SES Shares Continue to Fall at Close, Weighed Down by Quarterly Results
The stock of Luxembourgish satellite operator SES continued its correction movement on Tuesday, started in mid-November, dropping 2.88% to 5.055 euros at the close on the Paris Stock Exchange. This session reflects the persistent mistrust of investors following the disappointing publication of the third quarter accounts at the beginning of November, which had caused the share price to plummet by more than 12% in a single session.
The session on November 18 was marked by a 2.88% decline in SES shares, which settled at 5.055 euros at the close, in a Parisian market context also on the decline with the CAC 40 falling by 1.86%. Trading volumes remained modest with only 0.1% of the capital changing hands. This new decline is part of a broader downward trend, with the stock now showing a decline of 4.08% over a week and 15.68% over three months. However, this movement contrasts with an annual performance still positive at 49.29%, significantly higher than the CAC 40's 9.61% over the same period, but mainly reflects a gradual erasing of gains accumulated earlier in the year.
Underlying Causes of Weakness
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This persistent weakness originates from the publication of the third-quarter results on November 6, where the Luxembourgish satellite operator suffered a dramatic drop of 12.23% in a single day. The accounts revealed a sharp decline in margins following the integration of Intelsat since July, marking the first publication of combined results for the group. The market penalized the weakness of the adjusted EBITDA and a net loss of 69 million euros, far from the profit of 4 million earned a year earlier. This harsh reaction reflects investors' concerns about the group's ability to effectively digest this strategic acquisition and to quickly extract the expected synergies.
Technical Outlook
Technically, the stock is now moving in a concerning zone with an RSI at 27, indicating a marked oversold situation that could, however, pave the way for a short-term technical rebound. More structurally, the price is trading well below its 50-day moving average set at 6.21 euros, confirming the medium-term bearish trend. The MACD indicator also displays a negative signal with a histogram at -0.13, while the Chaikin Money Flow (CMF) of -0.25 indicates persistent capital outflows. The stock must quickly reclaim the support level of 4.85 euros to avoid a further downward acceleration, while any attempt at a rebound must break through the resistance of 7.06 euros to durably reverse the trend.
SectorTélécommunications›Équipements de Télécommunications
Context
Period
Period: 3T/9M 2025
Guidance from the release
I am pleased to report our solid 9 months 2025 results which include the first quarter for the combined company following the successful close of the Intelsat acquisition on 17 July 2025.
Croissance tirée par le segment Networks (Aviation, Government), intégration d'Intelsat en bonne voie, carnet de commandes brut de €7,1 billion, lancements O3b mPOWER 9 & 10 réussis et règlement d'assurance partiel d'environ $87 million.
Risks mentioned
Risque de ne pas atteindre les synergies attendues de l’acquisition d’Intelsat
Retards ou échecs de lancements ou problèmes opérationnels des satellites
Risques réglementaires et obtention d’approbations
Pressions concurrentielles et évolution technologique réduisant la demande
Opportunities identified
Positionnement multi-orbit renforcé pour capter la croissance longue durée
Expansion du business Aviation (plus de 3,000 tails; 200 nouveaux tails gagnés depuis clôture)
Augmentation de capacité et résilience avec les satellites O3b mPOWER supplémentaires
Carnet de commandes et renouvellements importants (nouveau business et renewals > €1,4 billion YTD)
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
