Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 257

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 257
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 where fair value is determined based on multiples
derived from the stock prices of publicly traded guideline companies to develop a business enterprise value (“BEV”) for each reporting unit. The application of the market multiples method entails the development of EBITDA multiples based
on the market value of the guideline companies. The multiples are developed by first calculating the market value of equity of the guideline companies and then adjusting these multiples for cash and debt to arrive at a BEV multiple. Identifying
appropriate guideline companies and computing appropriate market multiples is subjective. Intelsat considered various public companies that had reasonably similar qualitative factors as Intelsat’s reporting units while also considering
quantitative factors such as revenue growth, profitability and total assets.

See Note 7—Goodwill and Other Intangible Assets of the
Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus for discussion of the impairment charges recognized.

Orbital Locations. Intelsat determined the estimated fair value of its rights to operate at orbital locations by using the build-up method to determine cash flows for the income approach, with the resulting projected cash flows discounted at an appropriate weighted average cost of capital. Under the
build-up approach, the amount a reasonable investor would be willing to pay for the right to operate a satellite business using orbital locations is calculated by first estimating the cash flows that typical
market participants might assume could be available from the right to operate satellites using the subject location in a similar market. It is assumed that rather than acquiring such a business as a going concern, the buyer would hypothetically
start with the right to operate satellites at orbital locations and build a new business with similar attributes from the beginning. Thus, the buyer

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is assumed to incur the start-up costs and losses typically associated with the going concern value and pay for all other tangible and intangible assets.

The key assumptions used in estimating the fair values of Intelsat’s rights to operate at its orbital locations included the
following: (i) market penetration leading to revenue growth, (ii) profit margin, (iii) duration and profile of the build-up period, (iv) estimated
start-up costs and losses incurred during the build-up period and (v) weighted average cost of capital. See additional discussion under “Goodwill”
above.

Trade Name. Intelsat has implemented the relief from royalty method to determine the estimated fair value of the Intelsat
trade name. The relief from royalty analysis is composed of two major steps: