Exane cites favourable conditions for EU satellite firms as it initiates SES, Eutelsat

Eutelsat Communications SA

18/12/2025 07:49

** Exane BNP Paribas initiates SES SESFg.LU and Eutelsat ETL.PA with "outperform" and "neutral", respectively, saying European satellite operators could benefit from the geopolitical environment despite challenges in video business

** It says SES's multi-orbit strategy, exposure to the networks market, spectrum auctions in the U.S. by 2027 and Intelsat synergies outweigh video weakness and competition

** Eutelsat, on the other hand, still has sizeable exposure to the challenged video segment, according to Exane

** Still, it notes "Eutelsat has multi-orbit operations and is well placed to benefit from the space policy and sovereignty theme in Europe"

** Up to Wednesday's close, shares in SES gained 75% this year, while Eutelsat is up 3%

(Reporting by Gianluca Lo Nostro)

((gianluca.lonostro@thomsonreuters.com;))