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BUZZ-Eutelsat inches down after OneWeb merger update
** Shares in Eutelsat edge down around 1% after the satellite operator provided details about its proposed combination with British rival OneWeb
** The tie-up is set to boost annual sales to 2 billion euros ($1.95 billion) by 2027, Eutelsat says, adding it will suspend its dividend for the coming three (vs two previously) fiscal years
** The update provided more detail on the deal, announced in July, but Bernstein analyst Carl Murdock-Smith says in an email that there's nothing really new
** "Investors who are avoiding it will have been avoiding it since July", Murdock-Smith adds
** In a note to clients, the Bernstein analyst adds the "transformative" deal completely changes the investment case and risk profile of Eutelsat, "from one of a highly cash-generative, dividend-paying value stock, to a non-cash generative, non-dividend paying growth company", which likely puts most traditional satellite and telecoms investors off in the near-term
** J.P.Morgan says it suspects investors will treat Eutelsat's ambitions with a healthy degree of scepticism given the satellite industry's poor track record over recent years
** Deutsche Bank flags it could see initial disappointment around the lack of incremental capex detail (size of Gen-2), which will be the main focus at management's presentation on the proposed merged starting at 0900 GMT
** The stock, which lost almost a third of its value in two days when the proposed merger was announced, is down around 24% YTD
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