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.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 20/06/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 06/20/2025

Eutelsat Group : Understanding the big bang

Eutelsat Group : Comprendre le big bang

Eutelsat (Sell, €1.0, -60%) French army provides some reinforcement

The French army yesterday announced a framework agreement with Eutelsat, including the procurement of OneWeb capacity. In this Quick Take we discuss how much revenue this contact could generate, and implications for the longer-term viability of Eutelsat’s LEO ambitions.

Credit Morning 06/19/2025

Eutelsat: € 1bn framework agreement with the French Armed forces ministry|Worldline: several candidates in the running to acquire the MeTS division, including OVHcloud (Les Echos)|

Morning Crédit 19/06/2025

Eutelsat : accord cadre de 1 md EUR avec le Ministère français des Armées|Worldline : plusieurs candidats au rachat de la division MeTS dont OVHcloud (Les Echos)|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 06/19/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 19/06/2025

Eutelsat Group : An ideal contract for launching an operation. Upgrade...

Eutelsat Group : Un contrat idéal pour lancer une opération. Opinion N...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Intrum, Nimlas, TeamSystem, Altice France (SFR), Almaviva, Urbaser, Telecom Italia, Paprec Group, Selecta, Cirsa, Vedanta Resources, Cheplapharm, Kem One

Vodafone to Virgin spectrum sale: More details revealed

As part of the Vodafone-Three merger (VOD3UK), the merging companies committed to sell a portfolio of spectrum to VMO2. The details of that spectrum portfolio have now been formally disclosed by Ofcom, which has published a notification listing the frequencies that are due to be transferred (LINK). In this note, we run through the final decisions and implications for potential UK revenue share.

NOS (Sell, TP: €3.11, -18%) Digi (Underweight) Altice International (E...

One of the key questions in European Telecoms at the moment is how successful will Digi be in Portugal, Spain and Belgium; and to a lesser extent, how successful can the challengers be in general: Salt, Iliad Italy, and so on. In this report, we take a top-down look at how spectrum drives success in European mobile, and what that means for future outcomes.