olivLaw · European equity research
Eutelsat Communications ETL.PA
France · Euronext Paris · ISIN FR0010221234 · Vertical: Listed companies from France
Eutelsat Communications is a European satellite operator providing TV broadcast capacity, broadband connectivity and services to governments and telecom operators. The company matters now as satellite broadcasting matures and competition grows from low-orbit constellations, while the number of households connected to the Internet by satellite has risen fast in recent years, from 4.2 million in 2023.
At the close of 05 Nov 2026, Eutelsat Communications (ETL.PA) stock was 1.80 EUR (+0.90% on the day), with market capitalisation 1.6 bn EUR, dividend yield 0.00%, beta 0.64, 52-week range 1.37–4.51 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 51.2
- neutral
- Bollinger (20, 2)
- 1.37 – 2.14
- in the upper half of the band · %B 0.56 · band width 43.9%
- SMA 50 / 200
- 1.74 / 2.27
- mixed trend
- MACD (12, 26, 9)
- 0.05 / 0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +20.1% | −0.6% | +20.7 pp | — |
| 3 months | −15.9% | −4.2% | −11.8 pp | — |
| 6 months | −36.6% | +4.3% | −40.9 pp | — |
| Year to date | +5.6% | +7.5% | −1.9 pp | — |
| 1 year | −44.0% | +9.9% | −53.9 pp | −6.8% |
| 3 years | −59.8% | +49.8% | −109.6 pp | −15.9% |
| 5 years | −85.7% | +42.8% | −128.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn |
| Revenue YoY | unavailable | +7.2% | +2.5% | −0.6% |
| Net income | 314.9 m | -309.9 m | -1.1 bn | -457.3 m |
| Net income YoY | unavailable | −198.4% | unavailable | unavailable |
| Diluted EPS | 1.27 | -0.74 | -2.27 | -0.52 |
| Diluted EPS YoY | unavailable | −158.5% | unavailable | unavailable |
| net % | 27.8% | -25.5% | -87.0% | -37.0% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 1.8 bn EUR
- Financial debt
- 2.9 bn EUR
- Net debt
- 1.1 bn EUR
- Equity
- 3.7 bn EUR
- Total assets
- 8.1 bn EUR
- Debt / equity
- 0.78x
- Current ratio
- 2.87x
- ROE
- -14.4%
- ROA
- -6.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn | esef· 28 Oct 2026verified |
| Cost of revenue | 103.3 m | 205.3 m | 241.8 m | 239.9 m | esef· 28 Oct 2026verified |
| Gross profit | 1.0 bn ≈ | 1.0 bn ≈ | 1.0 bn ≈ | 996.0 m ≈ | esef· 28 Oct 2026derived |
| Operating income | 573.5 m | -191.4 m | -909.2 m | -220.1 m | esef· 28 Oct 2026verified |
| Depreciation & amortisation | 455.5 m | 702.1 m | 808.3 m | 699.3 m | esef· 28 Oct 2026verified |
| EBITDA | 1.0 bn ≈ | 510.7 m ≈ | -100.9 m ≈ | 479.2 m ≈ | esef· 28 Oct 2026derived |
| Pre-tax income | 482.2 m | -315.2 m | -1.1 bn | -452.6 m | esef· 28 Oct 2026verified |
| Income tax | 66.5 m | -28.3 m | -6.7 m | 1.6 m | esef· 28 Oct 2026verified |
| Net income | 314.9 m | -309.9 m | -1.1 bn | -457.3 m | esef· 28 Oct 2026verified |
| Diluted EPS | 1.27 | -0.74 | -2.27 | -0.52 | esef· 28 Oct 2026verified |
| Dividend per share | 0.32 | 0.00 | 0.00 | 0.00 | esef· 28 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 482.2 m | 837.4 m | 517.8 m | 1.8 bn | esef· 28 Oct 2026verified |
| Inventories | 13.0 m | 39.4 m | 116.1 m | 88.2 m | esef· 28 Oct 2026verified |
| Current assets | 1.2 bn | 1.3 bn | 1.6 bn | 2.4 bn | esef· 28 Oct 2026verified |
| Goodwill | 1.3 bn | 1.3 bn | 664.9 m | 757.0 m | esef· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | 302.2 m | 472.9 m | 381.6 m | 326.8 m | esef· 28 Oct 2026verified |
| Total assets | 7.4 bn | 8.5 bn | 7.0 bn | 8.1 bn | esef· 28 Oct 2026verified |
| Long-term debt | 2.8 bn | 2.8 bn | 2.5 bn | 2.9 bn | esef· 28 Oct 2026verified |
| Current liabilities | 712.5 m | 761.3 m | 1.1 bn | 826.8 m | esef· 28 Oct 2026verified |
| Equity | 3.0 bn | 3.9 bn | 2.7 bn | 3.7 bn | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 248.5 m | 418.2 m | 474.7 m | 872.7 m | esef· 28 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Capex | 201.0 m | 463.2 m | — | — | esef· 23 Oct 2024verified |
| Investing cash flow | -332.9 m | 90.4 m | -410.1 m | -532.5 m | esef· 28 Oct 2026verified |
| Financing cash flow | -598.0 m | -242.2 m | -288.9 m | 1.3 bn | esef· 28 Oct 2026verified |
| Dividends paid | 80.6 m | 1.0 m | -100.0 k | 0 | esef· 28 Oct 2026verified |
| Share repurchases | 0 | 0 | -800.0 k | 600.0 k | esef· 28 Oct 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.6 bn EUR
Key indicators
Coverage and freshness
Score by group
56% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.12 – 4.74 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA2.12 – 4.74 (Mid 3.03)4 companies used · median multiple 7.9x · quartiles 6.2x – 11.0xABEO.PA, AI.PA, ANTIN.PA, ATE.PA
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -3.9% | 10 (vs peers) | 19% |
| Net margin · Quality | -37.0% | 23 (vs peers) | 11% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 3.0% | 25 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.3x | 29 (vs peers) | 19% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 5.6x | 80 (vs peers) | 19% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 1 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet49/100 · 2/3 factors with a value
- Growth· partial25/100 · 1/2 factors with a value
- Quality15/100 · 2/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation· partial80/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EUTELSAT COMMUNICATIONS (ETL.PA). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.2 bn EUR in 2026; YoY growth -0.6%; net margin -37.0%; ROE -14.4%; net debt/EBITDA 2.3x.
