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 1,736 - -
Change - -15.46% -2.41% -49.05% 73.28% -24.86% - -
Enterprise Value (EV) 1 5,705 5,983 3,870 2,333 8,211 7,693 7,507 7,476
Change - 4.88% -35.32% -39.72% 251.99% -6.3% -2.43% -0.41%
P/E 7.58x -38.1x -2.79x - -21.3x -8.01x -18.1x 31.5x
PBR 0.71x 0.61x 0.9x 0.5x 1.17x 0.8x 0.86x 1.01x
PEG - 0x -0x - - -0x 0.3x -0x
Capitalization / Revenue 1.78x 1.38x 1.29x 0.67x 0.88x 0.51x 0.51x 0.51x
EV / Revenue 3.2x 3.08x 1.91x 1.17x 3.13x 2.27x 2.21x 2.2x
EV / EBITDA 3.06x 4.82x 3.78x 2.27x 6.87x 5.24x 5.04x 4.89x
EV / EBIT 12.2x 42.7x -5.64x 36.4x 128x 40.6x 29.6x 22.9x
EV / FCF 5.63x 49x 1.26x 3.32x 21.3x 13.4x 18.2x 16.3x
FCF Yield 17.8% 2.04% 79.4% 30.1% 4.7% 7.49% 5.5% 6.14%
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% 12% 12.1% 12.3%
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 3,390 3,398 3,405
EBITDA 1 1,862 1,242 1,025 1,028 1,196 1,467 1,490 1,530
EBIT 1 468 140 -686 64 64 189.5 253.5 326.6
Net income 1 453 -34 -905 15 -95 -160.5 -83.38 54.06
Net Debt 1 2,532 3,301 1,252 999 5,900 5,957 5,770 5,739
Reference price 2 6.972 6.090 5.960 3.058 5.530 4.164 4.164 4.164
Nbr of stocks (in thousands) 455,047 440,401 439,184 436,134 417,898 417,006 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-8.01x2.27x5.24x12.04% 1.95B
2129.12x47.29x97.17x - 2,158B
33.67x6.67x27.63x0.17% 228B
14.94x2.74x6.92x2.54% 176B
10.34x2.42x6.48x4.57% 167B
27.14x4.98x8.73x1.91% 113B
7.2x1.31x4.75x6.15% 76.54B
18.73x2.16x8.17x3.78% 72.15B
14.52x2.36x7.79x2.9% 69.92B
13.93x1.45x4.94x3.25% 38.63B
Average 226.16x 7.36x 17.78x 4.14% 309.97B
Weighted average by Cap. 1,487.93x 34.03x 71.27x 2.71%

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