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 1,929 - -
Change - -15.46% -2.41% -49.05% 73.28% -16.53% - -
Enterprise Value (EV) 1 5,705 5,983 3,870 2,333 8,211 7,881 7,660 7,599
Change - 4.88% -35.32% -39.72% 251.99% -4.02% -2.81% -0.79%
P/E 7.58x -38.1x -2.79x - -21.3x -11.6x -20.9x -577x
PBR 0.71x 0.61x 0.9x 0.5x 1.17x 0.88x 0.95x 1.1x
PEG - 0x -0x - - -0.2x 0.5x 6x
Capitalization / Revenue 1.78x 1.38x 1.29x 0.67x 0.88x 0.57x 0.56x 0.56x
EV / Revenue 3.2x 3.08x 1.91x 1.17x 3.13x 2.31x 2.24x 2.21x
EV / EBITDA 3.06x 4.82x 3.78x 2.27x 6.87x 5.36x 5.13x 4.93x
EV / EBIT 12.2x 42.7x -5.64x 36.4x 128x 35.3x 30.1x 23.3x
EV / FCF 5.63x 49x 1.26x 3.32x 21.3x 13.5x 18x 16x
FCF Yield 17.8% 2.04% 79.4% 30.1% 4.7% 7.41% 5.56% 6.26%
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% 10.8% 10.9% 11.1%
EPS 2 0.92 -0.16 -2.14 - -0.26 -0.399 -0.2211 -0.00802
Distribution rate 54.3% -313% -23.4% - -192% -126% -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 64 223 254.8 326
Net income 1 453 -34 -905 15 -95 -127.5 -87.83 87.07
Net Debt 1 2,532 3,301 1,252 999 5,900 5,952 5,731 5,670
Reference price 2 6.972 6.090 5.960 3.058 5.530 4.626 4.626 4.626
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.($)
-11.59x2.31x5.36x10.84% 2.24B
8.74x1.44x5.24x5.03% 93.33B
2.4x2.42x16.35x-.--% 24.99B
-24.46x111.39x-48.53x-.--% 16.73B
-131.24x35.35x72.3x-.--% 10.54B
51.53x6.98x13.21x1.33% 4.95B
20.89x4.17x10.05x2.34% 3.65B
-5.56x3.02x5.76x-.--% 2.37B
-84.74x6x38.66x - 1.8B
Average -19.34x 19.23x 13.15x 2.44% 17.84B
Weighted average by Cap. -4.84x 15.59x 6.51x 3.2%

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