Financials Eutelsat Communications

Equities

ETL

FR0010221234

Wireless Telecommunications Services

Market Closed - Euronext Paris 11:36:16 2024-06-10 am EDT After market 12:44:37 pm
3.834 EUR -6.12% Intraday chart for Eutelsat Communications 3.836 +0.05%

Valuation

Fiscal Period: Juni 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 3,824 1,892 2,269 2,473 1,485 1,939 - -
Enterprise Value (EV) 1 6,896 4,894 4,959 5,287 4,251 4,646 4,757 4,914
P/E ratio 11.2 x 6.4 x 10.6 x 10.7 x 4.72 x -7.41 x -29.6 x -17.4 x
Yield 7.73% 10.8% 9.44% 8.66% - - - 2.62%
Capitalization / Revenue 2.89 x 1.48 x 1.84 x 2.15 x 1.31 x 1.57 x 1.39 x 1.27 x
EV / Revenue 5.22 x 3.83 x 4.02 x 4.59 x 3.76 x 3.77 x 3.41 x 3.22 x
EV / EBITDA 6.68 x 4.98 x 5.38 x 6.14 x 5.15 x 7.05 x 6.26 x 5.87 x
EV / FCF 10.8 x 8.76 x 7.03 x 11.9 x 9.19 x 16.1 x 22.6 x -69.9 x
FCF Yield 9.24% 11.4% 14.2% 8.38% 10.9% 6.21% 4.42% -1.43%
Price to Book 1.43 x 0.7 x 0.87 x 0.89 x 0.5 x 0.64 x 0.66 x 0.67 x
Nbr of stocks (in thousands) 232,580 230,438 230,216 230,268 248,619 474,745 - -
Reference price 2 16.44 8.210 9.854 10.74 5.975 4.084 4.084 4.084
Announcement Date 7/31/19 7/31/20 7/30/21 7/26/22 7/28/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Juni 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,321 1,278 1,234 1,152 1,131 1,232 1,396 1,528
EBITDA 1 1,032 982 921.9 861.6 825.5 658.8 759.9 836.5
EBIT 1 526.1 487.2 347.2 424.8 573.5 -9.942 154.8 186
Operating Margin 39.82% 38.11% 28.14% 36.89% 50.69% -0.81% 11.09% 12.17%
Earnings before Tax (EBT) 1 433.3 406.7 252.2 359.9 482.2 -321 -102 3
Net income 1 340.4 297.6 214.1 230.8 314.9 -253 -65.53 -110
Net margin 25.77% 23.28% 17.35% 20.04% 27.84% -20.54% -4.69% -7.2%
EPS 2 1.463 1.283 0.9300 1.002 1.267 -0.5510 -0.1382 -0.2350
Free Cash Flow 1 637.4 558.7 705.6 443.2 462.4 288.4 210.4 -70.25
FCF margin 48.25% 43.71% 57.18% 38.49% 40.87% 23.41% 15.08% -4.6%
FCF Conversion (EBITDA) 61.74% 56.89% 76.54% 51.44% 56.01% 43.78% 27.69% -
FCF Conversion (Net income) 187.25% 187.74% 329.57% 192.03% 146.84% - - -
Dividend per Share 2 1.270 0.8900 0.9300 0.9300 - - - 0.1071
Announcement Date 7/31/19 7/31/20 7/30/21 7/26/22 7/28/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2020 S1 2020 S2 2021 S1 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 S2
Net sales 1 636.6 641.7 628.5 605.4 287.3 284.9 572.2 286.8 292.6 579.4 286.4 573.8 272 285.5 557.5 274 298.7 572.6 651.7
EBITDA 495.5 486.5 482.1 - - - 435.7 - - 425.9 - 419 - - 406.5 - - 365.6 -
EBIT 225.3 261.9 214.2 - - - 276.4 - - - - - - - - - - - -
Operating Margin 35.39% 40.81% 34.08% - - - 48.3% - - - - - - - - - - - -
Earnings before Tax (EBT) - 164.6 - - - - 241.9 - - - - - - - - - - - -
Net income - 156.9 137.4 - - - 166 - - - - - - - - - - - -
Net margin - 24.45% 21.86% - - - 29.01% - - - - - - - - - - - -
EPS - 0.6780 - - - - 0.7210 - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - - - - - - -
Announcement Date 2/14/20 7/31/20 2/12/21 7/30/21 10/28/21 2/17/22 2/17/22 5/12/22 7/26/22 7/26/22 2/17/23 2/17/23 5/11/23 7/28/23 7/28/23 10/26/23 2/16/24 2/16/24 -
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,073 3,002 2,691 2,814 2,766 2,707 2,818 2,975
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.976 x 3.057 x 2.918 x 3.266 x 3.35 x 4.109 x 3.708 x 3.556 x
Free Cash Flow 1 637 559 706 443 462 288 210 -70.3
ROE (net income / shareholders' equity) 12.7% 11.1% 8.12% 8.56% 10.9% -3.7% 0.6% 2.11%
ROA (Net income/ Total Assets) 4.23% 3.75% 2.88% 3.11% 4.2% 4.45% 3.36% 3.69%
Assets 1 8,043 7,936 7,430 7,426 7,492 -5,683 -1,948 -2,980
Book Value Per Share 2 11.50 11.60 11.40 12.10 12.00 6.420 6.230 6.140
Cash Flow per Share 2 3.650 3.350 3.860 3.480 2.960 2.990 2.970 3.100
Capex 1 211 220 183 177 271 601 733 812
Capex / Sales 15.96% 17.23% 14.86% 15.39% 23.92% 48.79% 52.5% 53.15%
Announcement Date 7/31/19 7/31/20 7/30/21 7/26/22 7/28/23 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
9
Last Close Price
4.084 EUR
Average target price
3.722 EUR
Spread / Average Target
-8.86%
Consensus

Quarterly revenue - Rate of surprise

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