As some of you know, we are working on the City’s most powerful proprietary AI system to extend our work and make our own content more readily accessible. Importantly, “Rafael" learns and helps us integrate data, colour and news into our house view, allowing us to interpret events consistently and maintain a coherent investment approach. Rafael runs entirely inside our own environment on Sarria’s own research, and nothing leaves the house. Let us know your thoughts on the unedited example below: 

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Steady for the bonds. RG Group revenues were slightly down on our forecast as Video is falling even faster than expected; government pick-up

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Bigger investment promises less FCF for the bonds, and in our opinion, should put some pressure on this morning. 528 of the incremental

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We are reading news articles (possibly AI-generated) portraying the collapsed sale of the ground infrastructure to

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Bonds should not move much this morning. We had already been asking about the timing of the French defence ramp-up on the last call. The early

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Compared to SES yesterday morning, Eutelsat’s performance is brighter. It was a good, brief call, and bonds should be mildly friendly today as

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Eutelsat is following up its recent €1bn BPI guaranteed financing with the bond issuance (a condition precedent). The €1.5bn issue will

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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

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Following its recent unfunded order of 340 LEO satellites from Airbus, Eutelsat Communications SA, the topco, has received an

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We have written before that we’ve never been fans of the EQT deal, although for a while it seemed that Eutelsat had no other option. Now that it has

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The company announces the success of its rights issue, the second leg of its capital raising program. Over the course of Q4, therefore, Eutelsat will

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Please find our updated analysis on Eutelsat here.

The deterioration in the GEO business is outweighed by the fresh equity, holding EV practically constant in our calculation. However, as

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Round 1 of the capital increase is underway for €828m of fresh equity. Thi sis the reserved leg to be subscribed by the French state, also

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Following it’s capital increase, Eutelsat has found a new CFO in Sebastien Rouge, a safe pair of Parisian establishment hands with

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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

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Overall, the group is tracking our model very closely, except that reported divisional revenues at S.A. level include LEO revenue, something we have

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According to Les Echos, London is ready to co-invest into Europe’s only LEO operator. The investment would not rival France’s 30% stake, but

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The capital increase is underway. Yesterday night, the BPI informed that it had ceded its 13.6% share to APE, the corporate holding

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