Goldman starts SES at 'buy' on defence spending tailwinds

** Goldman Sachs re-instates coverage of Luxembourg-based satellite operator SES SESFg.LU with a "buy" rating, saying that structural tailwinds from defence spending support the stock

** It notes SES shares have doubled and then halved over the past year, with disappointment over the timing of C-band proceeds and weak second-quarter results creating an attractive entry point

** Higher government spending offers material medium-term upside, GS says, and estimates that more than €3 billion of incoming C-band net cash is worth about 1.4 times SES's market value on a net present value basis

** The broker is constructive on the company's core business outlook and forecasts revenue and EBITDA 2% and 3% above consensus, respectively

** Goldman says the shares offer 67% upside