EUTELSAT COMMUNICATIONS - | EUR7.3 VS. EUR7.5 (-13%) A long bumpy road to value creation
The Capital market day provided interesting insight on the merger project with OneWeb. In particular we welcome the guidance provided on revenues and EBITDA, as well as the additional information shared on Gen 2. We acknowledge the project’s long term strategic and business rational, but although OneWeb Gen 2 will improve economics, competition will strengthen in the meantime and we still stand short of the management objectives. Execution risks are high, capex phasing is uncertain and it is still early to be involved in the case in our view. Sell confirmed with TP slightly adjusted to EUR7.3 vs EUR7.5.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.