Table of Contents
Findings at a Glance ................................................................3
Structural restrictions on supply ..................................................................................3
Industry supply snapshot..............................................................................................4
Review of the operators...........................................................7
Global players..............................................................................................................7
Americas ......................................................................................................................9
Europe........................................................................................................................13
Asia...........................................................................................................................14
MENA........................................................................................................................19
How to value a satellite ..........................................................21
Company Analysis .................................................................25
SES ..........................................................................................26
Poised To Take Market Share....................................................................................26
Changes to estimates..................................................................................................27
SES Price Target........................................................................................................27
Forecasts ....................................................................................................................28
Eutelsat ...................................................................................31
Tracking ahead of guidance .......................................................................................31
Changes to estimates..................................................................................................32
Eutelsat SOTP............................................................................................................33
Forecasts ....................................................................................................................34
Valuation Methodology and Risks ........................................38