As investors are advised every time, ‘shares can go down as well as up’. The past 48 hours have not been good for SES and Intelsat. Both satellite operators have been hurt badly by uncertainties that the proposed reallocation of C-band frequencies over the US might not go their way (but see separate story on 5G ‘nationalisation’).

SES, for example, fell by almost €1 on March 6th to €15.61. On March 4th their share price was €17.87. As yesterday went on there was some opportunistic buying which helped a modest recovery to €16.10.

Intelsat’s decline was even more marked. A fall of $1, from $18.77 to $17.72 added further anxieties and followed on from the severe crash on March 5th from $21 to $15.79. Intelsat’s fall from grace – or support – from investors has been severe. Back in October 2018, its shares were trading in the mid-$30s.

The lack of sentiment is entirely focused on the C-band dilemma. RBC Capital’s note earlier in the week that some in the US Congress are favouring a 10 per cent sequestration of any profits from the sale of airwaves hasn’t helped confidence. However, RBC’s analyst Wilton Fry did suggest that these low prices represent a “great buying opportunity” and to “ignore the noise and buy the dip”.

As they say, shares can go down as well as up.

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