Who would invest in satellite operators? Each of the ‘big three’ (Intelsat, SES and Eutelsat) have suffered massively from the downturn in satellite sentiment.

Other operators have not been immune from these downward shifts. London-based Avanti, always a mercurial stock, hit an all-time treading ‘low’ of just 62p on June 6th, having fallen spectacularly from £2.59 in December 2015.

AsiaSat, listed in Hong Kong, has also suffered the industry-wide contagion. Last July it was valued at HK$20.45. Today it is HK$10.86 (although encouragingly it is trending upwards, albeit slowly).

Eutelsat has crashed almost 50 per cent in the past month, from €31 to €16.30.

SES has tumbled badly during the past 3 months, from around €26 (itself well down on a March 2014 position of €34) to a miserable €18.82 (and falling 3 per cent on June 6th).

Intelsat’s share position has been extremely volatile. A year ago its stock price was around $10. But during the past 90 days has been as low as $2.16, and on June 6th traded at about $3.54.

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