Below €3.58 in morning trading, SES share rebounds above its support level
The Luxembourg-based satellite operator rebounds during the session, in a Paris market oriented upwards. The share trades ex-dividend this Wednesday, following a decline spanning several months.
A support level breached in the morning then recovered, with a dividend payment detached this Wednesday
The SES share gains 2.57% to €3.67, while the SBF 120 advances 0.62%. During morning trading, the share broke through its €3.58 support level down to a low of €3.53 before rebounding above it, placing it among the strongest gainers in the index. The share has been trading ex-dividend since Wednesday, October 14, following the detachment of a dividend payment of €0.25, paid on October 15.
This coupon mechanically caused the reference price to fall 7%: today's gain is therefore calculated taking into account the paid dividend. The movement reflects a very deteriorated underlying trend. With the dividend reintegrated, the share has lost 48.3% over three months and 22.6% over one month, and the price remains 8.8% below its 20-day moving average.
A bond buyback of €363.4 million and a share repurchase program in execution
On the financing side, SES agreed in early October to repurchase €363.4 million of its 2027 bond at 97.33% of par value with no pro-rata reduction. The group also announced on June 10 a €31 million share repurchase program, executed at approximately 6% as of August 7 (€2 million repurchased). In a Paris market that remains attentive to tension in French government debt, with a 10-year OAT at 4.86% according to the latest Bank of France survey from October 12, the dividend will be paid tomorrow, Thursday, October 15.
