SES/Intelsat - comment

Both satellite companies may be in line for further clearing of the C-Band spectrum. Following recent compensation payments for the initial clearing of the 3.98-4.2 GHz spectrum, shareholders are loving the news, having apparently forgotten how much it cost the operators in the first place. FCC chairman Brendan Carr said yesterday that the agency is “considering” selling the next spectrum up to 4.2 GHz, signalling it will decide later this month if it will launch an inquiry into whether the spectrum should be further repurposed. Vacating the C-Band spectrum had cost both players dearly initially and compensation was attractive but came much later. So we are not immediately factoring this in and certainly not as a giant positive and not in the short to medium term.