Eutelsat - comment

We are due to update our Eutelsat and SES models, but yesterday’s Eutelsat Q126 results were largely on target. Within that, however, we are seeing video fall faster than expected, Government is growing slower than we thought, as is most of the GEO business, while LEO take-up beats expectations. So even though Government should be the big boost (the French contract is not producing revenue in Q126 yet), the more important growth story of LEO is underway.