Bryan Garnier - SES (SESG) SES/Intelsat merger: a good deal for Intelsat?

Report

Bryan Garnier

Antoine Lebourgeois ...

Thomas Coudry

SES/Intelsat merger: a good deal for Intelsat?

SES yesterday confirmed talks regarding a potential combination with Intelsat. We believe the deal could be motivated by both industrial and financial concerns, namely to better compete with new mega LEO constellations and generate synergies. The deal's economics are unknown at this stage, but we f

30/03/2023 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

Thomas Coudry

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Bryan Garnier

SES: a strong Q4 in line with last week's trading update

Q4 results exceeded css on both revenue (+2% vs. css) and margin (+460bps vs. css), although this was largely anticipated following last week’s trading update. In our view, the strong operational performance was driven primarily by stronger-than-expected Networks and disciplined cost control, with

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SES: defying Moody’s downgrade with a FY24 pre-release

SES issued a market update ahead of its FY24 results on 26th February 2025. The update follows Moody’s downgrade of SES’s outlook from stable to negative, with its credit rating remaining just one notch above non-investment grade. SES now expects adj. EBITDA to exceed the guidance range (EUR950–1,0

February 19, 2025 February 19, 2025 1 EN

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€10.6bn Iris² contract signed: a challenging deal for SES and Eutelsat

The contract for Iris², the European sovereign constellation, was signed yesterday. While widely expected, the announcement offered more clarity on the project’s financial and technical framework. European operators will invest a combined EUR4bn, with SES contributing up to EUR1.8bn and leading the

December 17, 2024 December 17, 2024 1 EN

Nel: FY24 results, poor visibility FY25

NEL has reported FY24 revenues below consensus expectations at NOK1.39bn (+3% YoY, -3% vs cons. at NOK1.43bn), but a slightly better than expected EBITDA loss of -NOK173m (+9% vs cons. at -NOK191m), vs -NOK272m in FY23. Q4 dynamics followed a fairly similar pace to previous quarters, supported by a

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Antoine Lebourgeois

Antoine Lebourgeois

SES: a strong Q4 in line with last week's trading update

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Medincell: Uzedy's sNDA for label extension into BP-I accepted by the FDA

Teva announced yesterday the sNDA for Uzedy for the maintenance treatment of Bipolar I Disorder (BP-I) in adults has been accepted for filing by the FDA, which if approved would add approx. a 310k addressable patient pool, represented by the same prescribers as in Schizophrenia. As a benchmark, Abl

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SES/Intelsat merger: a good deal for Intelsat?

SES: a strong Q4 in line with last week's trading update

SES: defying Moody’s downgrade with a FY24 pre-release

€10.6bn Iris² contract signed: a challenging deal for SES and Eutelsat

Nel: FY24 results, poor visibility FY25

SES: a strong Q4 in line with last week's trading update

Medincell: Uzedy's sNDA for label extension into BP-I accepted by the FDA

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