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Eutelsat Communications SA (ETL) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Eutelsat Communications SA stock €2.66, price €1.82, upside +46.2%, quality 29 out of 100. Rating: undervalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Communication Services FR · ISIN FR0010221234

EC Eutelsat Communications SA logo Thin data Nov 6, 2026

Eutelsat Communications SA

ETL · PA
Speculative

The stock costs 32% less than our calculation considers fair.

Fair value €2.66 · Undervalued (32%)
Mixed Growth (revenue YoY −0.6 %/yr in EUR)
Moderate debt
Quality 29/100
Loss-making · -37.0% net margin (TTM)
Negative free cash flow
Trails peers (3/12)
Narrow moat 12/100 · thin data
Downbeat coverage
Thin data
⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€8.76 €0.9170 Fair Value €2.66 Sep 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range €0.9170 – €8.76 · fair‑value band €1.74 – €3.57 · the €1.82 price screens below the €2.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

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.

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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.

Stock analysis

Eutelsat Communications SA (ETL) currently trades at €1.82, while our model-based Fair Value estimate is €2.66, implying the stock looks roughly 32% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 95/100, which puts the data coverage at low.

Scenario range: €1.74 (bear) to €3.57 (bull), the price of €1.82 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 29/100 (below-average quality), in the Communication Services sector.

Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.

Eutelsat Communications SA reported revenue of €1.2B in FY2026 versus €1.2B in FY2022, a compound +1.8%/yr. Reported net income was −€457M in FY2026.

Key figures

Market cap €2.1B Mid · P/S ratio 1.69 · EPS (TTM) €−0.5200 · Net margin −37.0% · Return on equity −14.5% · Return on assets (EBIT) −0.5% (5-year average) · Operating margin −26.7% · Revenue (TTM) €1.2B.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).

What moves the price

The share trades about 60% below its 52-week high and 33% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Communication Services peers we cover trades at 51% fair-value upside, at 46%, ETL screens richer than that median.

Fair Value models

Bear €1.74 Fair Value €2.66 Bull €3.57
Price €1.82 · Upside +46.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EV/EBITDA €2.05 €3.13 €4.20 66
NCAV (Graham) €1.08 €1.44 €2.15 54
All 2 models by family
Multiples
EV/EBITDA €2.05 €3.13 €4.20 66
Asset-Based
NCAV (Graham) €1.08 €1.44 €2.15 54

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 29/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 46
Are margins and returns getting better?
Cashflow 36
Do the profits arrive as real cash?
Financial strength 49
Debt, balance sheet and risk of trouble
Investment 50
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 11
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 8
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
28.1% (2021) → −5.4% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

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Recent news

News mood ⓘNews mood, the average tone of recent news (83 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Very negative
Recent news coverage is unusually downbeat.
Note from the team Oct 22, 2026
AI conclusion: Main strength lies in the LEO fleet refresh supporting connectivity and government services growth, while the primary weakness remains heavy capital outlays amid contracting traditional video revenue and sustained net losses.
Main risk: Heavy capital outlays for the LEO satellite refresh threaten to slow margin gains while traditional video revenue contracts, directly hitting profitability.
Eutelsat has started shipping the first of 669 planned new OneWeb satellites to refresh its low-earth orbit fleet through 2034. This supports continuity and growth in connectivity and government services as Europe looks for options beyond U.S. providers, yet the heavy capital outlays could slow margin gains while traditional video revenue keeps contracting. Will the LEO expansion generate enough new business to outpace those costs and the legacy decline?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Telecom Services · 235 stocks

Beats the industry median on 3/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 29 · Bottom 25%
Fair Value upside +46.2% · Above median
Profitability
Return on assets −5.7% · Bottom 25%
Net margin (12 months) −37.0% · Bottom 25%
Operating margin (12 months) −26.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 1.1% · Below median
Balance sheet
Debt / equity 0.80× · Above median

Valuation Multiplesvs Telecom Services median · lower = cheaper

P/B 0.59× · Cheapest 25%
P/S (12 months) 1.74× · Pricier than median
EV/EBITDA 5.7× · Cheaper than median
PEG 1.78× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)95 · sector 45
FUTURE (revenue growth)6 · sector 23
PAST (return on equity)0 · sector 33
HEALTH (low debt)60 · sector 83
DIVIDEND (yield)0 · sector 72

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Comcast Corporation CMCSA $24.39 $73.17 +200% vs ETL
T-Mobile US, Inc TMUS $162.01 $272.88 +68% vs ETL
AT&T Inc T $21.63 $34.27 +58% vs ETL
China Mobile Limited 0941 HK$81.10 HK$126.41 +56% vs ETL
Verizon Communications Inc VZ $45.69 $69.14 +51% vs ETL
China Telecom Corporation 601728 ¥6.91 ¥8.36 +21% vs ETL
Bharti Airtel Limited BHARTIARTL ₹2,107 ₹1,701 −19% vs ETL
Saudi Telecom Company 7010 41.62 SAR 32.49 SAR −22% vs ETL
Swisscom AG SCMN CHF 720.00 CHF 505.18 −30% vs ETL
Singapore Telecommunications Limited Z74 4.09 SGD 2.16 SGD −47% vs ETL

