SES: Berenberg still a buyer, with TP of 10 euros

(CercleFinance.com) - On Wednesday Berenberg renewed its buy recommendation on SES shares, with a target price of 10 euros, anticipating future large cash inflows for the satellite operator.


In a report, the broker points out that SES is eligible for a payment corresponding to 80% of its market capitalisation over the next two years, as a result of the release of the C band in the United States.

For Berenberg, this scenario opens the door to possible redistributions to shareholders, an improvement in the group's balance sheet structure and even the implementation of certain investments.

The broker is thus counting on a form of financial stability this year, followed by a return to growth in 2023, a prospect that it considers encouraging in a sector that has been cruelly lacking good news until now.


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