Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 272

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 272
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 discount rate are obtained
from market data sources (e.g., Capital IQ). Intelsat selects and uses a set of publicly traded companies from the relevant industry to estimate the discount rate inputs. Management applies judgment in the selection of such companies based on its
view of the most likely market participants. It is reasonably possible that the selection of a different set of likely market participants could produce different input assumptions and result in the use of a different discount rate.

For the market approach, Intelsat specifically used the guideline public company method, 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

207

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

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