Bank: “No news is good news for SES”

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While there are some key concerns over the upcoming Eutelsat financial results, there’s at least one financial analyst who is content with the results from Luxembourg’s SES.

“Most importantly, guidance was held for the full year,” says equity analysts at Berenberg Bank. “This was really the main point of the results, in our view.”

However, the bank’s report on SES’ results very much focussed on the progress – such as they are – on the prospects for C-band restructuring over the US and which if successful could greatly affect the financial status of SES and Intelsat.

The bank said: “Management remains upbeat about the likely US Federal Communications Commission (FCC) conclusion in regards to C-band, and it is this, more than the operating results, which spurred a positive response to the results, in our view. The issue is that visibility into that FCC process is extremely low, hence the volatility in the stock as the newsflow switches between being bullish to more cautious.”


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