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

Communication Services · GB · Market cap €4.9B

EC Eutelsat Communications S.A ETL · LSE
Price€0.0420
Fair Value€0.0340
Upside-19.0%
Quality25/100
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Weak Growth
Loss-making · -36.2% net margin
Moderate debt · negative free cash flow
Trails peers (0/11)
Narrow moat 18/100
Evidence: Low Range €0.0278 – €0.0386 Share as image

Fair value as of: Jul 19, 2026

From 4 valuation models · updated 22 days ago

Below-average quality, and screening another 19% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (€0.0386). The favourable scenario is already priced in.
  • Weak quality (25/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
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Price vs Fair Value (5 years)

€0.0884 €0.0302 Fair Value €0.0340 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range €0.0302 – €0.0884 · fair‑value band €0.0278 – €0.0386 · the €0.0420 price screens above the €0.0340 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

Full chart & analysis →

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Analysis

Eutelsat Communications S.A (ETL) currently trades at €0.0420, while our model-based Fair Value estimate is €0.0340, implying the stock looks roughly 19.0% overvalued today. The Quality Score stands at 25/100 (below-average quality), in the Communication Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: 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 €2.6B. Fundamentals as of Jul 19, 2026

Our scenario range runs from €0.0278 (bear case) to €0.0386 (bull case); at €0.0420, the current price sits above 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. For context, the median of 10 Communication Services peers we cover trades at 32% fair-value upside, at -19%, ETL screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

Model BearBaseBull Evidence
Highest evidence
Gordon GGM €0.0100 €0.0100 €0.0100 70
DDM Multi-Stage €0.0100 €0.0100 €0.0100 61
EV/EBITDA €3.18 €4.80 €6.42 54
All 4 models by family
Dividend Discount
Gordon GGM €0.0100 €0.0100 €0.0100 70
DDM Multi-Stage €0.0100 €0.0100 €0.0100 61
Multiples
EV/EBITDA €3.18 €4.80 €6.42 54
Asset-Based
NCAV (Graham) €1.10 €1.48 €2.20 50

Widest divergence: Multiples (€4.80) versus Dividend Discount (€0.0100). Highest evidence: Gordon GGM (70).

Key figures & financial health

Revenue (TTM) €1.2B
Revenue growth (YoY) -2.4%
Net margin -36.2%
Return on equity -12.9%
Free cash flow −€5.6M FY2025
Operating margin -8.2%
More key figures
EPS (TTM) €-0.7600
Net debt €2.6B FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 25/100

Of which business quality 26 · Market factors (momentum, volatility) 66

Profitability 6
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 26
Earnings quality: real cash, not paper profit
Fin. Strength 29
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 76
Distance to the 52-week high (market factor)
Net Issuance 0
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.

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

FY2021 – FY2025 · reported fiscal years

Eutelsat Communications S.A reported revenue of €1.2B in FY2025 versus €1.2B in FY2021, a compound +0.2%/yr. Reported net income was −€1.1B in FY2025.

Growth Quality 4/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€1.2B
Latest YoY
+2.5%
Avg. growth/yr (3Y)
+2.6%
Avg. growth/yr (5Y)
−0.5%
Avg. growth/yr (19Y)
+2.4%
Revenue +0.2%/yr
FY21 €1.2B
FY22 €1.2B
FY23 €1.1B
FY24 €1.2B
FY25 €1.2B
Net income
FY21 €214M
FY22 €231M
FY23 €315M
FY24 −€310M
FY25 −€1.1B

ETL screens 19% overvalued. Compare with China Mobile Limited →

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

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Telecom Services · 252 stocks

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.

Quality Score 25 · Bottom 25%
Fair Value upside −19% · Below median
Return on assets -1% · Bottom 25%
Net margin (TTM) -36% · Bottom 25%
Operating margin (TTM) -8% · Bottom 25%
Revenue growth -2% · Below median
Debt / equity 0.96× · Higher than 75% of peers

Valuation Multiples vs Telecom Services median · lower = cheaper

P/B 2.20× · Pricier than median
P/S (TTM) 4.65× · Pricier than 75% of peers
EV/EBITDA 14.1× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 8 · sector 30
FUTURE 0 · sector 15
PAST 0 · sector 28
HEALTH 52 · sector 89
DIVIDEND 0 · sector 72

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥89.98 ¥109.88 +22%
T-Mobile US, Inc TMUS $187.61 $172.67 -8%
Bharti Airtel Limited BHARTIARTL ₹1,922 ₹941.55 -51%
China Telecom Corporation 601728 ¥6.01 ¥8.36 +39%
América Móvil, S.A. AMXB 23.07 MXN 30.35 MXN +32%
Vodafone Group VODN 259.50 MXN 507.27 MXN +95%
Advanced Info Service Public Company ADVANC 379.00 THB 286.77 THB -24%
Chunghwa Telecom Co 2412 133.50 TWD 100.00 TWD -25%
China Unicom (Hong Kong) Limited 0762 HK$6.50 HK$13.03 +100%
Telefónica, S.A TEFN 75.67 MXN 111.01 MXN +47%

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Frequently asked questions

Is Eutelsat Communications S.A (ETL) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of €0.0340 versus a price of €0.0420, about −19% (overvalued).
What is the fair value of ETL?
Our model-based fair value for Eutelsat Communications S.A is €0.0340 (as of Jul 19, 2026), built from audited fundamentals. The current price is €0.0420.
What is the quality score of ETL?
Eutelsat Communications S.A has a Quality Score of 25/100. 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 revenue of Eutelsat Communications S.A (ETL)?
Eutelsat Communications S.A reported trailing-twelve-month revenue of about €1.2B (latest available figure, as of Jul 19, 2026).
What is the net profit margin of ETL?
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.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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