SES: Barclays downgrades to 'equal weight'
(CercleFinance.com) - On Friday, Barclays downgraded SES shares from "overweight" to "equal weight", with a target price slashed from E4.
75 to E3.05.
The analyst acknowledges that the satellite operator's shares offer attractive value after last year's decline, with a 2025 EV/Ebitda multiple of around 3x before the planned merger with Intelsat.
But he also points to the climate of uncertainty due to the emergence of competitors positioned in low Earth orbit (LEO), and the threat posed to the Group's business over the next few years by projects such as Starlink and Kuiper.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
75 to E3.05.
The analyst acknowledges that the satellite operator's shares offer attractive value after last year's decline, with a 2025 EV/Ebitda multiple of around 3x before the planned merger with Intelsat.
But he also points to the climate of uncertainty due to the emergence of competitors positioned in low Earth orbit (LEO), and the threat posed to the Group's business over the next few years by projects such as Starlink and Kuiper.
Copyright (c) 2025 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.