Eutelsat (Sell, €1.2, -60%) 4Q25: Good results, but LEO backlog stati...

Eutelsat has reported a good set of Q4 results, with revenue boosted by one-off equipment sales and EBITDA better than feared. All FY26 guidance has been confirmed, although the 2.5x leverage target looks increasingly pessimistic given the additional €150m equity raise (0.2x turns). The LEO backlog is still at c.€1.0bn, fueling concerns about the long-term commercial outlook for the service

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/05/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/08/2025

Credit Morning 08/05/2025

Conti Q2 25 results: Good adj. EBIT improvement in Auto ahead of planned IPO|Altice France: the economic court validates the accelerated safeguard plan|

Eutelsat Group : FY 2025 results 2% above expectations, pending the ri...

Morning Crédit 05/08/2025

Conti Q2 25 results: Good adj. EBIT improvement in Auto ahead of planned IPO|Altice France : le tribunal valide le plan de sauvegarde accéléré|

Eutelsat Group : FY 2025 results 2% above expectations, pending the ri...

Credit Morning 07/22/2025

CCK raises its targets after a strong Q2 2025|

Morning Crédit 22/07/2025

CCK relève ses objectifs après un bon T2 2025|

Morning Crédit 11/07/2025

Levi’s publie de très bon résultats T2 et relève sa guidance de chiffre d’affaires annuelle|ZF CFO sees cloudier H2 25 and necessity for additional cost measures|

Credit Morning 07/11/2025

Levi’s posted excellent Q2 results (ended 1 June) and raised its full-year sales guidance|ZF CFO sees cloudier H2 25 and necessity for additional cost measures|

Credit Morning 07/04/2025

While the offer on Mediobanca will open on July 14, Monte has set a minimum threshold of 35%.|

Morning Crédit 04/07/2025

Alors que l’offre sur Mediobanca ouvrira le 14/07, Monte fixe un minimum threshold à 35%.|

Eutelsat Communications S.A.: 1 director

A director at Eutelsat Communications S.A. sold 64,586,426 shares at 4.000EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last ...

Credit Morning 06/26/2025

Vilmorin & Cie has entered into exclusive discussions to build a strategic and financial partnership with ADQ on Vegetable Seeds|Finnair: more industrial actions announced|

Morning Crédit 26/06/2025

Vilmorin & Cie en discussions exclusives avec ADQ pour établir un partenariat stratégique et financier sur les Semences Potagères|Finnair: more industrial actions announced|

Eutelsat Model update – increase target price to €1.2/ share

We update our Eutelsat numbers to incorporate the €1.35bn equity raise and the new guidance. The equity raise mechanically lifts our target price, partly offset by the weaker operating trends implied by the near-term guidance. (We remain sceptical that the ambitious mid-term guidance is achievable.) Net, our equity price target increases to €1.2/ share (previously €1.0) and we maintain our Sell recommendation.

Credit Morning 06/20/2025

Orano: Niger has announced its decision to nationalise Somaïr|Eutelsat plans to raise € 1.35b of fresh equity with the support of the French State|

Morning Crédit 20/06/2025

Orano : le Niger a annoncé sa décision de nationaliser la société Somaïr|Eutelsat annonce un projet d’augmentation capital de 1,35 md EUR avec le soutien de l’Etat français|

Eutelsat French bail out agreed, but guidance falls short

Yesterday Eutelsat announced their long-awaited equity raise (€1.35bn, mainly from the French shareholders) and issued new guidance for FY26 (disappointing) and FY29 (dubious). In this Quick Take, we discuss the new shareholder structure, new guidance, and new LEO revenue disclosure.