Deutsche Bank Upgrades SES to 'Buy' on Intelsat Deal Promise
Bank of America (BOA), also known as BofA, has boosted its rating for SES to 'Buy', highlighting the potential growth and profit margin gains from its recent acquisition of Intelsat. The deal, which is expected to increase SES's capacity by around 30%, could bring significant benefits to the combined company, according to the bank. Adel Al-Saleh will lead SES as CEO following the acquisition.
The enhanced capacity from the Intelsat deal could drive growth and cash returns for SES, as per Bank of America's analysis. The bank's new model projects annual organic top-line growth of 2.3% for the combined company, a turnaround from SES's earlier forecast of a 1% decline in fiscal 2024. Satellite enthusiasts eagerly await SES's latest quarterly results, scheduled for release on October 6.
Bank of America's upgraded rating and positive outlook reflect the potential benefits of SES's Intelsat acquisition. With increased capacity and promising growth prospects, the combined company looks set to strengthen its position in the satellite industry.
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