SES: C-bandwagon marches on. BUY

Research evidence excerpt

SES: C-bandwagon marches on. BUY

Deutsche Bank

Research

Rating Company Date

Buy SES 26 June 2026

Breaking News

Europe

Luxembourg

Reuters Bloomberg Exchange Ticker Price at 24 Jun 2026 (EUR) 6.93

SESFd.PA SESG FP PAR SESFd

Price Target (EUR) 9.50

Telecommunications

52-week range (EUR) 9.89 - 4.85

Wireless Services

C-bandwagon marches on. BUY

Valuation & Risks

Roshan Ranjit, CFA

C-band newsflow to drive shares higher Research Analyst

In recent weeks SES shares have come under pressure despite no fundamental/ +44-20-754-52908

industry newsflow. We believe the pullback follows the strong rally in May on the

Robert Grindle, Ph.D.

back of general sub-sector excitement, with SES shares still +20% YTD. We think Research Analyst

ahead of expected C-band news there is an attractive entry point given scope for +44-20-754-58490

material (we est. c.50% market cap.) cash to SES with relocation reimbursements

Keval Khiroya, CFA

in addition to accelerated relocation payments. Fundamental trends remain tough

Research Analyst

given ongoing terminal installs, but we expect improvement through the year with

+44-20-754-18164

a planned CMD year end expected to show-case mid term guidance. BUY.

Vijay Saravanan

Research Associate

Relocation costs on top of ARPs

Earlier this week SES est. the cost to clear 160MHz upper-C band spectrum at

approx. $3.6bn with $150m contingencies, majority (just over 70%) covering Ankit Sharma

satellite procurement/launch. In the 2020 auction (auction 1) the FCC allocated $3-

5bn covering relocation costs for all satellite operators to clear 280MHz, as

reminder this was in addition to accelerated relocation payments ($9.7bn). From

Price/price relative

auction 1 we est. SES received $1.4bn relocation costs. We calculate auction 2