SES - comment

A strong call from management this morning. Operating results are overall as expected, but Media with a better result and Networks with a worse result than we had thought. From there performance was on par with assumptions all the way down to FCF. Liquidity was improved with the dual-tranche Hybrid offering in September.

Guidance is stable going forward as the company expects continued challenges in the Media business to be offset with growth in other areas, including Mobility and Government. The South American market is expected to remain stable while the company is cycling through the loss associated with the renewed Oi bankruptcy.