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SES (Baa3/NR/BBB) Q1 Headline Results Ahead Of Consensus

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  • Q1 revenue looks 5% ahead of company-provided consensus at +2.5% YoY while adj-EBITDA looks 17% ahead of company-provided consensus at +4.7% YoY.
  • Adj-FCF of EUR 38mn compares to a EUR 41mn outflow in Q123 (noting that FY23 cash flow had turned positive so the continuation here is encouraging). Net leverage steady at 1.5x.
  • First six 03B mPOWER satellites entering customer service in April as expected; continuing engagement with insurer on the USD 470mn claim for the first four. No mention of Intelsat.
  • FY24 guidance confirmed. EUR bonds yet to stream.
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  • Q1 revenue looks 5% ahead of company-provided consensus at +2.5% YoY while adj-EBITDA looks 17% ahead of company-provided consensus at +4.7% YoY.
  • Adj-FCF of EUR 38mn compares to a EUR 41mn outflow in Q123 (noting that FY23 cash flow had turned positive so the continuation here is encouraging). Net leverage steady at 1.5x.
  • First six 03B mPOWER satellites entering customer service in April as expected; continuing engagement with insurer on the USD 470mn claim for the first four. No mention of Intelsat.
  • FY24 guidance confirmed. EUR bonds yet to stream.