SES S.A.: The Sell-Off Looks Excessive As The C-Band Catalyst Remains Intact

Impact · against what's priced in

The article suggests SES S.A. is undervalued based on C-band payouts and a strong backlog, but these catalysts are largely long-term or previously disclosed. The immediate negative pressure from leverage and free cash flow concerns outweighs the theoretical present value of cash flows arriving in 2031.

SESG+0.10

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In context

While the €6.4 billion backlog and C-band proceeds provide a long-term valuation floor, the market is currently focused on negative free cash flow and higher leverage following a 42% share price decline.

Read from the article alone

• cash flow▲29%
• infrastructure
• SESG
• c band
• government defense
• leverage
• luxembourg
• satellite
• telecommunications