SES SA (SESG LX), May 2021

The market focusses on the negatives too much. This is a defensive business with a bunch of positive one-offs. Yes, positive one-offs!

This is not investment advice. Please read the disclaimer. I might own discussed stock(s) currently or at a later time. I might transact in any securities at any time.

SES’ two segments (video, networks) bring different structural growth trajectories and the better one (networks) is still overshadowed by declining video revenues which will stabilize at some point. Chashflow generation is much better than profit figures would indicate. Many one time special effects bring several billion dollars in the next few years. I believe disruption risk is likely overestimated and the company trades for an attractive risk/reward. >>Read my note here (pdf).

All company-related posts should be tagged with the company’s ticker SESG LX. Specific company write-ups are in the category SES SA.

I own shares in the mentioned company.


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