With this proposal, the US’ Federal Communications Commission ‘takes an important step towards implementing the One Big Beautiful Bill, which requires the FCC to complete a system of competitive bidding for at least 100 MHz in the Upper C-band no later than July 2027. The draft Notice will be voted on by the Commission at its November Open Meeting.’ Quote taken from US Federal Communications Commission draft proposal…
https://docs.fcc.gov/public/attachments/DOC-415172A1.pdf
SES can clear 100MHz of bandwidth ‘very quickly’ (see Fierce Network link below) and can potentially clear another 100MHz in time if needed. Furthermore following its successful acquisition of Intelsat, it now controls the vast majority of available C-band spectrum…
https://news.satnews.com/2025/02/11/ses-and-eutelsat-possibly-in-line-for-c-band-bn-bonus/
When I calculated the potential (i.e. not guaranteed) resulting special dividend previously it was in excess of €1 (i.e. about 19% of the current share price). Fingers crossed the draft proposal is approved and my calculations are correct. I do note however that the draft proposal sets a timescale of no later than July 2027 so the dividend may slip into 2027, but we will see.
https://www.fierce-network.com/wireless/ses-ceo-d2d-huge-opportunity-now
FCC C-band vote is today I believe… approval may lead to a bumper windfall for SES A.S. shareholders
byu/_DoubleBubbler_ inSES_Satellites
If the Satnews article details are accurate SES may receive up to 91% of the proceeds from a C-band spectrum auction for 100MHz minimum (which could rise to 180MHz) to be completed by no later than July 4th 2027. The FCC Chairman Brendan Carr also stated in today’s FCC meeting that up to 300MHz in total will be auctioned by 2034.
Of the payment on the first 100MHz I understand SES must give 42.5% of the total proceeds to former Intelsat shareholders now they have acquired the firm. So that means potentially 48.5% of the first 100MHz C-band revenue could go to SES. Above 100MHz, of the up to 91% share potentially attributed to SES, they would realise the full amount (see link below).
https://www.advanced-television.com/2025/10/31/ses-backs-c-band-action-from-fcc/
It is challenging to give specific and fully reliable figures here as the Satnews and Advanced Television reports give different figures for the historical 2020 auction amount. However based on the lower of the two figures I am expecting all things being equal (which they won’t be!) about $3.5b (100 MHz) to $6.2b (180MHz) could be raised in total, although I expect potentially more. Perhaps far more.
On those figures a 48.5% share for SES could result in $1.7b on 100Mhz rising to about $2.5b if 180MHz is auctioned in total (and SES do not need to share proceeds for that additional spectrum with former Intelsat shareholders). To put that into perspective $2.5b is almost SES’ current market capitalisation!
With SES continuing to prioritise shareholder returns (as per the 2025 AGM) I look forward to hopefully receiving a bumper special dividend in 2026/27. I am expecting well north of €1 per share but only time will tell exactly what happens.
E&OE.