ET ETL.PA Eutelsat Communications S.A. Loading... : Investor Sentiment and Bull/Bear Views

The author argues Eutelsat is a high-risk, high-reward turnaround: the OneWeb LEO segment grew 61% YoY in Q1 and management targets 50%+ FY growth, while the legacy video business declines. The bull case is that the completed ~€1.5bn capital raise, a target ~2.5x net debt/EBITDA by FY2025-26, and a planned €500m passive infrastructure sale de-risk the balance sheet ahead of the H1 2025-26 earnings release on Feb 13, 2026. Main stated risks are Starlink dominance in enterprise, further dilution, and faster GEO decline. The author's catalyst is a boring earnings report with confirmed guidance sparking a relief rally.

Eutelsat combines GEO and LEO networks after the OneWeb merger, placing it alongside US names like Iridium and AST SpaceMobile but with far less hype and a much lower valuation. The stock has been crushed by high debt and execution risk, yet it has strong backing from France/EU governments and long-term contracts across defense, aviation, telecom and government services. Rising geopolitical noise and strategic interest in space infrastructure could bring the name back onto investors' radar. The author explicitly flags high risk and high volatility as the main caveat.