: whatever it takes

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