The estimated value range is 2.12–4.74 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.03 EUR, the price of 1.80 EUR leaves a potential of 68.2% (value / price − 1) and a margin of safety of 40.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.9x
- EV/EBITDA: 5.6x
- The price is below the estimated value range
What contradicts it
- ROIC: -3.9%
- Net margin: -37.0%
- Revenue CAGR 3Y: 3.0%
- Net debt / EBITDA: 2.3x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Interest coverage, P/E (TTM), FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ETL.PAEutelsat Communications | 1.6 bn | — | -14.4% | -37.0% | −0.6% | −17% / −52% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for ETL.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Eutelsat Communications is a European satellite operator providing TV broadcast capacity, broadband connectivity and services to governments and telecom operators. The company matters now as satellite broadcasting matures and competition grows from low-orbit constellations, while the number of households connected to the Internet by satellite has risen fast in recent years, from 4.2 million in 2023 1.
SWOT
Strengths
- A fleet of geostationary satellites with a consolidated position in broadcasting and a stable customer base on long-term contracts.
- Access to a LEO constellation through the OneWeb integration, with priority spectrum rights under ITU rules.
- International presence and exposure to emerging markets with demand for connectivity.
Weaknesses
- Dependence on TV broadcasting, a mature segment where volumes are contracting in Europe and North America.
- Heavy investment needed for new generations of satellites, which could weigh on financial flexibility.
- Risk of technological obsolescence, given the long development and launch cycle of satellites.
Opportunities
- Growing demand for high-speed Internet in rural and remote areas where terrestrial networks are absent.
- Adoption of UHD and hybrid connected-TV services could support broadcast revenue.
- Contracts with governments and network operators for secure and resilient connectivity.
Threats
- Competition from LEO constellations that could lower prices and market share.
- Interference risks and challenges to spectrum rights under international regulation.
- Geopolitical instability and sanctions that could limit market access and access to equipment.
Risks
- Competition and price pressurehigh
Competitors with larger resources or LEO constellations could lower prices and win customers from the company.
- Spectrum access and interferencehigh
Priority spectrum rights could be challenged, and interference from LEO constellations could affect geostationary services.
- Geopolitical and macroeconomic factorsmedium
Conflicts, sanctions and inflation could reduce demand and disrupt the supply chain, especially in emerging markets.
- Fleet performance and launchesmedium
A satellite failure or launch delays could create revenue losses and unforeseen costs.
- Cybersecuritylow
Attacks on terrestrial infrastructure or satellites could interrupt services and damage reputation.
Investment thesis
What would need to be true (bull case)
- If demand for connectivity in areas not served by terrestrial networks keeps rising, the company's position in satellite services could support revenue growth.
- The OneWeb integration and spectrum rights could offer a competitive edge in low-orbit constellations.
- Long-term broadcast contracts could provide relatively stable cash flow while connectivity segments grow.
What would break the thesis
- If Starlink and other constellations expand their offers quickly, Eutelsat could lose customers and might have to cut prices.
- Contraction of broadcasting in mature countries could reduce its main revenue base, especially if signal compression accelerates.
- Investment needed for new satellites could strain the balance sheet and limit the capacity to fund growth.
What to watch
- Evolution of the broadcast market in Europe and HD penetration2026
- LEO satellite launch schedule and spectrum coordination progress2026
- Pace of connectivity growth in sub-Saharan Africanext 10-K
- Impact of LEO constellation competition on pricing2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Eutelsat Communications operates a fleet of geostationary satellites and is building a low-earth-orbit (LEO) constellation by integrating OneWeb. Its activity is split between broadcast services, fixed and mobile connectivity and government services. Customers include TV operators, Internet providers, companies and public bodies in Europe, Africa and other emerging regions 1.
