Exane cites favourable conditions for EU satellite firms as it initiates SES, Eutelsat

Exane BNP Paribas initiates SES SESFg.LU and Eutelsat ETL.PA with "outperform" and "neutral", respectively, saying European satellite operators could benefit from the geopolitical environment despite challenges in video business

It says SES's multi-orbit strategy, exposure to the networks market, spectrum auctions in the U.S. by 2027 and Intelsat synergies outweigh video weakness and competition

Eutelsat, on the other hand, still has sizeable exposure to the challenged video segment, according to Exane

Still, it notes "Eutelsat has multi-orbit operations and is well placed to benefit from the space policy and sovereignty theme in Europe"

Up to Wednesday's close, shares in SES gained 75% this year, while Eutelsat is up 3%