# Eutelsat Communications (ETL.PA)

Canonical: https://gigainvestors.com/s/ETL.PA

Analysis as of: 2026-10-16T07:40:55.472Z. Financial observations: FY2001–FY2026.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 1.51 per share; close as of 2026-10-15.

Estimated value: low EUR 1.80 per share, central EUR 1.85 per share, high EUR 1.91 per share. Buy at or below the central value EUR 1.85 per share. Valuation as of 2026-10-16T07:40:55.472Z; scenarios are not confidence intervals.

Expected annual return: 170.9% at the stated quote. About 170.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: fail

- 8 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 8

- Years with a net loss: 3

- Operating margin variation: 2.03×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.42×

- FY2018: 0.40×

- FY2019: 0.40×

- FY2020: 0.38×

- FY2021: 0.28×

- FY2022: 0.37×

- FY2023: 0.51×

- FY2024: -0.16×

- FY2025: -0.73×

- FY2026: -0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 92.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.6%

- ROIC, second-lowest year: -3.0%

- Typical minus recent gross margin: 92.9 pp

- Typical gross margin (annual median): 87.5%

- Recent gross margin (lower of latest and 3-year median): -5.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 19.6%

- ROIC including acquisitions, ten-year median: 8.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.4%

- FY2018: 9.5%

- FY2019: 9.8%

- FY2020: 8.5%

- FY2021: 7.8%

- FY2022: 8.7%

- FY2023: 11.1%

- FY2024: -3.0%

- FY2025: -15.9%

- FY2026: -1.2%

### economics: fail

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 683M

- Net income, five-year total: EUR -1.3B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 1.5 pp

- Working capital / revenue, final three-year average: 21.3%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: EUR 450M

- FY2023: EUR 506M

- FY2024: EUR -66M

- FY2025: EUR 34M

- FY2026: EUR -241M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.8% vs -3.0%

- Per-share earnings: 1.50 to -0.65 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 17.6%

- Ordinary dilution, 5-year annual growth: 38.6%

- Market cap gain: EUR -2.4B

- Cumulative retained earnings: EUR -3.2B

- Diluted shares, 10-year annual growth: 17.6%

- Diluted shares, 5-year annual growth: 38.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: EUR -2.15

- Per-share value, starting three-year median: EUR 1.50

- Per-share value, ending three-year median: EUR -0.65

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.8%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.2B

- Cumulative net income, 10 years: EUR 192M

- ROIC, first three-year median: 9.8%

- ROIC, last three-year median: -3.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 1.51

- FY2018: EUR 1.25

- FY2019: EUR 1.46

- FY2020: EUR 1.29

- FY2021: EUR 0.93

- FY2022: EUR 0.93

- FY2023: EUR 0.87

- FY2024: EUR -0.65

- FY2025: EUR -1.91

- FY2026: EUR -0.39

### accounting: pass

- Sloan accruals: -11.9%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.30×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -8.0%

- FY2018: -7.6%

- FY2019: -6.1%

- FY2020: -6.4%

- FY2021: -9.3%

- FY2022: -7.5%

- FY2023: -5.7%

- FY2024: -9.6%

- FY2025: -18.4%

- FY2026: -11.9%

## Holders

## Price story

Down 88% since Oct 2021 · sales -0.6%

Story as of 2026-10-16T10:00:11.719Z; price observation 2026-10-15.

Price needs cash profits to shrink 45.2% a year for ten years

### Sales · FY2025–2026

sales -0.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 1.5B 

- FY2018: EUR 1.4B 

- FY2019: EUR 1.3B 

- FY2020: EUR 1.3B 

- FY2021: EUR 1.2B 

- FY2022: EUR 1.2B 

- FY2023: EUR 1.1B 

- FY2024: EUR 1.2B 

- FY2025: EUR 1.2B 

- FY2026: EUR 1.2B 

### Gross margin · FY2025

gross margin 80.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 93.3% 

- FY2018: 93.0% 

- FY2019: 93.1% 

- FY2020: 51.5% 

- FY2021: 92.3% 

- FY2022: 91.9% 

- FY2023: 50.6% 

- FY2024: 83.1% 

- FY2025: 80.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in telecom services; annual sales are EUR 1.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:55.472Z); FY2026: revenue 1235900000; grossProfit -66999999; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ETL.PA: Eutelsat Communications S.A., together with its subsidiaries, operates telecommunication satellites. It operates geostationary satellites with a low Earth orbit constellation satellites. The company provides capacity for video, fixed and mobile connectivity, and government services. It also offers maritime and in-flight mobility services; and technical support services, as well as earth stations services to assist prospective users. The company provides its services under the Eutelsat brand directly or through distributors. It serves satellite-based video, business and broadband networks, and mobile services mainly to international telecommunications operators and broadcasters, corporate network integrators, companies, telecom operators, and government agencies in France, Italy, the United Kingdom, rest of Europe, the Americas, the Middle East, Africa, Asia, and internationally. Eutelsat Communications S.A. was founded in 1977 and is headquartered in Issy-les-Moulineaux, France.

