
Eutelsat: LEO Ambitions Are Real, But Investors Paid The Price
Eutelsat remains a hold as its strategic pivot to LEO satellites is underway, but near-term upside is limited. The recent capital raise de-risks the balance sheet, yet shareholder dilution occurred instead of strategic government investment. LEO revenue growth is strong but not yet offsetting declines in legacy GEO and video segments, pressuring EBITDA margins.


















