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SES FY Results In Line With Target Despite Unplanned Expense; Sees Slower FY24

TECHNOLOGY


  • Q4 Rev looks like a beat (EUR 536mn vs. EUR 490mn consensus) though we see a miss on adj-EBITDA (EUR 44mn vs. EUR 50mn consensus) feeding through to a bottom-line of EUR 35mn vs. EUR 49mn consensus.
  • On the above, they attribute the miss to an “unplanned expense” but don’t provide detail.
  • FY results slightly ahead of the outlook range on Rev and in-line on adj-EBITDA.
  • Credit metrics look strong; net leverage down to 1.5x from 3.5x on the C-Band proceeds while FY FCF was EUR 431mn vs. a EUR 181mn outflow in FY22 on
  • FY24 outlook midpoints implies a 3% decline in Rev and a 5% decline in adj-EBITDA; CapEx seen at EUR 500-550mn from EUR 431mn this year.

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