SES (Neutral, €5.0, -10%) (previously €6.5) Can C-band save the credit rating?

We update numbers following the Q3 results, which were materially weaker than expected. We reduce our Adj. EBITDA forecast by −6% and now expect adjusted leverage to reach 4.0x at year-end, rising further over the medium term due to elevated capex for mPOWER and IRIS2

SES 3Q25: Worse then feared. Downgrade senior notes to Underweight

SES has reported weak Q3 results and weaker Q4 guidance, with Adj. EBITDA for the combined business (incl. Intelsat) declining at c.−20% YoY. We’ll have to wait until February for updated mid-term guidance, meanwhile the outstanding guidance looks increasingly farcical. Most concerning though is net debt, which came in +€0.4bn higher than we had expected and will likely see leverage at 5x (on an all-in basis) this year, or 4x including potential C-band proceeds. Not for the first time this year, leverage at a European satellite operator looks concerning.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/06/2025

The Ellison Antitrust Paradox: They Need Trump but Trump Card Could Backfire

PSKY has challenged the WBD board decision to accept the NFLX bid to buy WBD, arguing that WBD is “pursuing an inferior proposal” that would lead to “a challenging regulatory approval process.” In this note we quickly identify several problems with the Ellison approach that we have not seen reflected in the coverage this morning.

Bible 3Q25 – Autos: Limited near-term visibility, but our cycle thesis is intact

Today, we are publishing the Automotive section of our 29th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. We will publish sections on Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, and Foundry later this week. Auto demand came in above expectations, with limited signs of an air-pocket across the value chain. Semiconductor revenues grew 4% sequentially, but near-term visibility rem...

Vodacom (Buy, TP: ZAR200, +49%) Feedback from call with CEO

We hosted a virtual call with Vodacom CEO, Shameel Joosub, and Head of IR, JP Davids on Monday last week. In tone and content, the call was positive in our view, and we found the discussion on price floors very encouraging. Thoughts and feedback below. Thoughts and feedback below.