Eutelsat: modest revenue and margin beat, LEO capex recalibrated

Eutelsat released H1 results this morning, marginally ahead of consensus (+0.6% revenue, +40bps adj. EBITDA margin), though partly driven by one-offs, including a change in revenue recognition for Video contracts. The group reaffirmed all FY25 targets and lowered its capex guidance by EUR200m to EU

€10.6bn Iris² contract signed: a challenging deal for SES and Eutelsat

The contract for Iris², the European sovereign constellation, was signed yesterday. While widely expected, the announcement offered more clarity on the project’s financial and technical framework. European operators will invest a combined EUR4bn, with SES contributing up to EUR1.8bn and leading the

Eutelsat: no growth reacceleration in sight

Eutelsat's Q1 revenues came in 3% below consensus, primarily due to a 7.3% organic yoy decline in Video and Mobility revenues falling 9% below css. While the quarter was relatively uneventful, we underscore the limited revenue progression, with Q1 topline figures nearly matching last year's Q3 (-12

Eutelsat: model update pre-Q4 2024

We have revised our estimates ahead of Q4 2024 results. Our updated estimates are detailed in the table below. Our Sell recommendation and PT remain unchanged. Eutelsat will report FY24 results on 9th August.

Eutelsat: OneWeb's Momentum Yet to Take Hold

Q3 results were uneventful, with revenues meeting expectations at EUR300m (vs css EUR304m). Video decline has reverted to normative levels, while connectivity revenues have surged by 7% qoq and 37% yoy (on a reported basis), propelled by incremental GEO capacity and contributions from OneWeb. In ou

Satcoms' Muskonomics challenge

In this report, we assess the outlook for the satcoms sector amidst the heightened risk of Starlink and Amazon duopolising the industry. Incumbent operators face a strategic stalemate against the emerging 'gigaconstellations' due to cost uncompetitiveness, limited differentiation opportunities, hig

Eutelsat: Caught between a rock and a hard place?

We reiterate our SELL recommendation on Eutelsat (revised PT to EUR3.1 from EUR5.3), as we see the operator caught between a rock and a hard place in light of increasingly crowded LEO competition combined, while rising capital costs constrain investment capabilities.This note is part of a report as

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

Bryan, Garnier & Co | ALFEN, DT, TIM, TEF, ETL, COP, ELIS, SGE

7.5% organic decline... as expected

Eutelsat has reported Q3 2022-23 revenues down 7.5% on an organic basis, in line with expectations, while FY23e guidance is confirmed. Growth was particularly weak this quarter due to (i) sanctions against Russian and Iranian channels and the carry-forward effect of the low rate of DoD renewals, (i

Bryan, Garnier & Co Technology Daily | ETL, SESFd, SOP, TEF, TELCO, SE...

Eutelsat estimates update post Q2 2022-23 results

PT downgraded to EUR6.0 from EUR6.9 following our estimates update, which notably takes into account a deteriorating adj. EBITDA margin as we now expect a negativemix effect from higher broadband revenues. We stick to our Sell recommendation given the lack of positive catalysts.

Bryan, Garnier & Co Technology Daily | Semiconductors, Eutelsat

Short term view - EUTELSAT : The moving average is capping prices.

A correction is underway. The trend is not bearish anymore as the previous significant peak has been passed, but it is not yet bullish. We do not have two ascending peaks and troughs. The trend is neutral.Arguments :- The support has been reached, it causes the bounce.- The moving average is capping prices.

Analyse court terme - EUTELSAT : La moyenne mobile sert de résistanc...

Une correction est en cours. La tendance n'est plus baissière car le dernier sommet significatif a été dépassé, mais elle n'est pas encore haussière (nous n'avons pas encore deux creux et deux sommets en hausse). La tendance est neutre.Arguments :- Le support est atteint, il cause le rebond.- La moyenne mobile sert de résistance.

Short term view - EUTELSAT : The major resistance has been reached, i...

The trend is still bearish, the invalidation level is above €20.000. The target is at €15.450.Arguments :- The major resistance has been reached, it causes the fall.- The moving average is capping prices.

Analyse court terme - EUTELSAT : La résistance majeure est atteinte,...

La tendance est toujours baissière, son niveau d'invalidation est au-dessus de 20,000 €. L'objectif est à 15,450 €.Arguments :- La résistance majeure est atteinte, elle cause le repli.- La moyenne mobile sert de résistance.

Short term view - EUTELSAT : The support has been reached, it causes ...

A correction is underway. The trend is not bearish anymore as the previous significant peak has been passed, but it is not yet bullish. We do not have two ascending peaks and troughs. The trend is neutral.Arguments :- The support has been reached, it causes the bounce.- The resistance is close.- The moving average is capping prices.

Analyse court terme - EUTELSAT : Le support est atteint, il cause le ...

Une correction est en cours. La tendance n'est plus baissière car le dernier sommet significatif a été dépassé, mais elle n'est pas encore haussière (nous n'avons pas encore deux creux et deux sommets en hausse). La tendance est neutre.Arguments :- Le support est atteint, il cause le rebond.- La résistance est proche.- La moyenne mobile sert de résistance.

Short term view - EUTELSAT : The major resistance has been reached, i...

The trend is still bearish, the invalidation level is above €20.000. The target is at €17.130.Arguments :- The support has been breached.- The major resistance has been reached, it causes the fall.- Prices made a new low, the trend is well asserted.- The moving average is capping prices.