SES : Weakness in video, cautious guidance for 2019 and 2020
>Q4 sales 4% higher than forecast despite video, EBITDA in line - SES has reported its 2018 results. At first glance, they are in line, albeit marked by the weakness in video which was offset by fixed data: Sales: increase of 5.2% l-f-l and 6.5% on a reported basis (vs consensus: +2.9%).Video division (68% of sales) saw a deterioration in its underlying growth to -7.5% in Q4 (vs -3.8% in Q3), with a notable inflection in services (MX1) which were down 10.8% ...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.
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.
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