EFTA01204332Set 9
2014-03-0522p12,481w
against our target rating of 18x. Its discount to Eutelsat (on Nayab Amjad •
Equity Analyst
17x 2014 PE), as we had previously argued, has now reduced materially, but is still ... faun 14.2%
Source: Jefferies
We had previously highlighted how SES had compelling appeal against Eutelsat (valuation
discount, faster growth, lower leverage, has lower earnings risk). We are therefore not
surprised ... discount to Eutelsat now completely reversed (Chart 3) after a
difficult 2H13 period when the stock suffered some broker downgrades. With the Satmex
acquisition now completed, Eutelsat's growth profile
https://www.justice.gov/epstein/files/DataSet%209/EFTA01204332.pdf
EFTA01432866Set 10
2018-07-01106p17,893w
Page 28 Renault
— Page 29 Royal Dutch Shell
— Page 30 RWE
IITMT
— Page 32 Eutelsat - SELL
— Page 33 Infineon
— Page 34 Informa
— Page 35 KPN
— Page 36 Sophos
— Page ... ArcelorMittal, BAE, Continental,
DSM, Glencore, Kingspan, Linde, Renault, Royal Dutch
Shell, RWE
— TMT: Eutelsat, Infineon, Informa, KPN, Sophos, Vodafone
— Business Services, Leisure & Transport: Deutsche Lufthansa, Royal Mail,
SGS, Vinci
IIOne ... EFTA01432921
TNT
Deutsche Bank Research: European Equity Focus — January 2018
31
EFTA01432922
> TMT
24 Eutelsat — Laurie Davison, SELL, close €18.9, €14 tgt, 26% downside
IIOpex and capex cuts leave
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01432866.pdf
Deutsche Bank
Eutelsat — Laurie Davison, SELL, close €18.9, €14 tgt, 26% downside
■ Opex and capex cuts leave ETL exposed in 2018. Faced with falling
ETL has materially outperformed ESE (which ... outperformed SES over 2017, but is now left with more fixed trunking data,
—Eutelsat Stock Price (EUR) —SES Stock Price (EUR)
less mobility and a weaker Government position ... after being the major growth
driver for the past 10 years
• We expect Eutelsat to miss guidance as a result. The current guidance
requires a return to growth
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385531.pdf
EFTA02705504Set 11
2014-06-3017p4,878w
Eutelsat 12.8 C, Ku 69.45 W
2011 Hughes Network Systems 91.6 Ku, Ka 45 W
2011 Hughes Network Systems 22.2 Ku, Ka, X 68.5 W
2011 Star ... Eutelsat 12.8 C, Ku 69.45 W
2011 Hughes Network Systems 91.6 Ku, Ka 45 W
2011 Hughes Network Systems 22.2 Ku, ICa, X 68.5W
2011 Star
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02705504.pdf
EFTA02705694Set 11
2014-06-3019p5,521w
Eutelsat 12.8 C, Ku 69.45 W
2011 Hughes Network Systems 91.6 Ku, Ka 45 W
2011 Hughes Network Systems 22.2 Ku, Ka, X 68.5 W
2011 Star ... Spot Beams / Satellite 19 [191
2014 Eutelsat 12.8 C Ku 69.45 W Satellites / Constellation 1,560 1,560
2011 Hughes Network Systems 91.6 Ku, Ka 45 W Total Bandwidth
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02705694.pdf
EFTA00386261Set 9
2013-07-319p3,206w
Kluwer H1 revs & EPS bang in line, EBITA slight light, reaffirms guidance (trading -1.6%)
• Eutelsat FY (yesterday) in line, lowers 2014 growth, acquires Satmex for $1.142bn (trading -4.5%)
• Vallourec
https://www.justice.gov/epstein/files/DataSet%209/EFTA00386261.pdf
EFTA00407720Set 9
2012-07-317p2,168w
across the board in all divisions, consensus has been reduced into
numbers (trading -4.2%)
Eutelsat H1 inline, good mix, capex lower but net debt higher, Ka-band data points
positive
https://www.justice.gov/epstein/files/DataSet%209/EFTA00407720.pdf
EFTA00380436Set 9
2013-10-308p2,669w
Swedish Orphan Q3 sales miss, gross margin slight below, maintains 2013 forecast (trading +3.3%)
• Eutelsat O3 revs inline, order backlog +3.9%, reaffirms rev growth and EBITDA guidance (trading +2.7%)
• Pearson
https://www.justice.gov/epstein/files/DataSet%209/EFTA00380436.pdf
EFTA00390701Set 9
2013-05-088p2,645w
inline, EBITDA e- items ahead, sees slight improvement in Q2, reducing capex (trading -0.10%)
• Eutelsat O3 revs miss when one-offs excluded, maintains growth guidance, broker downgrade (trading -5.1%)
• Intercontinental
https://www.justice.gov/epstein/files/DataSet%209/EFTA00390701.pdf
asset prices is another risk.
capital market conditions, widening credit spreads, CHF strength, higher ■ Eutelsat Communications - ETL.PA: Upside risks: unexpected growth in
wind-down losses and litigation charges. consumer broadband
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385543.pdf
ArcelorMittal, BAE, Continental, DSM, Glencore, Kingspan, Linde, Renault, Royal Dutch
Shell, RWE
- TMT: Eutelsat, Infineon, Informa, KPN, Sophos, Vodafone
- Business Services, Leisure & Transport Deutsche Lufthansa, Royal Mail, SGS, Vinci
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385502.pdf