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 3,230 - -
Change - -15.46% -2.41% -49.05% 73.28% 39.78% - -
Enterprise Value (EV) 1 5,705 5,983 3,870 2,333 8,211 9,072 8,836 8,747
Change - 4.88% -35.32% -39.72% 251.99% 10.48% -2.6% -1%
P/E 7.58x -38.1x -2.79x - -21.3x -21.3x -35.8x -1,487x
PBR 0.71x 0.61x 0.9x 0.5x 1.17x 1.24x 1.32x 1.38x
PEG - 0x -0x - - -0.5x 0.9x 15.2x
Capitalization / Revenue 1.78x 1.38x 1.29x 0.67x 0.88x 0.94x 0.94x 0.93x
EV / Revenue 3.2x 3.08x 1.91x 1.17x 3.13x 2.65x 2.56x 2.53x
EV / EBITDA 3.06x 4.82x 3.78x 2.27x 6.87x 6.13x 5.82x 5.58x
EV / EBIT 12.2x 42.7x -5.64x 36.4x 128x 51.6x 35.8x 27.9x
EV / FCF 5.63x 49x 1.26x 3.32x 21.3x 17.1x 23.1x 24.2x
FCF Yield 17.8% 2.04% 79.4% 30.1% 4.7% 5.85% 4.33% 4.12%
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% 6.51% 6.55% 6.66%
EPS 2 0.92 -0.16 -2.14 - -0.26 -0.3622 -0.2151 -0.00518
Distribution rate 54.3% -313% -23.4% - -192% -138% -235% -9,906%
Net sales 1 1,782 1,944 2,030 2,001 2,627 3,425 3,450 3,463
EBITDA 1 1,862 1,242 1,025 1,028 1,196 1,479 1,517 1,568
EBIT 1 468 140 -686 64 64 175.7 247.1 313
Net income 1 453 -34 -905 15 -95 -141 -58.37 -14.92
Net Debt 1 2,532 3,301 1,252 999 5,900 5,841 5,605 5,517
Reference price 2 6.972 6.090 5.960 3.058 5.530 7.705 7.705 7.705
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

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
-21.49x2.66x6.16x6.44% 3.69B
8.08x1.37x4.98x5.63% 84.2B
56.14x3.54x22.69x-.--% 27.82B
-49.09x140.34x-90.55x-.--% 21.9B
-210.58x33.45x67.07x-.--% 10.31B
45.94x7.69x14.03x1.23% 5.3B
26.12x5.14x12.55x1.91% 4.44B
-8.34x3.7x7.04x-.--% 3.17B
-103.9x6.89x41.11x - 1.96B
Average -28.57x 22.75x 9.45x 1.9% 18.09B
Weighted average by Cap. -5.86x 22.92x 0.09x 3.19%

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