Eutelsat’s €1bn target for 2010

**Bacteria**

Eutelsat’s €1bn target for 2010
Chris Forrester
08-11-2009

Eutelsat certainly pleased the market with its results on Friday. Morgan Stanley in a note to investors, said Eutelsat’s revenues were €10m ahead of the bank’s expectations. Moreover, the bank says that this trading year will see Eutelsat earn more than €1bn in revenues.

Morgan Stanley holds onto its €24 price target for Eutelsat. “We continue to believe that Eutelsat has significant absolute upside,” says the bank. “Moreover, we think Eutelsat will continue to perform strongly in both operational and financial terms, and that it offers investors a relatively unique combination of growth and low cyclical risk.”

By June 2012, Morgan Stanley forecast Eutelsat’s revenues hitting €1.187bn.

“In contrast with SES, data (+16%) & multi-usage (+46%) revenues ran ahead of our FY forecast. While more volatile, they benefit from W2A launch, Internet and government demand,” added the bank.

In a list of benefits, the bank tells investors that Eutelsat has the highest operating margins (79%) in the fixed satellite business, with matching high fleet utilisation.

Regards,

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