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Eutelsat: 4% growth expected

Paris-based satellite operator Eutelsat will declare its Q3 revenues on May 12th, and the expectations are that its organic growth (before currency fluctuations) will come in at about 4 per cent up at around €369 million (€338 million this time last year). Observers suggest that Eutelsat will, in particular, enjoy solid growth in its video (up 8 per cent y-o-y) and Value Added Services (up 29 per cent) divisions.

The 4 per cent figure is likely to be confirmed for its overall growth this year (which wraps on June 30th), and according to bankers Exane/BNP-Paribas “accelerate” to 5 per cent for the upcoming financial year to June 2016.

Sami Kassab, satellite analyst at Exane, states: “We expect management to provide a positive message with regard to two key uncertainties which have plagued sentiment since the H1 results. First, we point to the improvement in the euro/rouble rate as a reason to believe that pricing pressure in Russia may have abated. Second, we point to SES’s positive comments with regard to improving trends in Government Services. We reaffirm our Outperform rating.”

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