In order to compensate structural pressures on Video (68% of Company's revenue), SES is investing in its Networks business. With further FCF reduction, shareholders have to accept a material reduction in dividends to boost the balance sheet and help fund satellite launches in 2018-2021. However I don't believe that these initiatives could rise customer demand and able to gain market share. So I bet on bearish trend of SES's stocks.
SES services are provided in the four areas of Video (68% of revenue), Fixed data (13% of revenue), Government (12% of revenue) and Mobility (7% of revenue). New targets implies a return to Company's sales growth, driven by double-digit data growth (2017-2020), which I see as sophisticated due to structural industry overcapacity in key verticals. Therefore I have negative rating on SES's stocks.