European Telcos: Reviewing the US C-band spectrum report and order. Implications for SES, Eutelsat and DT

Research evidence excerpt

European Telcos: Reviewing the US C-band spectrum report and order. Implications for SES, Eutelsat and DT

J P M O R G A N Europe Equity Research

27 July 2026

European Telcos

Reviewing the US C-band spectrum report and order.

Implications for SES, Eutelsat and DT

Late last Friday, the FCC published its Report and Order, relating to planned European Telecommunication

auction of C-band spectrum (here). Highlights include: (1) 160Mhz will be auction Services

in 20Mhz blocks, (2) Auction scheduled to commence 27th April 2027, (3) The Akhil Dattani AC

FCC previously argued “we propose to not allow any additional satellite or other (44-20) 7134-4725

uses in the Upper C-band at this time” and it is seemingly reiterating this, saying akhil.dattani@jpmorgan.com

it “best serves our objective to swiftly enable a stable ecosystem of advanced J.P. Morgan Securities plc

wireless services”, (4) Total incentive payments set at $6.3bn split 89% ($5.6bn) Ankur Baheti, CFA

SES, 8% ($0.5bn) Eutelsat, and 3% ($0.2bn) Telesat, (5) Primary Transition (91-86) 5796-8820

ankur.baheti@jpmchase.com

Deadline for the entire 160Mhz set as Dec’30 (IC payment $4.9bn), and Final J.P. Morgan India Private Limited

Transition Deadline as Jun’31 (IC payment $1.4bn), (6) The FCC estimates

transition clearing costs at $4–5bn, (7) We estimate the NPV of incentive payments Specialist Sales contact details:

at €6/share for SES and <€0.5/share for Eutelsat. Our new Dec’27 €11.5/share TP Scott Silver - Specialist Sales -

for SES still applies a 33% discount to this C-band value, to reflect unknowns European TMT

around the use of funds when received in ~5 years time. For DT, this is a timely (44-20) 7134-0412

scott.silver@jpmorgan.com

reminder of why TMUS last week referenced 2027-28 spectrum auctions during