Eutelsat - comment

It’s all faster than expected. Both the growth at One Web and the drop in Video are running ahead of our model to produce EBITDA, only slightly ahead of projections. On average, however, this is good news, since we assign a greater value to the growing LEO constellation. The recent giant order for another 340 LEOs from Airbus is now half-funded at Communications level by a government-guaranteed near €1bn financing, which remains subject to a bond issuance and should have no problem being filled. 

The company assigns the faster loss in Video specifically to further sanctions against Russia and otherwise indicates stable business in Q2. So perhaps we need not be more pessimistic on this legacy business than we already are.