SES : Disappointing earnings and guidance but already priced in whilst momentum should improve in 2021
>Q4 2020 earnings undershot expectations, new impairment of € 277m… - SES released Q4 2020 results that were shy of expectations. Q4 was marked by a -7.5% contraction at constant currency (cc), and was 3% below the consensus forecast. The difference came partly from the networks business (mobility in particular with a temporary renegotiation of a contract), whilst the video activity slightly exceeded expectations. The adjusted EBITDA margin reached 57.7% (+80bp above ...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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