Eutelsat: Q3 in line but under pressure as Russia hit and qoq weakness...

Eutelsat has reported Q3 FY24–25 operating revenues of EUR300.6m, in line with consensus (EUR302m), and reiterated full-year guidance. The group disclosed a EUR16m annualised revenue and EBITDA impact from the enforcement of EU sanctions mandating the cessation of Russian TV broadcasts—set to fully

Satcom update: Competitive pressure shows no sign of easing

We update our satcom outlook following The Next Launch Window industry brief. We remain concerned about incumbent operators, as we see no evidence of sustainable strategic positioning against Starlink—and soon Kuiper—as competitive threats intensify. European demand for sovereign capabilities could

Eutelsat: finally, something to hold on to?

We reassess our investment case after the recent share price rally and speculation that Eutelsat could replace Starlink in Europe, amid rising European reliance on OneWeb for strategic satcoms. Near-term volatility should persist as speculation has yet to translate into concrete revenue. However, w

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

Hybridan Small Cap Feast - 23 Feb 24

23rd February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...

End of coverage

From 2nd January 2024, we will no longer include in our research universe:HMSBaslerTKH GroupInfineonSTMicroelectronics

STMicroelectronics N.V. - July 2023 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Q2 2023 STMicroelectronics - Model update

Model update

We have updated our estimates ahead of Q3 2023 results. Our estimates change by low-single digits, as detailed in the table below. PT and Buy recommendation unchanged.

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

STMicroelectronics N.V. - April 2023 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

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 | CPGI, SOW, COP, ALVGV, SEMIS