Bryan Garnier - EUTELSAT (ETL) ... Satcoms Muskonomics challenge

Report

Bryan Garnier

Antoine Lebourgeois

Satcoms' Muskonomics challenge

In this report, we assess the outlook for the satcoms sector amidst the heightened risk of Starlink and Amazon duopolising the industry. Incumbent operators face a strategic stalemate against the emerging 'gigaconstellations' due to cost uncompetitiveness, limited differentiation opportunities, hig

12/04/2024 1 EN

Underlyings

EUTELSAT

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SES

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Luxembourg

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

SES: Capital allocation strategy remains paramount

We maintain our BUY recommendation on SES (revised PT to EUR7.4 from EUR6.5) anticipating that new leadership and diminishing industry returns for capital addition in light of gigaconstellations dominance could trigger a more shareholder-friendly capital allocation, with updates expected alongside

April 12, 2024 April 12, 2024 1 EN

Bryan Garnier

Eutelsat: Caught between a rock and a hard place?

We reiterate our SELL recommendation on Eutelsat (revised PT to EUR3.1 from EUR5.3), as we see the operator caught between a rock and a hard place in light of increasingly crowded LEO competition combined, while rising capital costs constrain investment capabilities.This note is part of a report as

April 12, 2024 April 12, 2024 1 EN

Nemetschek - SaaS momentum accelerates in Q1 2024

Nemetschek delivered solid growth in Q1 2024, with a homogenous contribution from every division. The quarter was marked by the acceleration of SaaS and subscription revenue (+68% Y/Y) and a confirmation of both short term and long-term growth objectives (+10-11% in FY2024e and >+15% in FY2025e)

April 30, 2024 April 30, 2024 1 EN

Paul de Froment ... (+3)

Paul de Froment
Sebastián Marroquin Mérida
Thomas Mordelle

Waga Energy: Setting itself for profitable growth

Waga Energy has reported a FY 2023 EBIT loss broadly in line with expectations at EUR14.1m (vs cons. at -EUR14.2m). With 23 units in operation (0.9TWh/year), 14 under construction representing up to 1.3TWh/year of additional capacity, and a global pipeline of more than 12TWh/year, Waga Energy is on

April 30, 2024 April 30, 2024 1 EN

Aurelien Deside

Aurelien Deside

Exclusive Networks: Q1 growth dampened by high comps as expected

Yesterday evening, EXN reported Q1 2024 results in line with our estimates, suffering the effects of exceptionally high Q1 2023 comps. The group also reiterated its FY guidance and provided more details on its NEXTGEN acquisition.

April 30, 2024 April 30, 2024 1 EN

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Satcoms' Muskonomics challenge

SES: Capital allocation strategy remains paramount

Eutelsat: Caught between a rock and a hard place?

Nemetschek - SaaS momentum accelerates in Q1 2024

Waga Energy: Setting itself for profitable growth

Exclusive Networks: Q1 growth dampened by high comps as expected

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