04:32 AM EDT, 05/13/2026 (MT Newswires) -- AlphaValue/Baader Europe upgraded SES (SESG.PA) to buy from add, with a price target of 10.5 euros, noting the Intelsat acquisition's positive impact on the Paris-listed satellite operator's long-term earnings potential.

"We have updated our EV/EBITDA multiple from 5x to 7x as the integration of Intelsat is bringing improved profitability for the overall business. The company has reported a decline in its operating expenses with cost synergies coming into play. The company will also be able to reduce its [capital expenditure] intensity as more load is shared between common satellites. We expect both these synergies to improve the overall [long-term] profitability,"analysts said Tuesday.

The research firm also revised its model to account for anticipated long-term headwinds for the group's medium Earth orbit strategy amid increasing low Earth orbit competition. While keeping its long-term revenue and EBITDA growth assumptions stable, AlphaValue/Baader Europe sees upside potential for its estimates if the networks unit can offset the structural decline in the traditional media business.

On the earnings side, analysts project full-year 2026 sales of 3.52 billion euros and forecast an adjusted attributable net profit of 187 million euros.