Bigger investment promises less FCF for the bonds, and in our opinion, should put some pressure on this morning. 528 of the incremental
Read MoreWe are reading news articles (possibly AI-generated) portraying the collapsed sale of the ground infrastructure to
Read MoreBonds 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
Read MoreEutelsat 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
Read MoreFollowing its recent unfunded order of 340 LEO satellites from Airbus, Eutelsat Communications SA, the topco, has received an
Read MoreWe 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
Read MoreThe 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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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
Read MoreYes, IRIS2 is committed to, but this is not the shift of funds that will boost the slower-than-expected government satellite
Read MoreFollowing 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
Read MoreAccording 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
Read MoreThe capital increase is underway. Yesterday night, the BPI informed that it had ceded its 13.6% share to APE, the corporate holding
Read MoreFollowing its announcement of a large framework agreement with the French armed forces, Eutelst went further yesterday afternoon in also
Read MoreThe company has disclosed a 10-year framework agreement with the French DGA (Defence Procurement Agency) in the context of the
Read MoreShareholders are repositioning themselves as France is about to double their position in the company, and Sunil Mittal considers following
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