(News Bulletin 247) – Deutsche Bank on Tuesday maintained its buy recommendation and its price target of 9.5 euros on SES the day after the surprise resignation of the group’s managing director, Steve Collar.
According to the analyst, the drop of almost 15% in the share price following this announcement illustrates the concerns surrounding the timetable for the commissioning of the O3b mPower system, currently planned for the third quarter, but also the lack of progress in the discussions started with Intelsat.
‘Knowing that Steve Collar had previously been the CEO of O3b Networks, we would have thought that he would have been keen to oversee the launch of O3b mPower, but this will not be the case given the imminent date of his departure. , which adds to the nervousness of the market,” he adds.
If he says he understands the disappointment of the market linked to his resignation, the intermediary nevertheless judges that the stock market sanction which followed the formalization of his departure is exaggerated.
Deutsche Bank also notes that SES’s press release points to a ‘bright’ future for the company with the scheduled commissioning of O3b mPower, leading it to believe that its start-up will take place in the temperature.
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