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 2,279 - -
Change - -15.46% -2.41% -49.05% 73.28% -1.39% - -
Enterprise Value (EV) 1 5,705 5,983 3,870 2,333 8,211 8,115 8,010 7,949
Change - 4.88% -35.32% -39.72% 251.99% -1.17% -1.3% -0.76%
P/E 7.58x -38.1x -2.79x - -21.3x -14.9x -24.7x -681x
PBR 0.71x 0.61x 0.9x 0.5x 1.17x 1.01x 1.13x 1.3x
PEG - 0x -0x - - -0.4x 0.6x 7.1x
Capitalization / Revenue 1.78x 1.38x 1.29x 0.67x 0.88x 0.67x 0.67x 0.66x
EV / Revenue 3.2x 3.08x 1.91x 1.17x 3.13x 2.38x 2.34x 2.31x
EV / EBITDA 3.06x 4.82x 3.78x 2.27x 6.87x 5.52x 5.37x 5.16x
EV / EBIT 12.2x 42.7x -5.64x 36.4x 128x 34.7x 31.4x 24.4x
EV / FCF 5.63x 49x 1.26x 3.32x 21.3x 13.9x 18.8x 16.7x
FCF Yield 17.8% 2.04% 79.4% 30.1% 4.7% 7.19% 5.32% 5.98%
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% 9.17% 9.24% 9.39%
EPS 2 0.92 -0.16 -2.14 - -0.26 -0.3662 -0.2211 -0.00802
Distribution rate 54.3% -313% -23.4% - -192% -137% -228% -6,398%
Net sales 1 1,782 1,944 2,030 2,001 2,627 3,406 3,424 3,440
EBITDA 1 1,862 1,242 1,025 1,028 1,196 1,470 1,493 1,542
EBIT 1 468 140 -686 64 64 234.2 254.8 326
Net income 1 453 -34 -905 15 -95 -107.4 -87.83 87.07
Net Debt 1 2,532 3,301 1,252 999 5,900 5,836 5,731 5,670
Reference price 2 6.972 6.090 5.960 3.058 5.530 5.465 5.465 5.465
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-14.92x2.38x5.52x9.17% 2.63B
8.43x1.42x5.14x5.21% 89.99B
2.51x2.26x52.78x-.--% 26.16B
-51.9x137.87x-88.06x-.--% 21.49B
-219.47x35.12x70.43x-.--% 10.81B
55.07x7.34x13.9x1.24% 5.29B
23.77x4.75x11.42x2.07% 4.2B
-6.53x3.32x6.35x-.--% 2.78B
-122.88x9.47x56.41x - 2.47B
Average -36.21x 22.66x 14.88x 2.21% 18.42B
Weighted average by Cap. -15.87x 21.87x 6.06x 3.11%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield