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    Stéphane Beyazian

    Research Analyst at ODDO BHF

    Stéphane Beyazian is an Analyst at ODDO BHF, specializing in equity research for the telecommunications and technology sectors, with coverage of companies such as SES SA and mobilezone Group. He has demonstrated expertise through active participation in earnings calls and publication of research impacting investor consensus for these firms, with a consistent presence recognized among the sector's key analysts. Beyazian previously served as Managing Director of Equity Research at Stifel before joining ODDO BHF, bringing extensive industry experience accrued over multiple senior research positions. His professional qualifications are supported by a track record of analytical depth and influence within European equity research, although explicit securities licenses or external ranking metrics could not be verified in available public records.

    Stéphane Beyazian's questions to SES (SGBAF) leadership

    Stéphane Beyazian's questions to SES (SGBAF) leadership • Q1 2025

    Question

    Stéphane Beyazian of ODDO BHF questioned if the costs for the IRIS2 program seemed high and if there was room for revision. He also asked about SES's exposure to potential U.S. space budget cuts and for any visibility on Starlink's C-band strategy.

    Answer

    CEO Adel Al-Saleh defended the IRIS2 business case, stating it is structured to meet strict IRR requirements and includes checkpoints where SES can exit if returns are not met. Regarding U.S. budgets, he expressed confidence in their government business, noting that rising European demand provides a balance. He acknowledged Starlink as a formidable competitor but emphasized that SES's multi-orbit strategy, with mPOWER and IRIS2, is designed to be highly competitive and relevant for its target customers.

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    Stéphane Beyazian's questions to SES (SGBAF) leadership • Q1 2025

    Question

    Stéphane Beyazian inquired if the IRIS² project cost seems high and has room for revision, about SES's exposure to potential U.S. space budget cuts, and about Starlink's C-band strategy.

    Answer

    CEO Adel Al-Saleh assured that IRIS² is subject to a strict IRR requirement and that SES can exit the contract if returns are not met, ensuring capital discipline. Regarding U.S. budgets, he noted that while some specific projects face pressure, aggregate demand remains strong and is balanced by growing European demand. On competition, he focused on SES's own strategy to be a robust alternative with its multi-orbit solutions (mPOWER, IRIS², next-gen GEOs) rather than speculating on Starlink's specific plans.

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    Stéphane Beyazian's questions to SES (SGBAF) leadership • Q1 2025

    Question

    Stéphane Beyazian of ODDO BHF questioned the perceived high cost of the IRIS² project, SES's exposure to potential U.S. space budget changes, and the company's visibility on Starlink's C-band strategy.

    Answer

    CEO Adel Al-Saleh defended the IRIS² business case, highlighting that it meets strict IRR requirements and includes an exit clause if final costs do not deliver the required returns. He expressed confidence in the government business, with rising European demand balancing potential U.S. budget shifts. He also acknowledged Starlink as a formidable competitor but affirmed SES's multi-orbit strategy is designed to be competitive and relevant.

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