Report
Oddo BHF
Pierre François Merveille

SES : Gagnants et perdants de la révolution spatiale 2025-2030

Nous pensons que d’ici 2030 les constellations LEO, dont Starlink est leader incontesté et compte 250 revendeurs, devraient prendre 80-100% du marché de l’aviation (dominé par Viasat, Intelsat/SES), 50-80% du maritime commercial (Intelsat, Viasat) et croisières (SES), 30-40% des services aux gouvernements (Viasat, SES/Intelsat, Eutelsat). Seule une saturation de capacité LEO pourrait stopper cette tendance mais Kuiper, Starship/Starlink v3 et la Chine vont révolutionner capacités et performances en 2025-2026. A l’inverse, le renouveau du mobile satellitaire ne devrait pas impacter le secteur télécoms.
10/02/2025 1 FR
Underlyings
Eutelsat Communications SA
Eutelsat Communications SA

Eutelsat Communications is a private telecommunications satellite operator involved in the design, establishment, operation and maintenance of satellite telecommunications systems covering a large geographical area (extended Europe (including North Africa and the Middle East), sub-Saharan Africa, parts of America and Asia). Co. provides its customers broadcasting capacity and associated services to transmit TV programmes via satellite, cable or Internet Protocol (IP) networks. As of June 30, 2013, Co. owned and operated 31 satellites in geostationary orbit and 4 satellites in inclined orbit.

See profile
FR0010221234 Euronext Paris France
SES SA FDR (Class A)
SES SA FDR (Class A)

SES is engaged as a provider of satellite-delivered services. As a strategic management company, Co. operates through a unique network of leading satellite operators around the world. This network comprises the fully-owned SES ASTRA in Europe and SES AMERICOM in the U.S., as well as participations in regional satellite operators. SES ASTRA is European direct-to-home satellite operator. SES AMERICOM operates a fleet of 17 satellites serving the Americas, Europe and the Asia-Pacific region. AsiaSat provides transponder capacity for broadcast, broadband and telecommunications services in the Asia-Pacific region.

See profile
LU0088087324 Euronext Brussels Luxembourg
Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

See profile
Analysts
Pierre François Merveille

Other Reports on these Companies
Read more reports
Other Reports from Oddo BHF

ResearchPool Subscriptions

Get the most out of your insights

Get in touch