Berenberg


Eutelsat better placed than SES, says Berenberg

Satellite operator Eutelsat is a better bet for investors than rival player SES, according to analysts at Berenberg, who argue that the Paris-based operator’s video business and cash flow, bolstered by its recent contract renewal with anchor customer Sky Italia, place it in a stronger position than its Luxembourg-based competitor. Berenberg says that the Sky […]

Eutelsat delivers ‘robust’ results as broadcast business holds up

Satellite operator Eutelsat has turned in what CEO Rodolphe Belmer described as a “robust” set of full-year results that saw broadcast revenues fall by only 1.2% on a like-for-like basis year-on-year, while overall revenue dropped by 5%. Eutelsat posted total revenue of €1.278 billion for the year, with broadcast revenues accounting for €785 million, the […]

Analysts heap praise on Eutelsat as broadcast revenues hold up

Amid problems elsewhere in the satellite sector, analysts have given a strong vote of confidence in satellite operator Eutelsat after it posted solid fiscal Q3 results that showed modest quarter-to-quarter growth in the challenged broadcast segment and a stable year-on-year performance in broadcast. Analysts at Berenberg said that “Eutelsat’s Q3 revenue release once again highlighted to us that the company’s cash flows are […]

ProSiebenSat.1 pulls financial guidance under coronavirus impact

ProSiebenSat.1 has become the latest media company to pull its financial guidance under pressure from the coronavirus crisis. ProSiebenSat.1 said it expected trading to be heavily impacted in the second quarter, with ad revenues falling by 40% year-on-year in April . The media group said it could not provide an outlook for the second quarter […]

Eutelsat adjusts projections despite resilience of core business

Eutelsat’s core broadcast business is well-placed to withstand the coronavirus crisis but there is likely to be a negative impact on its occasional use, mobile connectivity and fixed broadband businesses and two key projects are likely to be pushed back because of supply chain problems, the satellite operator has said. Eutelsat said that the OU […]

Berenberg: ‘unfashionable’ Eutelsat’s low valuation ‘starting to look silly’

Satellite operator Eutelsat is “an unfashionable cash cow” that is nevertheless delivering decent shareholder returns and is undervalued to an extent that is “starting to look silly” according to analysts at Berenberg. Eutelsat last week reported first-half revenues of €636.6 milllion, down 3.3%, and EBITDA of €495.5 million, down 4.4%. CEO Rodolphe Belmer said the […]

ProSiebenSat.1’s Conze hails ‘unique business model’, highlights Joyn premium launch plan

ProSiebenSat.1’s “unique business model”, combining entertainment with e-commerce and digital advertising, will see it through a tough period, while the German broadcaster is seeing “very strong interest” in its Red Arrow production unit, according to CEO Max Conze. Speaking to analysts after the company posted a sharp drop in core advertising revenues offset by solid […]

Analysts reflect on ‘thoroughly disappointing’ Eutelsat numbers

Analysts at Berenberg have admitted that satellite operator Eutelsat’s Q1 revenues were “thoroughly disappointing”, with the top line depressed by a contract termination in Sub-Saharan Africa and the return of two transponders by a Russian customer. The bank has retained its buy recommendation on the company’s stock however, based on an assumption that the Paris-based […]

Berenberg: Mediaset investors likely to stick around for MFE deal

Mediaset shareholders are likely to accept conversion of their shares into stakes in the new MediaForEurope (MFE) organisation that will combine Mediaset and Mediaset Espana, even if they chose to retain an option to exercise withdrawal rights that would enable them to cash out before completion, according to analysts at Berenberg. Berenberg’s analysts, who have […]

Berenberg: ‘uncompelling’ Britbox leaves ITV ‘between a rock and hard place’

The proposed Britbox streaming service between ITV and BBC in the UK looks “uncompelling” in the face of growing SVOD competition, including Apple’s announcement that its own streaming offering would be priced as low as US$4.99, according to analysts from Berenberg, which have ITV a ‘hold’ recommendation. According to Berenberg’s analysts, Britbox will likely struggle […]

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