Advanced Television

Sami Kassab

Eutelsat+OneWeb: “Disappointing valuation” says bank

Investment bank Exane/BNPP, in a comprehensive report on the proposed merger between satellite operator Eutelsat and Low Earth Orbit constellation OneWeb, says the “increase in interest rates, inflation, the war in Ukraine, [OneWeb] Gen 2 funding requirements all suggest a bit of patience could have improved the financial outcome for minority shareholders… but the new […]

July 29, 2022

Bank: “Difficult to make Starlink work financially”

Technically, Elon Musk’s Starlink is working well. Musk’s generous supply of free Starlink terminals to fighters and military logistical technicians in Ukraine is both praiseworthy and a clear example as to how emergency supply of equipment can be managed. But making Starlink work for a global audience is a different – and major – problem, […]

June 15, 2022

OneWeb expects $1bn in 3-5 years

Eutelsat, a significant shareholder in low-Earth orbit constellation OneWeb – which has some two-thirds of its fleet (428 craft) already in space, says that it sees OneWeb generating $1 billion (€0.96bn) in revenues within 3-5 years of its deployment. A note from equity analyst Sami Kassab at investment bank Exane/BNPP to clients anticipates that OneWeb […]

May 16, 2022

SES: “Demand for government comms increasing”

SES has told investment analysts that its exposure to Russian or Ukrainian revenues is extremely limited. But it says that the conflict has increased demand for governments for military grade X-band communications has increased in the past couple of weeks. The X-band usage is centred through its Govsat-1 capacity which is part of its SES-16 […]

March 21, 2022

SES: C-band extra benefits examined

SES unveiled its end-of-year numbers on February 24th and in its post-results analysts call, CEO Steve Collar explained that the satellite operator was “well ahead” of its work to prepare for FCC-mandated C-band conversion work for the SES. Collar stated the C-band Phase 2 work meant SES was on track to receive the remaining $3bn […]

February 25, 2022

Bank examines SES and Eutelsat

SES and Eutelsat, Europe’s pair of important satellite operators, have come under the microscope from investment bank Exane/BNPP. SES comes out of the report well. Eutelsat, less so. The bank forecasts that by 2024 it estimates that SES could be 24 per cent ahead in terms of its EBITDA numbers and therefore with a 45 […]

February 9, 2022By Chris Forrester

Satellite operators hit by Russian action

November 16th saw Eutelsat’s share price crash 5 per cent and SES suffer a 2 per cent fall on the day. In the US Viasat and Loral both fell 3 per cent with Echostar and Iridium falling 2 per cent. Asian satellite shares also fell. The reductions were seen as being “excessive” according to analysts […]

November 17, 2021

Analyst: Viasat is satellite industry’s biggest player

The planned $7.3 billion (€6.3bn) acquisition by Viasat of Inmarsat confirms Viasat’s position as the satellite industry’s largest player in terms of revenues. But the deal could also herald a further suite of consolidations. In the words of analyst Sami Kassab, from investment bank Exane/BNPP, this transaction will help diversify Viasat’s geographic and vertical exposure, […]

November 10, 2021By Chris Forrester

Macron’s €30bn includes Space Force

Two years ago, French president Emmanuel Macron said he would create a Space Force. On October 12th, he backed up his promise with a €30 billion commitment for investment in France’s high-tech sectors. “We want to have Elon Musks in France,” he told an audience at the Elysée Palace. Macron said that Musk and his […]

October 13, 2021By Chris Forrester

More bidders for Eutelsat?

The bid for Eutelsat by businessman Patrick Drahi, rejected by the satellite company, might well trigger other bidders to enter the picture. Sami Kassab, equity analyst at investment bank Exane/BNPP, poses some interesting suggestions as to potential rival bidders to Drahi. Kassab argues that the key to anyone’s success in the validation of the bid […]

October 5, 2021