### Why customers stay

It earns 8.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:55.472Z); FY2024: grossProfit / revenue = 83.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:55.472Z); FY2025: grossProfit / revenue = 80.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:55.472Z); FY2026: grossProfit / revenue = -5.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:55.472Z); 10-year return on capital observations [[2017,0.10435298665028854],[2018,0.0946918308390322],[2019,0.09787716310423722],[2020,0.08472129563953633],[2021,0.07756107427588697],[2022,0.0865492216454917],[2023,0.11136839555948676],[2024,-0.029746481645507333],[2025,-0.1588772147138844],[2026,-0.012448845194976245]]; median 0.085635258642514. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:55.472Z); FY2017: growth capex 0; upkeep 393000000; owner earnings 507200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:55.472Z); FY2018: growth capex 0; upkeep 298800000; owner earnings 498800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:55.472Z); FY2019: growth capex 0; upkeep 210800000; owner earnings 565440000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:55.472Z); FY2020: growth capex 0; upkeep 220300000; owner earnings 552020000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:55.472Z); FY2021: growth capex 0; upkeep 183400000; owner earnings 451260000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:55.472Z); FY2022: growth capex 0; upkeep 177200000; owner earnings 450160000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:55.472Z); FY2023: growth capex 0; upkeep 201000000; owner earnings 505500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:55.472Z); FY2025: growth capex 0; upkeep 388700000; owner earnings 34020000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:55.472Z); Dividend observations: [[2017,266200000],[2018,295400000],[2019,310500000],[2020,315700000],[2021,204900000],[2022,221500000],[2023,80600000],[2024,1000000],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 67.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ETL.PA SharesStats.PercentInsiders = 67.851 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 45.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:55.472Z); Ten-year compound average after fade. Initial solved rate -0.6020253099320263. Price 1.508; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 2.0292036730392895 → FY2026 -0.20425588256262794. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 19.10 per share

- 2016-11: EUR 16.99 per share

- 2016-12: EUR 18.40 per share

- 2017-01: EUR 15.78 per share

- 2017-02: EUR 18.56 per share

- 2017-03: EUR 20.93 per share

- 2017-04: EUR 21.73 per share

- 2017-05: EUR 22.90 per share

- 2017-06: EUR 22.36 per share

- 2017-07: EUR 22.89 per share

- 2017-08: EUR 24.42 per share

- 2017-09: EUR 25.06 per share

- 2017-10: EUR 21.51 per share

- 2017-11: EUR 19.02 per share

- 2017-12: EUR 19.30 per share

- 2018-01: EUR 17.72 per share

- 2018-02: EUR 19.20 per share

- 2018-03: EUR 16.10 per share

- 2018-04: EUR 17.94 per share

- 2018-05: EUR 16.43 per share

- 2018-06: EUR 17.77 per share

- 2018-07: EUR 18.32 per share

- 2018-08: EUR 20.40 per share

- 2018-09: EUR 20.36 per share

- 2018-10: EUR 17.91 per share

- 2018-11: EUR 18.83 per share

- 2018-12: EUR 17.21 per share

- 2019-01: EUR 18.50 per share

- 2019-02: EUR 17.36 per share

- 2019-03: EUR 15.60 per share

- 2019-04: EUR 16.09 per share

- 2019-05: EUR 15.78 per share

- 2019-06: EUR 16.44 per share

- 2019-07: EUR 17.32 per share

- 2019-08: EUR 15.82 per share

- 2019-09: EUR 17.08 per share

- 2019-10: EUR 17.00 per share

- 2019-11: EUR 14.89 per share

- 2019-12: EUR 14.49 per share

- 2020-01: EUR 13.55 per share

- 2020-02: EUR 12.24 per share

- 2020-03: EUR 9.53 per share

- 2020-04: EUR 10.24 per share

- 2020-05: EUR 8.96 per share

- 2020-06: EUR 8.21 per share

- 2020-07: EUR 8.57 per share

- 2020-08: EUR 8.41 per share

- 2020-09: EUR 8.32 per share

- 2020-10: EUR 8.63 per share

- 2020-11: EUR 9.26 per share

- 2020-12: EUR 9.26 per share

- 2021-01: EUR 9.84 per share

- 2021-02: EUR 9.99 per share

- 2021-03: EUR 10.38 per share

- 2021-04: EUR 10.52 per share

- 2021-05: EUR 10.41 per share

- 2021-06: EUR 9.85 per share

- 2021-07: EUR 9.18 per share

- 2021-08: EUR 9.78 per share

- 2021-09: EUR 11.91 per share

- 2021-10: EUR 12.28 per share

- 2021-11: EUR 11.18 per share

- 2021-12: EUR 10.74 per share

- 2022-01: EUR 10.97 per share

- 2022-02: EUR 9.86 per share

- 2022-03: EUR 9.84 per share

- 2022-04: EUR 10.61 per share

- 2022-05: EUR 11.05 per share

- 2022-06: EUR 10.74 per share

- 2022-07: EUR 7.43 per share

- 2022-08: EUR 9.02 per share

- 2022-09: EUR 7.92 per share

- 2022-10: EUR 10.16 per share

- 2022-11: EUR 7.61 per share

- 2022-12: EUR 6.96 per share

- 2023-01: EUR 7.02 per share

- 2023-02: EUR 6.62 per share

- 2023-03: EUR 6.15 per share

- 2023-04: EUR 6.03 per share

- 2023-05: EUR 5.95 per share

- 2023-06: EUR 5.98 per share

- 2023-07: EUR 6.13 per share

- 2023-08: EUR 5.62 per share

- 2023-09: EUR 5.59 per share

- 2023-10: EUR 4.03 per share

- 2023-11: EUR 3.79 per share

- 2023-12: EUR 4.25 per share

- 2024-01: EUR 3.39 per share

- 2024-02: EUR 3.44 per share

- 2024-03: EUR 4.04 per share

- 2024-04: EUR 3.79 per share

- 2024-05: EUR 4.63 per share

- 2024-06: EUR 3.76 per share

- 2024-07: EUR 4.78 per share

- 2024-08: EUR 4.30 per share

- 2024-09: EUR 3.99 per share

- 2024-10: EUR 3.84 per share

- 2024-11: EUR 2.91 per share

- 2024-12: EUR 2.27 per share

- 2025-01: EUR 1.73 per share

- 2025-02: EUR 1.20 per share

- 2025-03: EUR 4.39 per share

- 2025-04: EUR 3.57 per share

- 2025-05: EUR 3.28 per share

- 2025-06: EUR 3.71 per share

- 2025-07: EUR 3.15 per share

- 2025-08: EUR 3.11 per share

- 2025-09: EUR 3.42 per share

- 2025-10: EUR 3.36 per share

- 2025-11: EUR 2.18 per share

- 2025-12: EUR 1.71 per share

- 2026-01: EUR 2.29 per share

- 2026-02: EUR 2.26 per share

- 2026-03: EUR 2.05 per share

- 2026-04: EUR 2.72 per share

- 2026-05: EUR 3.98 per share

- 2026-06: EUR 2.41 per share

- 2026-07: EUR 2.05 per share

- 2026-08: EUR 1.84 per share

- 2026-09: EUR 1.58 per share

- 2026-10: EUR 1.37 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 21.05 per share, central EUR 26.83 per share, high EUR 31.10 per share

- FY2018: low EUR 23.29 per share, central EUR 26.07 per share, high EUR 29.77 per share

- FY2019: low EUR 27.46 per share, central EUR 30.40 per share, high EUR 34.31 per share

- FY2020: low EUR 25.28 per share, central EUR 28.28 per share, high EUR 32.27 per share

- FY2021: low EUR 25.05 per share, central EUR 28.01 per share, high EUR 31.94 per share

- FY2022: low EUR 22.44 per share, central EUR 25.16 per share, high EUR 28.80 per share

- FY2023: low EUR 15.91 per share, central EUR 17.92 per share, high EUR 20.61 per share

- FY2024: low EUR 12.64 per share, central EUR 14.15 per share, high EUR 16.15 per share

- FY2025: low EUR 9.72 per share, central EUR 10.93 per share, high EUR 12.54 per share

- FY2026: low EUR 1.80 per share, central EUR 1.85 per share, high EUR 1.91 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.