SES S.A. shares have declined over 22% since mid-May 2026, despite no adverse fundamental or industry news. Management targets an IRR exceeding 10% for the IRIS project, meeting disciplined investment criteria and preserving the investment-grade balance sheet. Rocket Lab's acquisition of Iridium highlights the scarcity value of satellite infrastructure, spectrum rights, and sovereign communications networks. This provides a potential re-rating.
SES S.A.: A Mispriced European Space Infrastructure Champion
Source: Seeking Alpha