SES published strong results, broadly in line with consensus. It is expecting growth in its second half of the year and has readjusted its profit floor guidance upwards for the full year. The C-Band deployment is on track. SES confirmed it is taking care of its shareholders through impressive shareholder returns.
Companies: SES (SESG:EPA)SES SA FDR (Class A) (SESG:PAR)
SES released a very good Q1 with a strong improvement in profitability and great projects expected to start in 2023, boosting both the top and bottom line. A share buy-back programme of €100m was announced yesterday, as management believes the stock is under-valued.
SES released a good set of results for FY20 which, despite the pandemic, were very resilient. A lasting impact from the crisis will erode the top-line in 2021, though the company is protecting its profitability well. Positive advancements were also recorded on the C-Band front.
The results were in line with estimates, with a slightly upwards push in profitability. SES managed to preserve its growth engine, despite a challenging environment for the Network business. Finally, the C-Band monetisation seems to be following its path, according to expectations, a positive for SES.
Companies: SES SA FDR (Class A)
The results were marginally above estimates, with contrasting trends across divisions. We anticipate further pressure on the rest of the year, which has led management to reduce its guidance, but this was already factored in our expectations. Finally, the C-Band monetisation seems to be following its path, according to expectations, a positive for SES.
SES fell short of expectation at the EBITDA level. The company has yet to be impacted by COVID-19 side effects but no doubt it will. SES thus did not provide an update on its outlook, on which we stand at the bottom-end of expectation. No change expected in our estimates.
Although the publication was in line for 2019, SES trimmed the 2020 outlook on the back of lower growth in Networks, while Video remains challenging. SES also cut its dividend payment by c. 50% to cope with the increased capex in 2021, which is required to stabilise Video and accelerate in Networks.
The Q3 publication was in line with expectations, with a slower pace of decline in Video, while Network accelerated. The company maintains its guidance for 2019 and keeps an optimistic tone on the C-Band matter.
The market has been reassured by the confirmation of the company’s confidence in achieving its FY19 guidance, having secured c. 90% of its H2 revenues. On top of this, the particularly optimistic tone from management relating to the C-Band valuation helped the positive sentiment.
The company’s release was in line with expectations, still experiencing different trends across its divisions. While Video’s revenues accelerated its erosion, the pace should stabilise going forward. On the other hand, Network is expected to remain strong. In the short term, the main driver of the company remains the C-Band monetisation.
SES published a set of figures that beat the estimates, thanks to a sound performance in each of its Network divisions. However, the guidance provided was somewhat disappointing on the back of a more cautious view regarding its Video’s perspectives.
Revenues for the first 9 months stood at €1,469m, up by +0.4% at constant currency. On a quarterly basis, revenues were up by 2% to €488m for Q3 and beat consensus. The main contributor to this positive evolution remained the Network division.
Recurring revenues were up +2.1% to €1,445m with a mixed performance amongst the divisions: SES Video was down by 2.8% while SES Networks increased by +13.6%.
The EBITDA margin stood at 63.1%, down 2pts compared to the same period a year ago. This came w
Q1 revenues were down by 4.9% at constant change (and down by -11.7% in reported terms due to the USD exposure of the group) but they were indeed perfectly flat if we exclude the exceptional sale of capacity to Global Eagle Entertainment (which provides digital media services to airlines) a year ago.
EBITDA was down by 8.7% (-14.9% in reported terms) but here also, if we exclude a restructuring provision of €5m, the margin was 64.8%, slightly better indeed than the 64-64.5% range given by manag
SES reported a rather weak set of full-year results, marked by the lowering and widening of the group’s 2018 targets, lower growth at SES Networks and a much needed c.40% cut in dividends.
SES announced this morning that the current CEO Karim Michel Sabbagh and CFO Padraig McCarthy were to step down. They will be replaced by Steve Collar (CEO of SES Networks) and Andrew Browne (CFO of O3b), respectively.
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Companies: BATM Advanced Communications Ltd.
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Companies: Gamma Communications PLC
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Cyanconnode has released a strong trading update, highlighting the material jump in activity we factor into our forecasts. The Company is delivering on growth opportunities despite the challenges associated with COVID and global supply chains and expects to meet market expectations for the year. We remain buyers.
Companies: CyanConnode Holdings plc
*A corporate client of Hybridan LLP
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Companies: CYAN LEX SCLP SEMP TEK TENG
Alongside the multiple new contracts signed in fiscal 1H, CyanConnode’s smart meter intelligent module shipments continued to accelerate during the period. 315,000 modules were shipped, versus 92,000 in the same period last year and 481,000 for the entirety of FY’21. 1H’22 revenue came in at £4.1m, almost three times the comparative 1H’21 figure of £1.5m. The potentially immense market opportunity is starting to translate into large orders, accelerating shipment volumes, exceptionally strong rev