AlphaValue has reaffirmed its "buy" recommendation on Eutelsat shares, while lowering its target price from EUR4.01 to EUR2.89 (a decrease of 28%). This adjustment follows an update to its models to account for the dilutive impact of the capital increase announced on November 25.
The analyst has also revised downward its earnings per share (EPS) estimate for 2025, now forecasting -EUR0.11 versus the previous -EUR0.14, but maintains its 2026 projection at -EUR0.01. According to AlphaValue, this revision is primarily due to the increase in the total number of shares to 1,175 million, compared to 813 million previously.
The research firm also notes that the reduction in net asset value (NAV) per share, from EUR5.9 to EUR4.08, and discounted cash flow (DCF) per share, from EUR5.92 to EUR4.26, is likewise attributable to the significant rise in the number of shares.
