Eutelsat Group : Retour sur terre
Nous initions Eutelsat Group à Sous-performance avec un objectif de cours de 3,0 €. Nous avons passé en revue sous l’angle crédit et equity l’impact de différents facteurs : problématique de refinancement, perspectives de succès ou d’échec de la transaction OneWeb, concurrence, réinvestissement dans une nouvelle constellation Gen-2. Le scénario d’un succès de la constellation OneWeb reste encore trop éloigné selon nous au regard du carnet d’ordre actuel, des investissements à ven...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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