SES: Q1 above expectations, but uneventful quarter
Solid Q1 relative to expectations, with revenues of EUR509m (+3.5% vs css, in line with BGe) and an EBITDA margin of 55.0%, 500bps ahead of consensus (BGe: 50.0%), driving a 14% beat on adj. EBITDA at EUR280m. Nonetheless, the print is relatively uneventful, with Networks revenues broadly flat qoq
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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