SES (Neutral, €5.8, +15%) INITIATION: C-band upside offsets operational pressures
We initiate coverage of SES ahead of the Intelsat acquisition. Our forecasts for the combined company are below the mid-term guidance, as we think mPOWER growth will not be enough to offset GEO declines. Despite the operational pressures, we see the equity as fairly-priced given potential C band upside. The combined company will have €6bn of senior notes at risk of joining our high yield coverage; we discuss asset coverage and relative value opportunities here.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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