Eutelsat - Downhill from here - Model Update

Rights Issues, asset sales, constellation CapEx, CapEx constellations, contract wins and cancellations, defence exposure, ageing cash cows and rising stars - the list goes on, and Eutelsat has it all. So, considering its legal structure and bond curve, is there an opportunity for us in the near term? We have updated our trusted two-entity model here, sum-of-the-parts analysis and value waterfall to come to a conclusion.