(SESG) SES S. A. - Overview
Sector: Communication Services | Industry: Broadcasting | Exchange: PA (France) | Market Cap: 3.934m EUR | Total Return: 96.6% in 12m
Avg Turnover: 9.12M
Qual. Beats: 0
Rev. Trend: 6.2%
Qual. Beats: 0
Warnings
Interest Coverage Ratio 0.9 is critical
Altman Z'' 0.06 < 1.0 - financial distress zone
Tailwinds
Supp Ema8, Supp Ema20, Rs Leader, Idiosyncratic Leader, Tailwind, Pullback 52w
SES S.A. is a Luxembourg-based satellite telecommunications provider that operates a multi-orbit fleet consisting of Geostationary (GEO) and Medium Earth Orbit (MEO) satellites. The company delivers data and video connectivity services to diverse sectors, including government, maritime, aviation, and energy. Its infrastructure supports linear video distribution to direct-to-home and IPTV platforms, alongside specialized solutions for live sports and event broadcasting.
The satellite industry is currently shifting toward high-throughput satellite (HTS) systems to meet rising global demand for low-latency broadband. SES utilizes its MEO constellation to provide fiber-like speeds to remote locations where terrestrial infrastructure is absent or insufficient. Investors can examine the company’s valuation metrics and dividend history on ValueRay to further assess its financial health.
Founded in 1985, SES S.A. functions as a critical link in the global media supply chain by managing content aggregation, playout, and redundancy for broadcasters and platform operators worldwide. The business model relies on long-term capacity contracts, which provide predictable revenue streams from both commercial and sovereign clients.
- Structural decline in linear video revenue pressures traditional broadcast segment margins
- O3b mPOWER satellite constellation deployment determines long term data growth trajectory
- Acquisition of Intelsat consolidation synergy realization impacts future free cash flow
- Government and defense contract wins drive high margin data services revenue
- Capital expenditure requirements for satellite fleet renewal influence dividend sustainability levels
| Net Income: -111.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -5.09 > 1.0 |
| NWC/Revenue: -9.76% < 20% (prev 138.9%; Δ -148.7% < -1%) |
| CFO/TA 0.06 > 3% & CFO 751.0m > Net Income -111.0m |
| Net Debt (5.92b) to EBITDA (1.61b): 3.68 < 3 |
| Current Ratio: 0.87 > 1.5 & < 3 |
| Outstanding Shares: last quarter (400.0m) vs 12m ago -3.17% < -2% |
| Gross Margin: 78.27% > 18% (prev 0.67%; Δ 7.76k% > 0.5%) |
| Asset Turnover: 29.32% > 50% (prev 19.38%; Δ 9.94% > 0%) |
| Interest Coverage Ratio: 0.92 > 6 (EBITDA TTM 1.61b / Interest Expense TTM 358.0m) |
| A: -0.03 (Total Current Assets 2.23b - Total Current Liabilities 2.57b) / Total Assets 13.4b |
| B: -0.01 (Retained Earnings -95.0m / Total Assets 13.4b) |
| C: 0.03 (EBIT TTM 329.0m / Avg Total Assets 11.8b) |
| D: 0.06 (Book Value of Equity 601.0m / Total Liabilities 10.7b) |
| Altman-Z'' = 0.06 = B |
| DSRI: 0.74 (Receivables 835.0m/649.0m, Revenue 3.47b/2.00b) |
| GMI: 0.86 (GM 78.27% / 67.47%) |
| AQI: 1.76 (AQ_t 0.30 / AQ_t-1 0.17) |
| SGI: 1.74 (Revenue 3.47b / 2.00b) |
| TATA: -0.06 (NI -111.0m - CFO 751.0m) / TA 13.4b) |
| Beneish M = -2.45 (Cap -4..+1) = BBB |
As of June 02, 2026, the stock is trading at EUR 9.24 with a total of 1,211,751 shares traded.
Over the past week, the price has changed by +3.82%,
over one month by +25.22%,
over three months by +43.19% and
over the past year by +96.57%.
SES S. A. has no consensus analysts rating.
P/E Forward = 117.6471
P/S = 1.3267
P/B = 1.4924
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 fiscal year)
Debt = 7.00b EUR (from shortLongTermDebtTotal, last fiscal year) + Leases 58.0m
Net Debt = 5.92b EUR (calculated: Debt 7.00b - CCE 1.07b)
Enterprise Value = 9.86b EUR (3.93b + Debt 7.00b - CCE 1.07b)
Interest Coverage Ratio = 0.92 (Ebit TTM 329.0m / Interest Expense TTM 358.0m)
EV/FCF = 43.04x (Enterprise Value 9.86b / FCF TTM 229.0m)
FCF Yield = 2.32% (FCF TTM 229.0m / Enterprise Value 9.86b)
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 = 0.74 (Enterprise Value 9.86b / Total Assets 13.4b)
Interest Expense / Debt = 5.12% (Interest Expense 358.0m / Debt 7.00b)
Taxrate = 25.0% (EU avg 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 = 2.67 (Debt 7.00b / totalStockholderEquity, last fiscal year 2.62b)
Debt / EBITDA = 3.68 (Net Debt 5.92b / EBITDA 1.61b)
Debt / FCF = 25.86 (Net Debt 5.92b / FCF TTM 229.0m)
Total Stockholder Equity = 2.96b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.94% (Net Income -111.0m / Total Assets 13.4b)
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 = 2.11% (NOPAT 246.8m / Invested Capital 11.7b)
WACC = 4.69% (E(3.93b)/V(10.9b) * Re(6.22%) + D(7.00b)/V(10.9b) * Rd(5.12%) * (1-Tc(0.25)))
Discount Rate = 6.22% (= 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 5.92b = -1.16b; 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 current Quarter (2026-06-30): EPS=0.03 | Chg30d=N/A | Revisions=N/A | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.01 | Chg30d=N/A | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=-0.28 | Chg30d=-34.94% | Revisions=N/A | GrowthEPS=-317.7% | GrowthRev=+31.2%
EPS next Year (2027-12-31): EPS=0.09 | Chg30d=-7.84% | Revisions=N/A | GrowthEPS=+133.6% | GrowthRev=+0.7%