Eutelsat 1Q25 Outlook: Revisiting the FY25 guidance
We caught up with the company ahead of the Q1 results (29 October), with the key takeaway being that the FY25 EBITDA guidance is more negative than we (and consensus) had understood. We now expect an additional +€0.1bn of OneWeb funding costs, reducing our equity price target to €3.2/ share (from €3.5). For the bondholders, these revisions don’t change the fundamental debate and we continue to rate the bonds Overweight.Eutelsat Communications is a private telecommunications satellite operator involved in the design, establishment, operation and maintenance of satellite telecommunications systems covering a large geographical area (extended Europe (including North Africa and the Middle East), sub-Saharan Africa, parts of America and Asia). Co. provides its customers broadcasting capacity and associated services to transmit TV programmes via satellite, cable or Internet Protocol (IP) networks. As of June 30, 2013, Co. owned and operated 31 satellites in geostationary orbit and 4 satellites in inclined orbit.
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