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EFTA Document EFTA01385531
Title Matchefta-efta01385531
Case Filesd-10-EFTA01385531Dept. of JusticeEFTA Document EFTA01385531
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Case File
sd-10-EFTA01385531Dept. of JusticeEFTA Document EFTA01385531
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> TMT Deutsche Bank Eutelsat - Laurie Davison, SELL, close €18.9, €14 tgt, 26% downside ■ Opex and capex cuts leave ETL exposed in 2018. Faced with falling demand, SES invested to diversify and ETL made cuts. Thus ETL outperformed SES over 2017, but is now left with more fixed trunking data, less mobility and a weaker Government position. • We see 5 new worrying datapoints for core Video clients: (1) Polsat acquisition of fixed line operator, (2) Sky Italia exploring fibre distribution,
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Dept. of Justice
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sd-10-EFTA01385531
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