SESG Stock Analysis: SES S. A. | PA
Broadcasting | PA, France | Market Cap: 1.790m EUR | 12M Return: -33% | LU0088087324 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 3.95M
Qual. Beats: -1
Rev. Trend: -10.6%
Qual. Beats: 1
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
SES S.A. is a Luxembourg-headquartered satellite operator that provides global data transmission capacity and related services across a mixed fleet of geostationary (GEO) and medium earth orbit (MEO) spacecraft. The company sells wholesale connectivity and content delivery solutions to broadcasters, platform operators, content owners, and enterprises in sectors such as aviation, maritime, cruise, energy, government, cloud, and telecom/mobile network operators. Its offerings span managed video aggregation and distribution to DTH, cable, and IPTV platforms, channel playout services, and occasional-use capacity for sports and event broadcasters.
Founded in 1985 and headquartered in Betzdorf, SES operates as a B2B infrastructure provider rather than a direct consumer-facing media company, distinguishing it from traditional broadcasters. Its MEO-based O3b constellation is one of the few non-GEO broadband systems in commercial service, giving the company a differentiated position in latency-sensitive enterprise and government connectivity markets.
- O3b mPOWER constellation scaling accelerates Networks segment growth
- C-band spectrum auction proceeds reduce leverage and fund dividends
- LEO competition from Starlink pressures data connectivity pricing
| Net Income: -370.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -4.93 > 1.0 |
| NWC/Revenue: 1.89% < 20% (prev 148.1%; Δ -146.2% < -1%) |
| CFO/TA 0.06 > 3% & CFO 751.0m > Net Income -370.0m |
| Net Debt (6.86b) to EBITDA (1.93b): 3.55 < 3 |
| Current Ratio: 1.04 > 1.5 & < 3 |
| Outstanding Shares: last quarter (382.6m) vs 12m ago 3.02% < -2% |
| Gross Margin: 84.49% > 18% (prev 29.79%; Δ 54.70% > 0.5%) |
| Asset Turnover: 41.21% > 50% (prev 19.01%; Δ 22.21% > 0%) |
| Interest Coverage Ratio: 1.22 > 6 (EBIT TTM 209.0m / Interest Expense TTM 172.0m) |
| A: 0.01 (Total Current Assets 2.47b - Total Current Liabilities 2.38b) / Total Assets 13.1b |
| B: -0.01 (Retained Earnings -176.0m / Total Assets 13.1b) |
| C: 0.02 (EBIT TTM 209.0m / Avg Total Assets 11.8b) |
| D: 0.25 (Book Value of Equity 2.56b / Total Liabilities 10.4b) |
| Altman-Z'' = 0.38 = B |
| DSRI: 1.04 (Receivables 1.11b/440.0m, Revenue 4.87b/2.00b) |
| GMI: 0.35 (GM 29.79% / 84.49%) |
| AQI: 2.13 (AQ_t 0.31 / AQ_t-1 0.15) |
| SGI: 2.43 (Revenue 4.87b / 2.00b) |
| TATA: -0.09 (NI -370.0m - CFO 751.0m) / TA 13.1b) |
| Beneish M = -1.89 (Cap -4..+1) = B |
As of October 06, 2026, the stock is trading at EUR 4.09 with a total of 978,255 shares traded. Over the past week, the price has changed by -4.58%, over one month by -16.02%, over three months by -50.51% and over the past year by -32.96%.
Current recommended Stop Loss: 3.80 (which is 7.1% or 1.5 ATR below the current price).
SES S. A. has no consensus analysts rating.
P/E Forward = 97.0874
P/S = 0.5507
P/B = 0.7612
P/EG = 3.7686
Revenue TTM = 4.87b EUR
EBIT TTM = 209.0m EUR
EBITDA TTM = 1.93b EUR
Long Term Debt = 5.53b EUR (from longTermDebt, last quarter)
Short Term Debt = 997.0m EUR (from shortTermDebt, last quarter)
Debt = 7.78b EUR (from shortLongTermDebtTotal, last quarter) + Leases 679.0m
Net Debt = 6.86b EUR (calculated: Debt 7.78b - CCE 918.0m)
Enterprise Value = 8.65b EUR (1.79b + Debt 7.78b - CCE 918.0m)
Interest Coverage Ratio = 1.22 (Ebit TTM 209.0m / Interest Expense TTM 172.0m)
EV/FCF = 37.78x (Enterprise Value 8.65b / FCF TTM 229.0m)
FCF Yield = 2.65% (FCF TTM 229.0m / Enterprise Value 8.65b)
FCF Margin = 4.71% (FCF TTM 229.0m / Revenue TTM 4.87b)
Net Margin = -7.60% (Net Income TTM -370.0m / Revenue TTM 4.87b)
Gross Margin = 84.49% ((Revenue TTM 4.87b - Cost of Revenue TTM 755.0m) / Revenue TTM)
Gross Margin QoQ = 2.06% (prev none%)
Tobins Q-Ratio = 0.66 (Enterprise Value 8.65b / Total Assets 13.1b)
Interest Expense / Debt = 2.21% (Interest Expense 172.0m / Debt 7.78b)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = 156.8m (EBIT 209.0m * (1 - 25.00%))
Current Ratio = 1.04 (Total Current Assets 2.47b / Total Current Liabilities 2.38b)
Debt / Equity = 3.04 (Debt 7.78b / totalStockholderEquity, last quarter 2.56b)
Debt / EBITDA = 3.55 (Net Debt 6.86b / EBITDA 1.93b)
Debt / FCF = 29.96 (Net Debt 6.86b / FCF TTM 229.0m)
Total Stockholder Equity = 2.56b (last 4 quarters mean from totalStockholderEquity)
RoA = -3.13% (Net Income -370.0m / Total Assets 13.1b)
RoE = -14.45% (Net Income TTM -370.0m / Total Stockholder Equity 2.56b)
RoCE = 2.58% (EBIT 209.0m / Capital Employed (Equity 2.56b + L.T.Debt 5.53b))
RoIC = 1.37% (NOPAT 156.8m / Invested Capital 11.5b)
WACC = 2.29% (E(1.79b)/V(9.57b) * Re(5.04%) + D(7.78b)/V(9.57b) * Rd(2.21%) * (1-Tc(0.25)))
Discount Rate = 5.04% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -33.25 | Cagr: -7.53%
[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 6.86b = -2.10b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -2.85 | # QB: -1
Revenue Correlation: -10.62 | Revenue CAGR: -5.09% | SUE: 4.0 | # QB: 1
EPS current Quarter (2026-09-30): EPS=-0.05 | Chg30d=N/A | Revisions=+0% | Analysts=1
EPS current Year (2026-12-31): EPS=-0.41 | Chg30d=-20.04% | Revisions=+0% | GrowthEPS=-415.9% | GrowthRev=+29.0%
EPS next Year (2027-12-31): EPS=-0.30 | Chg30d=-27.40% | Revisions=+0% | GrowthEPS=+25.6% | GrowthRev=+0.2%
[Analyst] Revisions Ratio: +0% (up=0, down=0)