Eutelsat Group : Back to earth
We initiate coverage on Eutelsat Group at Underperform with a target price of € 3.0. We reviewed from a credit and equity perspective the impact of different factors: refinancing issues, prospects of success or failure of the OneWeb transaction, competition, reinvestment in a new Gen-2 constellation. The scenario of success for the OneWeb constellation still remains too remote in our opinion given the current order book, future investments and growing competition. - - >OneW...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.
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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