SES S.A.: The Sell-Off Looks Excessive As The C-Band Catalyst Remains Intact SES shares have declin...

SES S.A.: The Sell-Off Looks Excessive As The C-Band Catalyst Remains Intact SES shares have declined 42% since July, as weaker Q2 results, negative free cash flow, and higher leverage have overshadowed unchanged FY2026 guidance. Commercial momentum remains solid, with €1.2 billion of H1 bookings, a €6.4 billion backlog, improving cost execution, and strength across Government & Defense and Mobility. C-band remains the key valuation catalyst: even discounting estimated after-tax proceeds at 10% from 2031, their present value exceeds SGBAF's current share price.