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.