reports
- Ben Rickett
- James Ratzer
SES (Neutral, €5.5, -5%) 2Q25: Results ahead, but FY25 guidance pendi...
SES has reported Q2 results ahead of lowered expectations, with revenue supported by accelerating government services. However the company is yet to provide FY25 guidance for the combined business, following the Intelsat merger close on 17 July. This is expected with the Q3 results, leaving a degree of uncertainty until then. In this Quick Take, we review the Q2 numbers and estimate the FY25 guidance as implied by the (reiterated) standalone guidance.
- Ben Rickett
- James Ratzer
SES (Neutral, €5.8, +15%) INITIATION: C-band upside offsets operation...
We initiate coverage of SES ahead of the Intelsat acquisition. Our forecasts for the combined company are below the mid-term guidance, as we think mPOWER growth will not be enough to offset GEO declines. Despite the operational pressures, we see the equity as fairly-priced given potential C band upside. The combined company will have €6bn of senior notes at risk of joining our high yield coverage; we discuss asset coverage and relative value opportunities here.
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