(SESG) SES S. A. - Overview
Sector: Communication Services | Industry: Broadcasting | Exchange: PA (France) | Market Cap: 3.225m EUR | Total Return: 70.9% in 12m
Industry Rotation: -14.4
Avg Turnover: 5.23M
EPS Trend: -0.8%
Qual. Beats: 0
Rev. Trend: 30.1%
Qual. Beats: -1
Warnings
Interest Coverage Ratio 0.6 is critical
Beneish M-Score -1.19 > -1.5 - likely earnings manipulation
Altman Z'' 0.02 < 1.0 - financial distress zone
Tailwinds
Shakeout, 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: -157.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -5.63 > 1.0 |
| NWC/Revenue: -10.75% < 20% (prev 52.86%; Δ -63.61% < -1%) |
| CFO/TA 0.06 > 3% & CFO 767.0m > Net Income -157.0m |
| Net Debt (6.39b) to EBITDA (1.43b): 4.47 < 3 |
| Current Ratio: 0.87 > 1.5 & < 3 |
| Outstanding Shares: last quarter (414.4m) vs 12m ago 7.17% < -2% |
| Gross Margin: 37.46% > 18% (prev 0.70%; Δ 3.68k% > 0.5%) |
| Asset Turnover: 26.20% > 50% (prev 50.92%; Δ -24.73% > 0%) |
| Interest Coverage Ratio: 0.59 > 6 (EBITDA TTM 1.43b / Interest Expense TTM 435.0m) |
| A: -0.02 (Total Current Assets 2.23b - Total Current Liabilities 2.57b) / Total Assets 13.74b |
| B: -0.01 (Retained Earnings -95.0m / Total Assets 13.74b) |
| C: 0.02 (EBIT TTM 257.0m / Avg Total Assets 12.04b) |
| D: 0.06 (Book Value of Equity 715.0m / Total Liabilities 11.55b) |
| Altman-Z'' Score: 0.02 = B |
| DSRI: 2.07 (Receivables 835.0m/672.0m, Revenue 3.15b/5.26b) |
| GMI: 1.88 (GM 37.46% / 70.34%) |
| AQI: 1.87 (AQ_t 0.32 / AQ_t-1 0.17) |
| SGI: 0.60 (Revenue 3.15b / 5.26b) |
| TATA: -0.07 (NI -157.0m - CFO 767.0m) / TA 13.74b) |
| Beneish M-Score: -1.19 (Cap -4..+1) = D |
Over the past week, the price has changed by +3.15%, over one month by +19.38%, over three months by +23.25% and over the past year by +70.85%.
| Analysts Target Price | - | - |
P/E Forward = 93.4579
P/S = 1.0876
P/B = 1.1795
P/EG = 3.7686
Revenue TTM = 3.15b EUR
EBIT TTM = 257.0m EUR
EBITDA TTM = 1.43b EUR
Long Term Debt = 5.51b EUR (from longTermDebt, last fiscal year)
Short Term Debt = 874.0m EUR (from shortTermDebt, last quarter)
Debt = 7.46b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 6.39b EUR (from netDebt column, last quarter)
Enterprise Value = 9.61b EUR (3.22b + Debt 7.46b - CCE 1.07b)
Interest Coverage Ratio = 0.59 (Ebit TTM 257.0m / Interest Expense TTM 435.0m)
EV/FCF = 39.24x (Enterprise Value 9.61b / FCF TTM 245.0m)
FCF Yield = 2.55% (FCF TTM 245.0m / Enterprise Value 9.61b)
FCF Margin = 7.77% (FCF TTM 245.0m / Revenue TTM 3.15b)
Net Margin = -4.98% (Net Income TTM -157.0m / Revenue TTM 3.15b)
Gross Margin = 37.46% ((Revenue TTM 3.15b - Cost of Revenue TTM 1.97b) / Revenue TTM)
Gross Margin QoQ = -2.73% (prev none%)
Tobins Q-Ratio = 0.70 (Enterprise Value 9.61b / Total Assets 13.74b)
Interest Expense / Debt = 3.12% (Interest Expense 233.0m / Debt 7.46b)
Taxrate = 25.0% (EU avg default 25%)
NOPAT = 192.8m (EBIT 257.0m * (1 - 25.00%))
Current Ratio = 0.87 (Total Current Assets 2.23b / Total Current Liabilities 2.57b)
Debt / Equity = 3.56 (Debt 7.46b / totalStockholderEquity, last quarter 2.10b)
Debt / EBITDA = 4.47 (Net Debt 6.39b / EBITDA 1.43b)
Debt / FCF = 26.08 (Net Debt 6.39b / FCF TTM 245.0m)
Total Stockholder Equity = 2.96b (last 4 quarters mean from totalStockholderEquity)
RoA = -1.30% (Net Income -157.0m / Total Assets 13.74b)
RoE = -5.31% (Net Income TTM -157.0m / Total Stockholder Equity 2.96b)
RoCE = 3.04% (EBIT 257.0m / Capital Employed (Equity 2.96b + L.T.Debt 5.51b))
RoIC = 2.34% (NOPAT 192.8m / Invested Capital 8.24b)
WACC = 3.48% (E(3.22b)/V(10.69b) * Re(6.13%) + D(7.46b)/V(10.69b) * Rd(3.12%) * (1-Tc(0.25)))
Discount Rate = 6.13% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares (quarterly) Correlation: -26.97 | Cagr: -2.78%
[DCF] Terminal Value 86.98% ; FCFF base≈453.4m ; Y1≈484.6m ; Y5≈587.4m
[DCF] Fair Price = 31.71 (EV 17.33b - Net Debt 6.39b = Equity 10.94b / Shares 344.9m; r=6.0% [WACC]; 5y FCF grow 7.68% → 3.0% )
EPS Correlation: -0.81 | EPS CAGR: 4.20% | SUE: 0.25 | # QB: 0
Revenue Correlation: 30.12 | Revenue CAGR: 43.02% | SUE: -1.10 | # QB: -1
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=-20% | GrowthEPS=-317.7% | GrowthRev=+31.2%
EPS next Year (2027-12-31): EPS=0.09 | Chg30d=-7.84% | Revisions=-20% | GrowthEPS=+133.6% | GrowthRev=+0.7%