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Eutelsat Communications SA: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Eutelsat Communications SA Fair Value". https://www.fairvalue-calculator.com/stock/ETL

Frequently asked questions

Is Eutelsat Communications SA (ETL) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of €2.66 versus a price of €1.82, about +46% upside (undervalued).
What is the fair value of ETL?
Our model-based fair value for Eutelsat Communications SA is €2.66 (as of Nov 6, 2026), built from audited fundamentals. The current price: €1.82.
What is the quality score of ETL?
Eutelsat Communications SA has a Quality Score of 29/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Eutelsat Communications SA (ETL)?
Our model-based price target is the fair value of €2.66 (as of Nov 6, 2026) from 2 valuation models. Cautious scenario €1.74, optimistic scenario €3.57. It is a calculation from audited fundamentals, not an analyst target.
What is the Eutelsat Communications SA stock forecast for 2026?
Our models put fair value at €2.66, about +46% upside versus a price of €1.82 (undervalued). Cautious scenario €1.74, optimistic scenario €3.57. The calculation is refreshed regularly with new filings.
What is the revenue of Eutelsat Communications SA (ETL)?
Eutelsat Communications SA reported trailing-twelve-month revenue of about €1.2B (latest available figure, as of Nov 6, 2026).
What is the intrinsic value of Eutelsat Communications SA (ETL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Eutelsat Communications SA it is €2.66 per share (as of Nov 6, 2026), against a price of €1.82. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is Eutelsat Communications SA stock overvalued or undervalued in 2026?
As of Nov 6, 2026, ETL trades below its calculated fair value: price €1.82, fair value €2.66, a gap of about +46% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ETL?
No. The price is what the market pays today (€1.82); the fair value is what the company's own numbers justify (€2.66). For Eutelsat Communications SA the two are €0.8405 per share apart. That gap is exactly why we show both numbers side by side.
How much is Eutelsat Communications SA worth?
The market values Eutelsat Communications SA at about €2.1B (market capitalisation, as of Nov 6, 2026). Per share that is €1.82; our models calculate a fair value of €2.66 per share.
What do the bullish and bearish scenarios say about ETL?
Our models span a range for Eutelsat Communications SA: cautious scenario €1.74, base €2.66, optimistic €3.57 per share (as of Nov 6, 2026, price €1.82). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of ETL?
The PEG ratio of Eutelsat Communications SA is 1.78 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Eutelsat Communications SA (ETL)?
Balance-sheet figures for Eutelsat Communications SA (as of Nov 6, 2026): return on equity −14.5%, debt of 0.80 per unit of equity. They feed the Quality Score of 29/100, which measures business quality independently of the share price.
How far is ETL from its 52-week high?
Eutelsat Communications SA trades at €1.82, about 60% below its 52-week high of €4.51 and 33% above the low of €1.37 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €2.66 is for.
Which stocks are comparable to Eutelsat Communications SA?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Eutelsat Communications SA stock attractive at the current price?
The data as of Nov 6, 2026: price €1.82, calculated fair value €2.66 (+46%), Quality Score 29/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ETL calculated?
We run Eutelsat Communications SA through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of €2.66 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Eutelsat Communications SA currently trades 32% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Eutelsat Communications SA (ETL)?
The closing price on Nov 6, 2026 was €1.82. Our model-based fair value is €2.66, about +46% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Eutelsat Communications SA right now?
The large discount to fair value meets weak quality (29/100). That raises the risk this is a value trap rather than a bargain. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (€1.74 to €3.57) leaves room in how you read the outcome.

Key figures of Eutelsat Communications SA

How large is the market capitalisation of Eutelsat Communications SA (ETL)?
The market capitalisation of Eutelsat Communications SA is €2.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Eutelsat Communications SA (ETL)?
The price-to-sales ratio of Eutelsat Communications SA is 1.69 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Eutelsat Communications SA (ETL)?
Earnings per share at Eutelsat Communications SA are €−0.5200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Eutelsat Communications SA (ETL)?
The net margin of Eutelsat Communications SA is −37.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Eutelsat Communications SA (ETL)?
The return on equity (ROE) of Eutelsat Communications SA is −14.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Eutelsat Communications SA (ETL)?
On an EBIT basis the return on assets of Eutelsat Communications SA is −0.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Eutelsat Communications SA (ETL)?
The operating margin of Eutelsat Communications SA is −26.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Eutelsat Communications SA (ETL)?
Revenue at Eutelsat Communications SA is growing +1.1% versus a year earlier (3y avg +3.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Eutelsat Communications SA (ETL)?
Earnings per share at Eutelsat Communications SA are growing +276% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Eutelsat Communications SA (ETL) generate?
The free cash flow of Eutelsat Communications SA is −€32.5M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Eutelsat Communications SA (ETL) carry?
The net debt of Eutelsat Communications SA is €1.4B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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