SES SA: FCC release points to 160MHz and same financial approach as last time

研报英文原文证据摘录

SES SA: FCC release points to 160MHz and same financial approach as last time

alculation that is a little below depreciation. Finally, as with other groups in our coverage with similar situations,

we include a 5% ownership discount to capture the large holding of the Luxembourg government in SES.

Risks which May Impede the Achievement of the Barclays Research Valuation and Price Target: Downside risks include weaker trends in the key

revenue streams due to structural factors and a delay to the mPower coming into services. Upside risks include any upside at all to numbers and

evidence that mPower is generating strong new contracts.

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