SES: a strong Q4 in line with last week's trading update

Q4 results exceeded css on both revenue (+2% vs. css) and margin (+460bps vs. css), although this was largely anticipated following last week’s trading update. In our view, the strong operational performance was driven primarily by stronger-than-expected Networks and disciplined cost control, with

SES: defying Moody’s downgrade with a FY24 pre-release

SES issued a market update ahead of its FY24 results on 26th February 2025. The update follows Moody’s downgrade of SES’s outlook from stable to negative, with its credit rating remaining just one notch above non-investment grade. SES now expects adj. EBITDA to exceed the guidance range (EUR950–1,0

€10.6bn Iris² contract signed: a challenging deal for SES and Eutelsat

The contract for Iris², the European sovereign constellation, was signed yesterday. While widely expected, the announcement offered more clarity on the project’s financial and technical framework. European operators will invest a combined EUR4bn, with SES contributing up to EUR1.8bn and leading the

SES: model update pre-Q3 2024

We have updated our estimates ahead of Q3 2024 results, with the revised figures outlined in the table below. Our PT is adjusted from EUR6.1 to EUR5.7, primarily due to a downward revision in our Video revenue forecasts. Despite this adjustment, we maintain our Buy recommendation, as we continue to

SES: model update pre-Q2 2024

We have revised our estimates ahead of Q2 2024 results. Our updated estimates are detailed in the table below. Our Buy recommendation remains unchanged, as we continue to consider the shares undervalued and view the attractive dividend yield as limiting downside risk. Our PT has been revised to EUR

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.