The group has an international footprint, with a significant share of revenue generated in emerging markets where demand for satellite Internet access and TV services is supported by the lack of terrestrial infrastructure. Its model combines long-term capacity contracts with sales of connectivity services to end users and distributors 1.
The governance structure includes a significant public shareholding represented by the French state, which influences the company's strategic and financing decisions 1.
Segments
Broadcast (TV distribution)
This is the largest segment of the satellite services market, with about 2 900 transponders worldwide and 40 % of capacity volume. In Europe the market is considered mature and slightly contracting, while in sub-Saharan Africa capacity demand and HD penetration are growing 1.
Connectivity (GEO and NGSO)
The connectivity applications segment is seen as one of the largest medium- and long-term growth opportunities. High-capacity satellites and low-orbit constellations extend Internet supply to areas where terrestrial infrastructure is absent or costly 1.
Market context
The satellite broadcasting market is mature in developed countries, where growth from the shift to High Definition and Ultra High Definition only partly offsets the decline in channel count. Emerging markets offer more potential, but broadcast capacity demand is stabilising in most regions. According to analyses cited in the reports, demand in parts of sub-Saharan Africa could grow moderately in the coming years 1.
The satellite connectivity market grows faster but is increasingly competitive: high-capacity satellites lower the unit cost, and LEO constellations attract users with direct offers. The dynamics depend on how fast terrestrial operators extend their networks and on regulatory policy on spectrum 1.
Trends
- Shift to High Definitiontailwind
Rising HD penetration and the emergence of UHD increase capacity demand per channel, which could support broadcast revenue in emerging markets.
- More efficient signal compressionheadwind
DVB-S2 and MPEG-4 standards allow more channels per transponder, reducing capacity demand per channel.
- Low-earth-orbit constellationsmixed
Rapid growth of LEO subscribers expands the connectivity market, but could reduce the share of geostationary satellites in competitive areas.
- Expansion into emerging marketstailwind
The lack of terrestrial infrastructure in Africa and Asia opens growth opportunities for satellite connectivity, if access to licences and spectrum remains favourable.
Competitive position
The main competitors in the GEO segment are operators such as SES and Intelsat, and on some aspects Inmarsat and ViaSat. Competition also comes from LEO constellation providers such as Starlink, Kuiper and Chinese constellations, as well as terrestrial networks based on fibre, DSL and 4G/5G 1.
Some competitors benefit from subsidies or tax advantages in their home markets and have greater financial resources, which could let them adapt prices and technology faster. A new satellite can take years to be put into service, which makes recovering a technological lead difficult 1.
- SES
GEO satellite operator, cited as the main direct competitor in the geostationary segment in the analysed document.
- Intelsat
GEO satellite operator cited as a competitor in the geostationary segment.
- Starlink
LEO constellation driving growth in the satellite connectivity market, with a direct-to-consumer strategy.
- ViaSat
Competitor cited on some aspects of the satellite services market.
News & filings
In the press
- Alternativa UE la Starlink: Eutelsat estimează venituri de 10 mld. € după lansareCursDeGuvernare.ro · 30 Oct 2026 · RO
- Eutelsat expects $11 billion revenue after EU's Starlink rival comes onlineCNA (Channel NewsAsia) · 29 Oct 2026 · EN
- Eutelsat ″profită″ la Bursă de ″frâna″ pusă de SUA Ucrainei în utilizarea StarshieldProfit.ro · 17 Oct 2026 · RO
- Acţiunile Eutelsat, „răspunsul Europei la SpaceX”, se îndreaptă spre un avans de 25% în această săptămână, după ce limitările impuse Starshield în Ucraina au readus în discuţie dependenţa Europei de serviciile americaneZiarul Financiar · 16 Oct 2026 · RO
- Eutelsat Shares Surge as Ukraine Signals Possible Starlink Military Service RestrictionsModern Diplomacy · 14 Oct 2026 · EN
- Prețul acțiunilor Eutelsat a crescut brusc pe bursăHotNews.ro · 14 Oct 2026 · RO
- Starlink rival Eutelsat plans OneWeb expansion after €1 billion satellite orderCNA (Channel NewsAsia) · 10 Sept 2026 · EN
- Thales Alenia Space signs €500 million deal with Eutelsat for IRIS² satellite payloadsCNA (Channel NewsAsia) · 10 Sept 2026 · EN
- OroraTech partners with Eutelsat for infrared satellite monitoring from spaceCNA (Channel NewsAsia) · 09 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202628 Oct 2026
- Annual report 202518 Nov 2025
- Annual report 202423 Oct 2024
Sources
- [1] Annual report, fiscal year ended 2025-06-30 (ESEF) · SEC / Eutelsat Communications · 30 Jun 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.