(Reuters) – The Eutelsat satellite group flies away on Monday on the Paris Stock Exchange, carried by encouraging prospects concerning the demand for its Oneweb satellites in order to bypass the Starlink system of Elon Musk in Europe.

At 1:53 p.m. GMT, the Eutelsalt action takes more than 35% after climbing up to 41.6% earlier during the day.

This leap intervenes against the backdrop of Rally defense values ​​in Europe while the markets welcome the prospect of an increase in European investments, which, in the case of Eutelsat, could lead to an increase in demand for its Oneweb satellites in order to bypass the American company Starlink, owned by billionaire Elon Musk.

“This probably reflects optimism as to the increase in the demand for European governments and soldiers for Oneweb (to replace Starlink),” observes Antoine Lebourg, analyst at Bryan Garnier, adding that the group’s valuation, which has lost around 30% over a year, remains very low and that the action has become particularly volatile.

Stéphane Beyazian, analyst at Oddo, stresses that recent tensions between the United States and Europe, which could result in an increase in defense expenses on the Old Continent, jeopardize Starlink sales prospects in Europe and that of the Eutelsat Oneweb constellation is the only other option for low terrestrial orbit.

“The recent flow of information on the need for Europe to rearm and rely on its own resources (including in terms of satellite connectivity) means that the Eutelsat Leo constellation (Oneweb) will be extremely important in the future (including in Ukraine, which currently depends on the Musk Starlink)”, notes Aleksander Peterc, analyst at Bernstein.

“The recent developments in Ukraine have highlighted the vital role of satellite connectivity in conflict zones. The only European operator of a network of satellites in low orbit (LEO), Eutelsat is committed to providing secure and reliable communications that strengthen Europe’s strategic autonomy in terms of spatial connectivity,” said the group in a reuters email.

Eutelsat said, however, that he could not comment on specific partnerships or operational deployments.

The title Eutelsat recently suffered after the publication of its quarterly results and the announcement of several changes within its board of directors, including the departure of its president.

(Written by Diana Mandiá, with Michal Aleksandrowicz and Gianluca Lo Nostro, edited by Blandine Hénault)

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