SES : Q3 results better than expected, but watch out for sequencing of opex in Q3 and Q4
>Q3 revenues beat forecasts for both video and networks - SES has reported Q3 revenue of € 462m, down 3.5% y-o-y cc for its operational activities and 2% above forecasts (consensus at € 454m), with adjusted EBITDA of € 294m, here again above forecasts (consensus € 276m), i.e. a margin of 61.2% (consensus 60.9%), down 90bp y-o-y. In detail (cf. table on page 2), the group generated revenue that beat forecasts in both video, down 8.7% y-o-y cc. vs -8.1% in Q2 and at its...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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