SES (AO) | Buy | FCC moves towards 160MHz Upper C-band auction

Research evidence excerpt

SES (AO) | Buy | FCC moves towards 160MHz Upper C-band auction

News comment

Release date: 01 July 2026

Alessandro Cuglietta, CFA

Equity Research Analyst

+33 1 70 81 57 66

acuglietta@keplercheuvreux.com

BuySES

France | Media Beta Profile: MCap: EUR3.2bn

Target Price: EUR10.50 Bloomberg: SESG FP Reuters: SESFd.PA

Current Price: EUR7.17 Free float 83%

Up/downside: 46.5% Avg. daily volume (EURm) 12.0

YTD abs performance 29.6% Market data: 30 June 2026

52-week high/low (EUR) 9.88/4.85

FCC moves towards 160MHz Upper C-band auction

Key points:

The US FCC will vote on 22 July on a proposal to auction 160MHz of C-band spectrum in 2027, consistent with our base case.

The compensation framework, payment schedule and relocation mechanism remain to be determined by the FCC.

We forecast that a 160MHz outcome would generate c EUR3.0bn of after-tax proceeds (EUR6.10/share) for SES shareholders.

As a reminder, our EUR10.5 TP incorporates a risk-adjusted value of EUR4.2/share for the C-band proceeds.

FCC proposes 160MHz Upper C-band auction, compensation framework still pending

The US Federal Communications Commission (FCC) has just announced it will vote on 22 July on a proposal to auction 160MHz of

Upper C-band spectrum in 2027, representing an important milestone in the ongoing C-band monetisation process.

The proposal determines the amount of spectrum to be auctioned, but does not yet establish the compensation framework,

payment schedule or relocation mechanism, which will be defined in subsequent FCC decisions.

The proposed 160MHz clearing level is fully consistent with our base-case scenario and with SES's previously stated position that

clearing up to 160MHz is technically achievable. It also represents a step beyond the previous 100-180MHz consultation