Eutelsat: Satelllite TV is thriving, so is US DoD business. Consumer broadband a la ViaSat? Let’s talk churn

Takeaways from Eutelsat’s 2017/18 results:

— Minimal exposure to challenged U.S. video market allows company to maintain transponder prices in Europe; growing demand in emerging markets.

— HD penetration growing faster than MPEG-4 adoption, meaning more megabits per video program.

— Total TV channel count up 4.5% from year ago.

— Sale of Hispasat stake reduces leverage to targeted 3.0x EBITDA.

—Capex forecast trimmed with design-to-cost satellite purchase practices.

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