Eutelsat Communications S.A. (ETL.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+139.6%

€4.39

vs €1.83 price

Levered DCF

€2.02

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.58

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-6.18×	-1.63×	-4.53×	4.71×	10.74×	10.6×	6.41×	11.5×
P/B	0.78×	0.68×	0.37×	0.5×	0.89×	0.87×	0.72×	1.46×
P/S	2.3×	1.42×	1.16×	1.31×	2.15×	1.84×	1.49×	2.96×
EV / EBITDA	5.84×	7.35×	6.44×	3.92×	5.74×	5.94×	4.65×	6.43×
Gross margin	-5.4%	80.6%	83.1%	50.6%	91.9%	92.3%	51.5%	93.1%
Operating margin	-5.4%	-73.1%	-15.8%	50.7%	36.9%	28.1%	38.3%	39.8%
Net margin	-37.0%	-87.0%	-25.5%	27.8%	20.0%	17.4%	23.3%	25.8%
Current ratio	2.87×	1.38×	1.73×	1.66×	1.05×	3.04×	1.02×	1.27×
Debt / equity	0.88×	1.22×	0.88×	1.08×	1.24×	1.35×	1.44×	1.64×
Interest coverage	-0.29×	-5.12×	-1.38×	8.18×	6.05×	4.76×	6.73×	4.85×
Dividend yield	0.0%	0.0%	0.1%	5.4%	8.7%	9.0%	15.5%	8.0%
Payout ratio	0.0%	0.0%	-0.3%	25.6%	92.8%	95.7%	99.2%	91.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-12.6%	-41.7%	-8.0%	10.6%	8.3%	8.2%	11.2%	12.7%
Return on invested capital	-0.9%	-14.2%	-2.2%	7.2%	5.3%	4.5%	5.2%	5.6%
Return on assets	-5.6%	-15.5%	-3.6%	4.2%	3.0%	2.9%	3.9%	4.1%
Free cash flow yield	-1.1%	-0.3%	3.0%	29.5%	22.0%	27.6%	25.0%	16.3%
Earnings yield	-16.1%	-61.4%	-22.0%	21.2%	9.3%	9.4%	15.6%	8.7%
Enterprise value	€4.2B	€4.4B	€3.9B	€4.2B	€5.2B	€4.9B	€4.9B	€6.9B
Net debt / EBITDA	1.94×	4.42×	4.14×	2.54×	3.03×	3.22×	2.84×	2.77×
Cash conversion cycle (days)	88	99	-147	19	-172	39	61	-149