Eutelsat has posted FY21-22 results that stood broadly in line with consensus on all metrics. However, investors have looked past the reported figures and straight into the expected cash consequence of the OneWeb acquisition. Though the acquisition makes operational sense, Eutelsat will sacrifice years of profitability before seeing a return on its investment. It will also sacrifice its minority shareholders’ returns, as dividends have disappeared with no official return date. Eutelsat has becom ....