Eutelsat - comment

Better lucky than good… This morning Eutelsat shares are up at €3.66, last seen in November in the mother of all short squeezes, while the 29s are up in the low 90s. This comes as a result of the Trump administration halting aid to Ukraine. The bet is that Starlink will follow suit and that therefore OneWeb might be handed the opportunity. We think it is overdone, but are obviously benefiting from an opportunity that we hardly mentioned when discussing the trade only yesterday.