SES FCC / VODJ- SAF / NETOM - CMA / TEF MARCo / TEP OUTLOOK / FNT

研报英文原文证据摘录

SES FCC / VODJ- SAF / NETOM - CMA / TEF MARCo / TEP OUTLOOK / FNT

Deutsche Bank

Research

Europe Industry Date

Luxembourg 1 July 2026

Spain DB Daily Fibre

United Kingdom Industry Update

Telecommunications

Wireless Services

SES FCC / VODJ- SAF / NETOM - CMA /

TEF MARCo / TEP OUTLOOK / FNT

Robert Grindle, Ph.D.

SES (Buy, last close EUR 7.17): Last night the FCC confirmed it intends to vote on

Research Analyst

C-band auction terms at its next meeting – 22 July. Also it was confirmed it intends +44-20-754-58490

to propose an auction for 160MHz (DBe base case 100MHz), and although no

absolute dollar amount for clearing costs or incentive payments (accelerated John Karidis

relocation payments) - these will be released with the Commission’s vote - the

+44-20-754-54610

proposed rule sets a framework with incentive unit pricing roughly commensurate

with the 2020 auction. The draft items allow winning bidders to start services in the Keval Khiroya, CFA

spectrum in Dec 2030 for top-75 markets, and in remaining markets starting July Research Analyst

2031, which suggests SES has to clear well before that date and this should be +44-20-754-18164

linked to the timing of incentive payments. OVERALL – A positive that the Roshan Ranjit, CFA

framework confirms incentives payments as well as cost rebates. A key upside is Research Analyst

the 160MHz proposed to be auctioned, and we calculate based on the 2020 unit +44-20-754-52908

pricing, post tax this could see proceeds to SES of c.EUR 3bn (100% of market cap). Vijay Saravanan

Questions remain on specific timing of payments and we expect more detail on 22 Research Associate

July. See our note this morning.

Ankit Sharma

VODAFONE (Buy, last close 100p): Vodacom (n/r) has completed the purchase of Research Associate