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 […]