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EUTELSAT COMMUNICATIONS

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Eutelsat Communications : Shares in satellite company Eutelsat surge on bid interest from Drahi

09/30/2021 | 04:01am EST
FILE PHOTO: Patrick Drahi, Franco-Israeli businessman and founder of cable and mobile telecoms company Altice Group attends the inauguration of the Altice Campus in Paris

PARIS, Sept 30 (Reuters) - Shares in French satellite company Eutelsat surged on Thursday after the company rejected a bid proposal from billionaire Patrick Drahi, whose business interests include auction house Sotheby's and media group Altice.

"Eutelsat Communications confirms that the proposal received from Mr. Patrick Drahi - and rejected unanimously by the relevant governance bodies of the company - prices Eutelsat at 12.10 euros per share, all dividend attached," it said.

Eutelsat shares were up by 15.6% at 11.97 euros in early trade - just below Drahi's bid proposal - and giving the company a stock market value of around 2.4 billion euros .

Reuters earlier reported that Drahi had made a bid approach for Eutelsat and held talks with its top investors including state-backed Bpifrance which has a 20% stake in the company.

Analysts at Credit Suisse wrote that the presence of the French state's shareholding in Eutelsat, via Bpifrance, could be the main hurdle to a deal going through, given how satellites are a strategically important asset for France.

"Let's not forget the French state gave Eutelsat a very sizeable tax break two years ago so how do you justify to the taxpayer/voter it is okay to now let a Swiss-based oligarch to pocket this tax break?," added a London-based analyst.

($1 = 1.1614 euros) (Reporting by Sudip Kar-Gupta, Gwenaelle Barzic, Pamela Barbaglia and Anait Miridzhanian; editing by Jason Neely, Elaine Hardcastle and Emelia Sithole-Matarise)


ę Reuters 2021
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Financials
Sales 2022 1 152 M 1 305 M 1 305 M
Net income 2022 213 M 242 M 242 M
Net Debt 2022 2 890 M 3 275 M 3 275 M
P/E ratio 2022 11,7x
Yield 2022 8,43%
Capitalization 2 590 M 2 933 M 2 934 M
EV / Sales 2022 4,76x
EV / Sales 2023 4,62x
Nbr of Employees 1 132
Free-Float 99,8%
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Number of Analysts 11
Last Close Price 11,25 €
Average target price 12,87 €
Spread / Average Target 14,4%
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Managers and Directors
Rodolphe Belmer Chief Executive Officer & Director
Sandrine TÚran Chief Financial & Information Technology Officer
Dominique Marie P. DĺHinnin Chairman
Pascal Homsy Chief Technical Officer
Ross McInnes Independent Non-Executive Director
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