Valuation SES S.A.

Equities

End-of-day quote LUXEMBOURG S.E. Other stock markets 16/03/2026			5-day change	1st Jan Change
6.215 ^EUR	+4.28%		-0.88%	+13.00%

03-11	SES Kicks off Tender Offer to Repurchase EUR525 Million Deeply Subordinated Securities	MT
03-03	Ses: FY25: SES pivots to defense growth as Intelsat integration progresses

Data adjusted to current consolidation scope

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Capitalization ¹	3,173	2,682	2,618	1,339	2,298	2,606	-	-
Change	-	-15.46%	-2.41%	-48.85%	71.66%	13.36%	-	-
Enterprise Value (EV) ¹	5,705	5,983	3,870	2,338	2,298	7,884	7,385	7,569
Change	-	4.88%	-35.32%	-39.58%	-1.69%	243.01%	-6.33%	2.5%
P/E ratio	7.58x	-38.1x	-2.79x	-	-21.2x	155x	88.8x	-
PBR	0.71x	0.61x	0.9x	0.5x	-	1.42x	1.57x	-
PEG	-	0x	-0x	-	-	-1x	1.2x	-
Capitalization / Revenue	1.78x	1.38x	1.29x	0.67x	0.87x	0.76x	0.74x	0.73x
EV / Revenue	3.2x	3.08x	1.91x	1.17x	0.87x	2.29x	2.1x	2.11x
EV / EBITDA	3.06x	4.82x	3.78x	2.27x	1.92x	5.25x	4.93x	4.51x
EV / EBIT	12.2x	42.7x	-5.64x	36.5x	35.9x	50x	28.4x	19.8x
EV / FCF	-	-	-	-	-	-	9,335,951x	8,245,172x
FCF Yield	-	-	-	-	-	-	0%	0%
Dividend per Share ²	0.5	0.5	0.5	0.5	-	0.6	0.59	-
Rate of return	7.17%	8.21%	8.39%	16.3%	-	9.65%	9.49%	-
EPS ²	0.92	-0.16	-2.14	-	-0.26	0.04	0.07	-
Distribution rate	54.3%	-313%	-23.4%	-	-	1,500%	843%	-
Net sales ¹	1,782	1,944	2,030	2,001	2,627	3,449	3,524	3,581
EBITDA ¹	1,862	1,242	1,025	1,028	1,196	1,502	1,496	1,680
EBIT ¹	468	140	-686	64	64	157.5	260.2	382.7
Net income ¹	453	-34	-905	15	-95	-108.5	98.34	93
Net Debt ¹	2,532	3,301	1,252	999	-	5,278	4,779	4,964
Reference price ²	6.972	6.090	5.960	3.070	5.500	6.215	6.215	6.215
Nbr of stocks (in thousands)	455,047	440,401	439,184	436,134	417,898	419,239	-	-
Announcement Date	24/02/22	27/02/23	29/02/24	26/02/25	02/03/26	-	-	-

¹EUR in Million²EUR

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
SES S.A.	149x	2.25x	5.18x	10.07%	2.86B
COMCAST CORPORATION	10.24x	1.59x	5.65x	4.38%	109B
ECHOSTAR CORPORATION	-161.49x	3.01x	21.82x	-.--%	31.3B
AST SPACEMOBILE, INC.	-97.97x	140.46x	-123.17x	-.--%	25.27B
GLOBALSTAR, INC.	-279.43x	24.42x	49.06x	-.--%	7.54B
SKY PERFECT JSAT HOLDINGS INC.	37.61x	6.65x	16.79x	1.32%	5.5B
EUTELSAT COMMUNICATIONS	-6.01x	3.21x	6.14x	-.--%	2.64B
IRIDIUM COMMUNICATIONS INC.	22.1x	4.58x	8.36x	2.48%	2.61B
Average	-40.74x	23.27x	-1.27x	2.28%	23.28B
Weighted average by Cap.	-42.16x	21.82x	-6.98x	2.78%