Kerrisdale Capital

Kerrisdale Capital: Intelsat S.A. (I) And SES S.A. (SESG) Update

Disclosure: We are long shares of Intelsat S.A. and SES S.A. Please review our disclosures at the end of our email.

Since we released our report on Intelsat and SES a month ago, events have unfolded even more rapidly than we expected, and our confidence in the upside potential of these stocks, largely due to the underappreciated value of their US C-band spectrum, has only grown. Below we briefly summarize some of the key developments.


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