SES stands to benefit from EU's increased defence spending; Kepler ups to 'buy'

SES SA

04/04/2025 08:13

** Kepler Cheuvreux upgrades satellites operator SES SESFd.PA, SESFg.LU to "buy" from "hold" as it sees firm benefiting from increasing defence spending in Europe

** It also flags SES involvement in the EU's IRIS2 project, the bloc's response to Elon Musk's Starlink

** Broker expects rapid deleveraging after Intelsat deal, driven by SES's strong FCF generation and synergies

** Kepler also estimates upcoming C-band spectrum auction could provide $1.5 billion to $4 billion in proceeds

** It ups PT by 56% to 7.80 euros

** SES Paris-listed shares rise around 5%

(Reporting by Piotr Lipinski)

((piotr.lipinski@tr.com))