SES : Intelsat n’efface pas le besoin d’une décote « LEO »
SES, troisième acteur satellite mondial, a décidé de doubler de taille et relancer sa croissance grâce aux marchés de connectivité satellite avec l’acquisition d’Intelsat (VE de 4,6 Md€). Cette étude adresse les enjeux pour les actionnaires de SES : 1/ la décote actuelle sur le titre liée aux capacités satellitaires en cours de déploiement (+800%) par Starlink et nouvelles constellations de basse orbite (« LEO ») 2/ la valorisation et perspectives de croissance post-acquisition ;...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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