SES: Hiking PT to €10.5, reflecting improved visibility on upper C-band monetization

Research evidence excerpt

SES: Hiking PT to €10.5, reflecting improved visibility on upper C-band monetization

6 July 2026

Aleksander Peterc

+33 1 57 29 45 25

European Telecom Services aleksander.peterc@bernsteinsg.com

SES

Rating

Outperform

Price Target

SESG.FP 10.50 EUR (8.30 OLD)

SES: Hiking PT to €10.5, reflecting improved visibility on upper C-

band monetization

We regularly hold calls with companies towards the end of each quarter, making sure we are

Close Date 3 Jul 2026

up-to-date with their latest communications ahead of any “quiet period”. We comment on these

SESG.FP Close Price (EUR) 8.26

discussions soon after holding these calls, even if they are simply a re-iteration of previous

Price Target (EUR) 10.50

messages. We held a call (one-on-one) with SES on Tuesday, 30/06/26, as part of a series of

Upside/(Downside) 27%

calls the group’s IR department organized with sell-side analysts.

52-Week Range 9.89/4.85

Guidance unchanged, we redistribute quarterly revenue with a negligible impact on EDME 1,622.79

FY estimates. SES reiterated in full its FY guidance (stable 2026 revenue and adjusted FYE Dec

EBITDA LFL yoy; €700m capex including IRIS²/meoSphere). During our call, SES highlighted Div Yield 6.1%

a stronger-than-usual seasonality in the course of the year, where 2Q should mark the bottom Market Cap (EUR) (M) 3,651

followed by a stronger 2H, boosted by several sizable contracts including the jumbo PTS- EV (EUR) (M) 10,055

G deal won by ViaSat and Intelsat on 11 June 2026. As a result, we redistribute quarterly Performance YTD 1M 6M 12M

revenues of SES, reflecting the pronounced 2H weighting, offset by a weaker 3Q. Our full- Absolute (%) 48.1 (1.2) 46.8 31.0

year 2027 revenue is broadly unchanged while FY27+ revenue estimates rise slightly as EDME (%) 10.4 5.1 7.9 21.2