SES rebounded on Friday from the previous day's sharp fall triggered by disappointing results, with the stock benefiting from bargain-basement buying as one analyst called the satellite operator "cheap".

After a difficult session on Thursday, which saw the stock fall by 5% following a poorly-received earnings release, a bargain hunt seems to be underway as Barclays underlines the weakness of its valuation.

"SES is confident on the revenue front", says the research firm, noting that the group's activity exceeded market forecasts for the eighth consecutive time in Q4 2023.

And its revenue outlook for 2024 is, when we look at the middle of the range, 3.5% above consensus", argues Barclays, which maintains its "overweight" recommendation with a price target raised from 7.2 to 7.8 euros.

"That's not bad for such a cheap stock", continues the intermediary, who highlights an Enterprise Value/Ebitda ratio of 4.5x, compared with 6.1x for its main European comparables.

SES shares have recovered slightly from their June 2023 lows, below the five-euro mark, but are still trading at lows compared with their 2015 peaks.

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