(Reuters) – Satellite operator SES fell on the Paris Stock Exchange on Monday after announcing an adjusted earnings before interest, tax, depreciation and amortization (EBITDA) forecast for 2023 below expectations.

- Advertisement -

The SES title fell 7.6% to 7.24 euros at 09:43 GMT, the red lantern of the SBF 120 index which took 1.44% at the same time.

The group anticipates for 2023 an adjusted Ebitda of between 1.010 and 1.050 billion euros, while analysts expected an average of 1.131 billion euros, according to a consensus provided by the company.

- Advertisement -

For 2022, SES reported adjusted Ebitda of €1.105 billion, below expectations at €1.110 billion.

However, at 1.94 billion euros, turnover for last year is in line with expectations and the group anticipates further growth for 2023.

“After these results, we expect revenue consensus to remain broadly unchanged, but we believe EBITDA could be reduced based on guidance,” JP Morgan analysts said in a note.

In the fourth quarter, Citi reports solid results, but adjusted Ebitda 2% below consensus, mainly due to a weaker margin contribution from the government division.

(Written by Kate Entringer, with input from Lina Golovnya, edited by Matthieu Protard)

Copyright © 2023 Thomson Reuters