Company Valuation: SES S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,173 2,682 2,618 1,334 2,311 1,787 - -
Change - -15.46% -2.41% -49.05% 73.28% -22.66% - -
Enterprise Value (EV) 1 5,705 5,983 3,870 2,333 8,211 7,694 7,547 7,499
Change - 4.88% -35.32% -39.72% 251.99% -6.3% -1.9% -0.63%
P/E 7.58x -38.1x -2.79x - -21.3x -8.24x -18.6x 32.5x
PBR 0.71x 0.61x 0.9x 0.5x 1.17x 0.77x 0.89x 1.02x
PEG - 0x -0x - - -0x 0.3x -0x
Capitalization / Revenue 1.78x 1.38x 1.29x 0.67x 0.88x 0.53x 0.53x 0.53x
EV / Revenue 3.2x 3.08x 1.91x 1.17x 3.13x 2.27x 2.22x 2.2x
EV / EBITDA 3.06x 4.82x 3.78x 2.27x 6.87x 5.23x 5.06x 4.9x
EV / EBIT 12.2x 42.7x -5.64x 36.4x 128x 41.7x 29.8x 23.4x
EV / FCF 5.63x 49x 1.26x 3.32x 21.3x 13.4x 18.3x 16.3x
FCF Yield 17.8% 2.04% 79.4% 30.1% 4.7% 7.49% 5.47% 6.12%
Dividend per Share 2 0.5 0.5 0.5 0.5 0.5 0.5012 0.505 0.5131
Rate of return 7.17% 8.21% 8.39% 16.4% 9.04% 11.7% 11.8% 12%
EPS 2 0.92 -0.16 -2.14 - -0.26 -0.52 -0.23 0.132
Distribution rate 54.3% -313% -23.4% - -192% -96.4% -220% 389%
Net sales 1 1,782 1,944 2,030 2,001 2,627 3,388 3,397 3,402
EBITDA 1 1,862 1,242 1,025 1,028 1,196 1,472 1,491 1,532
EBIT 1 468 140 -686 64 64 184.5 252.8 320.6
Net income 1 453 -34 -905 15 -95 -151.4 -69.62 44.88
Net Debt 1 2,532 3,301 1,252 999 5,900 5,906 5,760 5,712
Reference price 2 6.972 6.090 5.960 3.058 5.530 4.286 4.286 4.286
Nbr of stocks (in thousands) 455,047 440,401 439,184 436,134 417,898 417,006 - -
Announcement Date 2/24/22 2/27/23 2/29/24 2/26/25 3/2/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
-8.24x2.27x5.23x11.7% 2B
692.76x40.55x83.77x - 1,995B
13.41x2.54x6.42x2.83% 158B
32.24x5.29x21.96x0.26% 154B
10.41x2.22x5.97x5.32% 140B
29.87x5.43x9.51x1.74% 126B
7.5x1.33x4.8x5.99% 78.3B
18.73x2.16x8.17x3.72% 72.23B
14.34x2.35x7.68x2.93% 69.35B
13.19x1.41x4.8x3.44% 36.35B
Average 82.42x 6.55x 15.83x 4.21% 283.12B
Weighted average by Cap. 493.71x 29.52x 61.90x 3.04%

Y-o-Y evolution of P/E

Valuation ratios - P/E - SES S.A.

Historical PBR trend

Valuation ratios - PBR - SES S.A.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - SES S.A.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - SES S.A.


Year-on-year evolution of the Yield

Valuation ratios - Yield - SES S.A.