Eutelsat reports Q1; Shares hit all-time low
October 26, 2023
By Chris Forrester

Eutelsat’s has reported its Q1 2023/24 results, but before that, on October 25th, its share price fell to an all time low of €4.15 before a slight recovery to finish the day at €4.31. The low value puts Eutelsat’s market capitalisation of just €2.10 billion, down 53 per cent over the past 12-months. A five-year snapshot shows a fall of 76 per cent in its share price.
As to Eutelsat’s numbers, its operating verticals were collectively down 2.4 per cent (but up 2.9 per cent on a sequential basis) at €273 million (€287.4m same period last year).
Its Mobile division enjoyed double-digit growth “on the back of strong commercial momentum” at 35 per cent growth.
However, its important Video vertical was badly down y-o-y by 10.9 per cent at €163.5 million (€183.5m last year) and reflecting lower business from Europe.
Eutelsat said that its OneWeb business now had a backlog of almost $1 billion (up 66 per cent y-o-y) of which $275 million came from Eutelsat itself.
Eutelsat’s own backlog was €3.4 billion and “broadly stable” quarter-on-quarter although the actual backlog this time last year was €3.9 billion.
Revenues of Eutelsat Group are expected to grow at a double-digit revenue CAGR over the medium to long-term, reaching €1.32-1.42 billion in FY 2024, €1.55-1.75 billion in FY 2025, and c.€2.0 billion in FY 2027.
Eutelsat reported that its high-power Konnect VHTS (Very High Throughput Satellite) has entered service at 2.7 degrees East. Built by Thales Alenia Space, the new satellite handles 230 beams with a Ka-band capacity of 500 Gb/m. The craft is the largest geostationary satellite to date in Europe. It already has major customers in place, not least Orange – via its Nordnet affiliate for the French coverage, Telecom Italia Mobile over Italy, and Thales Alenia Space to serve notably government connectivity services. Eutelsat says that these combined contracts are worth about €450 million in contract value.