Bryan Garnier - SES (SESG) SES: model update pre-Q2 2024

Report

Bryan Garnier

Antoine Lebourgeois

SES: model update pre-Q2 2024

We have revised our estimates ahead of Q2 2024 results. Our updated estimates are detailed in the table below. Our Buy recommendation remains unchanged, as we continue to consider the shares undervalued and view the attractive dividend yield as limiting downside risk. Our PT has been revised to EUR

03/07/2024 1 EN

Underlying

SES

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Luxembourg

Provider

Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

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Analysts

Antoine Lebourgeois

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SES: model update pre-Q2 2024

Satcoms' Muskonomics challenge

SES: Capital allocation strategy remains paramount

Eyewear: A photochromic first half

Luxury Goods: H1 profitability under pressure

Swatch Group: Accumulating headwinds could lead to earnings downgrade

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