Eutelsat - Tear Sheet - Lucror Analytics

Eutelsat is in the market with a EUR 1.5 bn equivalent senior unsecured notes offering comprising five-year and seven-year tranches, along with a EUR 400 mn term loan offering. Proceeds from the offerings will be used to repay subsidiary Eutelsat SA’s EUR 600 mn senior unsecured bonds due 07/27 and EUR 600 mn senior unsecured notes due 04/29, as well as the issuer’s EUR 400 mn term loan due 06/27. The proceeds will also be used to place EUR 215 mn of cash on balance sheet and pay transaction fee...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 02/25/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 25/02/2026

Telecom Italia : 2026 guidance OK and shareholder returns are back

Telecom Italia : 2026 guidance OK and shareholder returns are back

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Gestamp, Nomad Foods (Iglo), Odigeo, Telecom Italia, Techem, Ahlstrom, Azelis, Tullow Oil, Cirsa, Ardagh Metal Beverage Packaging, Ardagh, Centrient, Ineos, Forvia (formerly Faurecia), Encore Capital (formerly Cabot)

Telecom Italia (Neutral, €0.45) Q4 25: A solid quarter - but up with e...

Telecom Italia has had a phenomenally strong start to the year – already up 27% YTD. We think Telecom Italia’s business is in a good place – but at 16x FCF and no upgrades to near-term estimates, we remain Neutral.

Eutelsat Communications SA: Covenant Quality Pre-Sale Snapshot: €1,500...

Eutelsat S.A.'s covenant package provides lower-tier moderate protection, reflecting a CQ score of 3.28.

Eutelsat : Issuance Focus

Eutelsat Communications is offering € 1.5bn of new unsecured notes split into two tranches (5NC2 and 7NC3). Net proceeds from the issue and a new € 400m term loan will serve to redeem the existing outstanding 2027 and 2029 notes at Eutelsat SA, repay an existing € 400m term loan at Eutelsat Communications and for general corporate purposes. We estimate fair yields of 5.9% (5NC2) and 6.4% (7NC3).

Eutelsat : Focus Emission

Eutelsat Communications is offering € 1.5bn of new unsecured notes split into two tranches (5NC2 and 7NC3). Net proceeds from the issue and a new € 400m term loan will serve to redeem the existing outstanding 2027 and 2029 notes at Eutelsat SA, repay an existing € 400m term loan at Eutelsat Communications and for general corporate purposes. We estimate fair yields at 5.9% (5NC2) and 6.4% (7NC3).

Credit Morning 02/24/2026

Azelis: new bond issuance and exit of its main shareholder|Forvia: a resilient 2025 publication that emphasizes margins and FCF|Thyssenkrupp Elevator repays part of its 2027 bonds|

Proximus/Not your normal Telco yet, FCF lower for longer/HOLD

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Telecom Italia, Digi Communications, TK Elevator, Azelis, EnQuest Plc, TAP, Guala Closures, Odfjell Drilling, Sasol, Victoria, International Personal Finance

Credit Morning 02/23/2026

Eutelsat intends to issue € 1.5bn of new bonds due in 2031 and in 2033|

Morning Crédit 23/02/2026

Eutelsat compte émettre 1,5 md EUR de nouvelles obligations 2031 et 2033|

Benelux Morning Notes

AEGON: Uneventful results, US weaker, underlying OCG in line / Air France-KLM: Productivity gains starting to filter through / Arcadis: Weak revenues and EBITA, but strong NWC / Ascencio: Results in line, no concerns on Carrefour Belgium exposure / Azelis: Persisting softness in 4Q25, continued focus on costs and cash / BAM Group: Solid 2H25 results, 2026 outlook in line / Belgian telecoms: Telenet improved net adds, to relist as part of Ziggo in 2027, Liberty to sell half of its 66% Wyre stake ...

Benelux Morning Notes

ASR: Better results, strong solvency, SBB below though; new CEO, new CMD on 1 Dec / IMCD: Weak 4Q25 / Kinepolis: Bankruptcy of Belga Films, the oldest film distribution business, along with its eight-screen cinema complex in Brussels; 2H25 preview / Proximus: CpaaS peer Sinch 4Q25 results a bit light of consensus, stock down 14%

Eutelsat (Sell, €1.4, -40%) 2Q26: Nothing to justify the rally

Eutelsat has reported decent Q2 results, beating expectations due to a small one-off and confirming full year guidance. The fundamental outlook for the business remains unchanged, with deteriorating GEO economics (Flexsat Americas satellite cancelled) and an uncertain LEO outlook in an increasingly fragmented market. Nothing to justify the recent rally in the shares.

Credit Morning 02/13/2026

Ubisoft: Q3 net bookings slightly above target, FY25-26 guidance is confirmed|Sales stabilizing but margin still under pressure|

Morning Crédit 13/02/2026

Ubisoft : net bookings au T3 légèrement supérieurs à l’objectif, guidance FY25-26 confirmée|Sales stabilizing but margin still under pressure|