SESG Stock Analysis: SES S. A. | PA
Broadcasting | PA, France | Market Cap: 2.754m EUR | 12M Return: 23.1% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 8.94M
Qual. Beats: 0
Rev. Trend: 6.2%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
Average return per month, with how dependable it is below — did the month move the same way every year (high) or randomly (low). Above 60 is a pattern worth trusting; under 40 is noise.
SES S.A. is a Luxembourg-based satellite operator providing transmission capacity and connectivity services worldwide. The company operates a hybrid fleet of geostationary (GEO) and medium earth orbit (MEO) satellites, serving industries including aviation, media and broadcast, maritime, energy, government, cloud, cruise, and telecom and mobile network operators.
Its business spans two main areas: content connectivity - including video distribution to direct-to-home, cable, and IPTV households, channel management, and playout services - and data connectivity. The MEO component is a notable element of SESs network because MEO orbits deliver materially lower signal latency than GEO, which is relevant for cloud, government, and mobility customers. The company also supplies capacity, live feeds, and redundancy for sports and event broadcasters, and serves broadcasters, platform operators, and content owners.
Founded in 1985 and headquartered in Betzdorf, Luxembourg, SES was previously known as SES Global SA before adopting its current name in December 2006. As a mid-cap stock in the Communication Services sector, it competes within the capital-intensive satellite industry, where high entry barriers - spectrum rights, orbital slots, and ground infrastructure - favor established operators.
- mPOWER MEO constellation drives enterprise and government connectivity revenue growth
- Video distribution declines as broadcasters shift to streaming and OTT platforms
- Starlink and LEO competition pressures pricing across maritime and aviation segments
| Net Income: -111.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -5.14 > 1.0 |
| NWC/Revenue: -9.76% < 20% (prev 138.9%; Δ -148.7% < -1%) |
| CFO/TA 0.05 > 3% & CFO 751.0m > Net Income -111.0m |
| Net Debt (6.45b) to EBITDA (1.61b): 4.01 < 3 |
| Current Ratio: 0.87 > 1.5 & < 3 |
| Outstanding Shares: last quarter (414.4m) vs 12m ago 7.17% < -2% |
| Gross Margin: 78.27% > 18% (prev 67.47%; Δ 10.80% > 0.5%) |
| Asset Turnover: 28.86% > 50% (prev 19.38%; Δ 9.49% > 0%) |
| Interest Coverage Ratio: 1.91 > 6 (EBIT TTM 329.0m / Interest Expense TTM 172.0m) |
| A: -0.02 (Total Current Assets 2.23b - Total Current Liabilities 2.57b) / Total Assets 13.7b |
| B: -0.01 (Retained Earnings -95.0m / Total Assets 13.7b) |
| C: 0.03 (EBIT TTM 329.0m / Avg Total Assets 12.0b) |
| D: 0.18 (Book Value of Equity 2.10b / Total Liabilities 11.6b) |
| Altman-Z'' = 0.19 = B |
| DSRI: 0.74 (Receivables 835.0m/649.0m, Revenue 3.47b/2.00b) |
| GMI: 0.86 (GM 67.47% / 78.27%) |
| AQI: 1.87 (AQ_t 0.32 / AQ_t-1 0.17) |
| SGI: 1.74 (Revenue 3.47b / 2.00b) |
| TATA: -0.06 (NI -111.0m - CFO 751.0m) / TA 13.7b) |
| Beneish M = -2.33 (Cap -4..+1) = BBB |
As of June 30, 2026, the stock is trading at EUR 6.87 with a total of 783,069 shares traded. Over the past week, the price has changed by -6.99%, over one month by -28.44%, over three months by +12.22% and over the past year by +23.13%.
Current recommended Stop Loss: 6.30 (which is 8.3% or 1.4 ATR below the current price).
SES S. A. has no consensus analysts rating.
P/E Forward = 82.6446
P/S = 0.9288
P/B = 1.0468
P/EG = 3.7686
Revenue TTM = 3.47b EUR
EBIT TTM = 329.0m EUR
EBITDA TTM = 1.61b EUR
Long Term Debt = 5.51b EUR (from longTermDebt, last fiscal year)
Short Term Debt = 874.0m EUR (from shortTermDebt, last quarter)
Debt = 7.52b EUR (from shortLongTermDebtTotal, last quarter) + Leases 58.0m
Net Debt = 6.45b EUR (calculated: Debt 7.52b - CCE 1.07b)
Enterprise Value = 9.20b EUR (2.75b + Debt 7.52b - CCE 1.07b)
Interest Coverage Ratio = 1.91 (Ebit TTM 329.0m / Interest Expense TTM 172.0m)
EV/FCF = 40.18x (Enterprise Value 9.20b / FCF TTM 229.0m)
FCF Yield = 2.49% (FCF TTM 229.0m / Enterprise Value 9.20b)
FCF Margin = 6.59% (FCF TTM 229.0m / Revenue TTM 3.47b)
Net Margin = -3.20% (Net Income TTM -111.0m / Revenue TTM 3.47b)
Gross Margin = 78.27% ((Revenue TTM 3.47b - Cost of Revenue TTM 755.0m) / Revenue TTM)
Gross Margin QoQ = none% (prev -2.73%)
Tobins Q-Ratio = 0.67 (Enterprise Value 9.20b / Total Assets 13.7b)
Interest Expense / Debt = 2.29% (Interest Expense 172.0m / Debt 7.52b)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = 246.8m (EBIT 329.0m * (1 - 25.00%))
Current Ratio = 0.87 (Total Current Assets 2.23b / Total Current Liabilities 2.57b)
Debt / Equity = 3.59 (Debt 7.52b / totalStockholderEquity, last quarter 2.10b)
Debt / EBITDA = 4.01 (Net Debt 6.45b / EBITDA 1.61b)
Debt / FCF = 28.16 (Net Debt 6.45b / FCF TTM 229.0m)
Total Stockholder Equity = 2.96b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.92% (Net Income -111.0m / Total Assets 13.7b)
RoE = -3.76% (Net Income TTM -111.0m / Total Stockholder Equity 2.96b)
RoCE = 3.89% (EBIT 329.0m / Capital Employed (Equity 2.96b + L.T.Debt 5.51b))
RoIC = 2.08% (NOPAT 246.8m / Invested Capital 11.9b)
WACC = 3.02% (E(2.75b)/V(10.3b) * Re(6.58%) + D(7.52b)/V(10.3b) * Rd(2.29%) * (1-Tc(0.25)))
Discount Rate = 6.58% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -22.47 | Cagr: -4.18%
[DCF] Terminal Value 73.10% ; FCFF base≈418.6m ; Y1≈367.1m ; Y5≈296.6m
[DCF] Fair Price = N/A (negative equity: EV 4.76b - Net Debt 6.45b = -1.69b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.25 | # QB: 0
Revenue Correlation: 6.23 | Revenue CAGR: 3.18% | SUE: 0.09 | # QB: 0
EPS next Quarter (2026-09-30): EPS=-0.03 | Chg30d=N/A | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=-0.30 | Chg30d=-46.84% | Revisions=-20% | GrowthEPS=-336.9% | GrowthRev=+30.4%
EPS next Year (2027-12-31): EPS=-0.15 | Chg30d=-244.51% | Revisions=-20% | GrowthEPS=+51.6% | GrowthRev=+0.7%
[Analyst] Revisions Ratio: -20%