Report

ODDO : Un secteur solide face à la crise, qui a pour seul défaut son endettement

>Les opérateurs sont relativement solides face à la crise actuelle - Suite à l’avertissement d’Eutelsat (ETL) jeudi dernier en raison du COVID-19, nous abaissons nos estimations de CA de respectivement 3% et 4.5% en moyenne sur 2020-21 pour ETL et SES, avec des décroissances attendues de respectivement -5% et -6% en 2020. Cela illustre le caractère relativement résilient de ce secteur. En effet, dans la Vidéo (60% du CA de ETL et SES), les opérateurs bénéficient de c...
Underlyings
Eutelsat Communications SA

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.

SES SA FDR (Class A)

SES is engaged as a provider of satellite-delivered services. As a strategic management company, Co. operates through a unique network of leading satellite operators around the world. This network comprises the fully-owned SES ASTRA in Europe and SES AMERICOM in the U.S., as well as participations in regional satellite operators. SES ASTRA is European direct-to-home satellite operator. SES AMERICOM operates a fleet of 17 satellites serving the Americas, Europe and the Asia-Pacific region. AsiaSat provides transponder capacity for broadcast, broadband and telecommunications services in the Asia-Pacific region.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

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