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Eutelsat Communications S.A (E3B) Fair Value & Analysis

Communication Services · DE · Market cap €2.8B · ISIN FR0010221234

What is Eutelsat Communications S.A really worth?

EC Eutelsat Communications S.A E3B · XETRA
Price€1.79
Fair Value€4.94
Upside+176.1%
Quality32/100

Below-average quality, trading 64% below our fair value of €4.94.

As of Sep 5, 2026, the fair value of Eutelsat Communications S.A is €4.94 per share against a price of €1.79, so the fair value sits 176% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Risks

!Expensive Growth (revenue 3y +2.6 %/yr)
!Loss-making · -36.2% net margin
!Moderate debt · negative free cash flow
!Narrow moat 12/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range €3.18 – €6.69

Fair value as of: Sep 5, 2026

From 4 valuation models · updated yesterday

Share price −16.8% over the past month.

What runs behind every stock

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

What matters now

  • The large discount to fair value meets weak quality (32/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (€3.18). The market is more pessimistic than our downside scenario.
  • 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 (€3.18 to €6.69) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

€25.86 €1.18 Fair Value €4.94 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.

How to read this chart

60‑month range €1.18 – €25.86 · fair‑value band €3.18 – €6.69 · the €1.79 price screens below the €4.94 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.

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Analysis

Eutelsat Communications S.A (E3B) currently trades at €1.79, while our model-based Fair Value estimate is €4.94, implying the stock looks roughly 63.8% undervalued today. The Quality Score stands at 32/100 (below-average quality), in the Communication Services sector. Bull case: the Multiples group reads highest at a median of €5.34 per share, and 1 of the 4 models we run sit above the €1.79 price. Bear case: the Asset-Based group reads lowest at €1.48, and 3 of the 4 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Eutelsat Communications S.A generated revenue of €1.2B at a net margin of −36.2%. Revenue declined 2.4% year over year. It earns a return on equity of −12.9%. Net debt stands at €2.4B. Fundamentals as of Sep 5, 2026

Our scenario range runs from €3.18 (bear case) to €6.69 (bull case); at €1.79, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 61% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at 176%, E3B screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model 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. Evidence
Highest evidence
Gordon GGM €0.0100 €0.0100 €0.0100 67
EV/EBITDA €3.59 €5.34 €7.09 66
DDM Multi-Stage €0.0100 €0.0100 €0.0100 65
All 4 models by family
Dividend Discount
Gordon GGM €0.0100 €0.0100 €0.0100 67
DDM Multi-Stage €0.0100 €0.0100 €0.0100 65
Multiples
EV/EBITDA €3.59 €5.34 €7.09 66
Asset-Based
NCAV (Graham) €1.10 €1.48 €2.20 54

Widest divergence: Multiples (€5.34) versus Dividend Discount (€0.0100). Highest evidence: Gordon GGM (67).

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Key figures & financial health

P/S ratio 3.76 TTM
EPS (TTM) €−0.7600
Net margin −87.0% FY2025
Return on equity −12.9% TTM
Return on assets (EBIT) −0.5% avg 4y
Operating margin −8.2% TTM
More key figures
Growth
Revenue (TTM) €1.2B TTM
Revenue growth (YoY) −2.4% 3y avg +2.6%
Balance sheet & cash flow
Free cash flow −€5.6M FY2025
Net debt €2.4B FY2025

Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 32/100

Of which business quality 34 · Market factors (momentum, volatility) 22

Profitability 6
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 38
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 14
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2025 · reported fiscal years

Eutelsat Communications S.A reported revenue of €1.2B in FY2025 versus €1.2B in FY2022, a compound +2.6%/yr. Reported net income was −€1.1B in FY2025.

Growth Quality 11/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
€1.2B
Latest YoY
+2.5%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.6%
EBIT 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.
36.9% (2022) → −73.1% (2025)
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue +2.6%/yr
FY22 €1.2B
FY23 €1.1B
FY24 €1.2B
FY25 €1.2B
Net income
FY22 €231M
FY23 €315M
FY24 −€310M
FY25 −€1.1B

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Cite: Fair Value Calculator (2026). "Eutelsat Communications S.A Fair Value". https://www.fairvalue-calculator.com/stock/E3B.XETRA

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

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Frequently asked questions

Is Eutelsat Communications S.A (E3B) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of €4.94 versus a price of €1.79, about +176% upside (undervalued).
What is the fair value of E3B?
Our model-based fair value for Eutelsat Communications S.A is €4.94 (as of Sep 5, 2026), built from audited fundamentals. The current price: €1.79.
What is the quality score of E3B?
Eutelsat Communications S.A has a Quality Score of 32/100. 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 S.A (E3B)?
Our model-based price target is the fair value of €4.94 (as of Sep 5, 2026) from 4 valuation models. Cautious scenario €3.18, optimistic scenario €6.69. It is a calculation from audited fundamentals, not an analyst target.
What is the Eutelsat Communications S.A stock forecast for 2026?
Our models put fair value at €4.94, about +176% upside versus a price of €1.79 (undervalued). Cautious scenario €3.18, optimistic scenario €6.69. The calculation is refreshed regularly with new filings.
What is the revenue of Eutelsat Communications S.A (E3B)?
Eutelsat Communications S.A reported trailing-twelve-month revenue of about €1.2B (latest available figure, as of Sep 5, 2026).
What is the net profit margin of E3B?
The net profit margin of Eutelsat Communications S.A is about −36.2%, meaning it is currently running at a net loss. Based on the latest reported figures.
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