In a new report, Macquarie analyst Andrew DeGasperi discussed the firm’s bullish take on European-listed EUTELSAT COMMUNICA EUR1 EUTLF 1.42%. Eutelsat provides satellite communication services.

DeGasperi believes that the stock is currently priced about 10 percent below its peers based on 2017 EV/EBITDA estimates.

“Multiples should benefit from its 4 percent dividend yield, a new CEO at the helm and its relatively sticky business model, which generates EBITDA margin of 75+ percent,” DeGasperi explained.

Macquarie sees Eutelsat as a solid play on the secular growth trend in HD video.

While fixed satellite broadband is old news in much of the developed world, DeGasperi believes there is about a 4-billion-person emerging market growth opportunity remaining in areas that lack terrestrial infrastructure.

In addition, Cisco projects…

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