SES share rebounds but still down -34.5% over three months

A technical rebound following the bond buyback announcement on Monday

SES gains 1.63% to €4.35 during the session, after closing at €4.28 the previous day. The stock thus finds support just above its support threshold of €4.28, a level tested and retested in recent weeks as the decline has unfolded. This rebound follows the announcement of the buyback of the 2027 bond worth 500 million euros, communicated on September 28, which aims to smooth the debt repayment profile of the group.

The operation is perceived as a signal of balance sheet control in a context where financial charges weigh on satellite operators facing competition from low-orbit constellations. The SBF 120 for its part advances by 0.25% during the session, without the SES rebound being explained by a notable index effect.

A technical configuration in oversold territory, three moving averages well above the price

Despite this upturn, the underlying deterioration remains severe. The RSI at 28 signals a persistent oversold configuration, consistent with a decline of nearly 35% over the last three months. The price remains well below its three moving averages: the 20-day MA at €4.71 shows a gap of -7.56%, the 50-day MA at €5.35 a gap of -18.62%, and the 200-day MA at €6.50 a gap of -33.02%.

This configuration echoes that observed throughout the summer, marked by a succession of brief rebounds without a sustained trend reversal. The closest resistance is at €5.43, representing a gap of over 24% from the current price. On the shareholder side, SES had communicated in September a dividend target of at least €0.50 per Class A share for 2026, scheduled for October, which represents a gross yield of approximately 11.5% at the current price, a level that reflects both the commitment to shareholder returns and the risk premium now priced into the stock by the market.