SES : Intelsat does not wipe out the need for an LEO discount
SES, the world’s third-largest satellite group, chose to double in size and to reinvigorate its growth thanks to satellite connectivity markets, with the acquisition of Intelsat (EV of € 4.6bn). This report addresses the challenges facing SES shareholders: (1) the current discount on the stock in connection with the satellite capacity currently being deployed (+800%) by Starlink and new low orbit constellations (LEO), (2) the valuation and growth outlook following the acquisitio...SES is engaged as a provider of satellite-delivered services. As a strategic management company, Co. operates through a unique network of leading satellite operators around the world. This network comprises the fully-owned SES ASTRA in Europe and SES AMERICOM in the U.S., as well as participations in regional satellite operators. SES ASTRA is European direct-to-home satellite operator. SES AMERICOM operates a fleet of 17 satellites serving the Americas, Europe and the Asia-Pacific region. AsiaSat provides transponder capacity for broadcast, broadband and telecommunications services in the Asia-Pacific region.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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