reports
- Antoine Lebourgeois
- Thomas Coudry
- Thomas Coudry
Disappointing Q3 revenues lead to sales and profit warning
Ekinops has posted disappointing Q3 revenues, down 15%, hit by a stronger than expected macro-related slowdown in access products. Visibility remains poor for the end of the year, and the group has revised down both its revenue and EBITDA margin targets for the full year. We have revised our PT dow
- Antoine Lebourgeois
- Thomas Coudry
BG IRIS Rising Stars: Beyond the Hype
Over the past decade, the space industry has undergone a profound transformation known as NewSpace. Private capital is surging, innovation cycles are shrinking, and commercial applications are multiplying. To keep you at the forefront of this revolution, BG IRIS, Bryan Garnier's research platform,
- Thomas Coudry
Feedback from RS with CFO: delivering the 2025 plan
Following the roadshow we hosted with the group's new CFO Laurent Martinez last week and our latest discussions ahead of Q3 results, we reaffirm our Buy conviction on the stock with an unchanged PT at EUR13, pointing to 18% upside. Laurent Martinez, who officially joined Orange in early September,
- Thomas Coudry
Transformative deal with CommScope
Vantiva yesterday announced it has entered into an agreement with CommScope to acquire the group’s Home Networks division, a leading provider of devices supplying residential connectivity and video set-top box solutions. The deal makes sense from an operational stance as it will enable Vantiva to g
- Thomas Coudry
- Thomas Coudry
CEO roadshow feedback: the right trend for H2
Following H1 results and the roadshow we hosted with the CEO and interim CFO of Orange last Thursday, we reaffirm our Buy conviction on the stock with an unchanged TP at EUR13, pointing to 25% upside. H1 2023 is not fully representative of the good trends ahead, and we remain very confident in the
- Thomas Coudry
A challenging 2023 exercice
H1 results came out lower than we expected, shaped in particular by a sharp slowdown in the Connected Home (CH) business over Q2. The situation is expected to reverse in H2 with improving business trends, more favorable comparable basis, and better seasonality. The group confirms FY 2023 guidance.
- Thomas Coudry
Mixing solid growth with outstanding profitability
While Ekinops posted H1 sales up 12%, in line with the group's objectives and consensus expectations, H1 EBITDA grew 33% over the semester, showing a record high 20.2% margin. All revenue and profitability guidance for the FY2023 are confirmed. Although outlook on the revenue side remains challengi
- Thomas Coudry
Q2 revenues trends similar to previous quarter: strong optical, weaker...
Ekinops has posted Q2 revenue growth at up 10% and H1 sales +12%, in line with the group's objectives and consensus expectations. H2 is expected to provide a more favourable comparison basis. As in Q1, growth is mainly being driven by optical transport, but access is now decreasing. Ekinops intends
- Antoine Lebourgeois
- Thomas Coudry
An update on Starlink and Iris²: time to revisit our views on the sect...
In this report, we delve into changes in the satcom competitive landscape in recent months. Our findings show a rapid expansion of Starlink over the past semester, and identify uncertainties related to the outcome of Iris², the European sovereign constellation project. Our outlook for Eutelsat rema
- Antoine Lebourgeois
- Thomas Coudry
Disposal of ETL B2C: confirmation of a growing threat from Starlink
Eutelsat yesterday announced it is to sell its European residential broadband B2C activities, including BigBlu which it acquired just two years ago. ETL will continue to operate its wholesale residential broadband business, but we believe the move could mask the fact that the company is struggling
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