Satcoms' Muskonomics challenge

In this report, we assess the outlook for the satcoms sector amidst the heightened risk of Starlink and Amazon duopolising the industry. Incumbent operators face a strategic stalemate against the emerging 'gigaconstellations' due to cost uncompetitiveness, limited differentiation opportunities, hig

SES: Capital allocation strategy remains paramount

We maintain our BUY recommendation on SES (revised PT to EUR7.4 from EUR6.5) anticipating that new leadership and diminishing industry returns for capital addition in light of gigaconstellations dominance could trigger a more shareholder-friendly capital allocation, with updates expected alongside

Model update

We have updated our estimates, with the changes detailed in the table below. Our price target (PT) has been revised from EUR7.1 to EUR6.5. Buy recommendation unchanged.

An update on Starlink and Iris²: time to revisit our views on the sect...

In this report, we delve into changes in the satcom competitive landscape in recent months. Our findings show a rapid expansion of Starlink over the past semester, and identify uncertainties related to the outcome of Iris², the European sovereign constellation project. Our outlook for Eutelsat rema

Bryan, Garnier & Co | NHOA, Fastned, Basler, SES, Atos

SES/Intelsat merger: a good deal for Intelsat?

SES yesterday confirmed talks regarding a potential combination with Intelsat. We believe the deal could be motivated by both industrial and financial concerns, namely to better compete with new mega LEO constellations and generate synergies. The deal's economics are unknown at this stage, but we f

Bryan, Garnier & Co Technology Daily | ETL, SESFd, SOP, TEF, TELCO, SE...

SES estimates update post FY2022 results

PT downgraded to EUR6.30 vs EUR6.70 previously following our estimates revision, which notably takes into account new O3b mPOWER delays and lower than previously expected DRS revenues. Neutral recommendation unchanged.

Bryan, Garnier & Co Technology Daily | McPhy, Ekinops, Elis, SES

Short term view - SES : Without trend

A correction is underway. The trend is not bearish anymore as the previous significant peak has been passed, but it is not yet bullish. We do not have two ascending peaks and troughs. The trend is neutral.Arguments :- The major support has been reached, it causes the bounce.- The resistance is close.- Prices are breaking above the moving average.

Analyse court terme - SES : Sans tendance

Une correction est en cours. La tendance n'est plus baissière car le dernier sommet significatif a été dépassé, mais elle n'est pas encore haussière (nous n'avons pas encore deux creux et deux sommets en hausse). La tendance est neutre.Arguments :- Le support majeur est atteint, il cause le rebond.- La résistance est proche.- Les prix dépassent la moyenne mobile.

Short term view - SES : The moving average is capping prices.

The trend is still neutral but within that interval prices could head towards the bottom of the range.Arguments :- The support has been reached, we are waiting for a sign of strength to turn positive.- The resistance has been reached, it causes the fall.- The moving average is capping prices.

Analyse court terme - SES : La moyenne mobile sert de résistance.

La tendance est toujours neutre, mais au sein de cet intervalle un mouvement de plus court terme se dessine vers le bas de la consolidation.Arguments :- Le support est atteint, un signe de force nous permettrait de changer notre avis.- La résistance est atteinte, elle cause le repli.- La moyenne mobile sert de résistance.

Short term view - SES : The moving average is capping prices.

The trend is still bearish, the invalidation level is above €13.000. The target is at €9.750.Arguments :- Prices are pulling back to the major resistance level (previously a support). The fall will resume afterwards.- The moving average is capping prices.

Analyse court terme - SES : La moyenne mobile sert de résistance.

La tendance est toujours baissière, son niveau d'invalidation est au-dessus de 13,000 €. L'objectif est à 9,750 €.Arguments :- Les cours font un pull-back sur la résistance majeure (ancien support), la baisse reprendra ensuite.- La moyenne mobile sert de résistance.

Medium term view - SES : Support reintegrated

The trend is still bearish, but it could slow down. Indicators are oversold. The next target is at €9.793. The invalidation level is above €15.024.Arguments :- The support has been shortly breached, but it is now reinstated. Prices can bounce.

Analyse moyen terme - SES : Support réintégré

La tendance est toujours baissière, mais elle pourrait ralentir. Les indicateurs sont survendus. Le prochain objectif est à 9,793 € Le niveau d'invalidation est au-dessus de 15,024 €.Arguments :- Le support a été enfoncé, mais il est réintégré. Les prix peuvent rebondir.

Etude de l'AG du 06/04/2017

Société de droit luxembourgeois ‐ NE PAS UTILISER LE FORMULAIRE CFONB gérée par la plateforme Proxinvest pour les société françaises. Les bulletins de vote spéciaux sont disponibles auprès des teneurs de compte. Si l'amélioration du taux d'indépendance du conseil, bien que légère, est accueillie favorablement (on passe de 39% à 41%), on regrettera tout de même que SES continue à proposer au sein d'une seule résolution les nominations et renouvellements de ses administrateurs. ...