SES S.A. (FR:SESG)
:SESG
Top Page
SES S.A.
(SESG)
Select Model
Select Model
Rating:49Neutral
Price Target:
€6.00
▼(-11.24% Downside)
Action:ReiteratedDate:03/05/26
The score is primarily held back by financial performance concerns—especially elevated leverage and inconsistent profitability—despite strong revenue growth and positive (but recently weaker) free cash flow. Technical indicators are neutral overall, and valuation is supported by a high dividend yield but offset by loss-making results (negative P/E).
Positive Factors
Diversified recurring revenue
SES’s business is structurally diversified across broadcast (SES Video) and data/broadband (SES Networks), with long-term contracts, government customers and telco partnerships. This recurring contract mix and global satellite reach supports predictable revenue streams and customer stickiness over the medium term.
Negative Factors
Elevated leverage
Leverage rose materially to a 2.65x debt/equity profile as debt climbed and equity fell, increasing financial risk in a capital-intensive industry. Higher leverage reduces financial flexibility, raises interest and refinancing exposure, and limits the company’s ability to fund new satellites or absorb demand shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified recurring revenue
SES’s business is structurally diversified across broadcast (SES Video) and data/broadband (SES Networks), with long-term contracts, government customers and telco partnerships. This recurring contract mix and global satellite reach supports predictable revenue streams and customer stickiness over the medium term.
Read all positive factors
SES S.A. (SESG) vs. iShares MSCI France ETF (EWQ)
Market Cap
€2.71B
Dividend Yield8.33%
Average Volume (3M)479.19K
Price to Earnings (P/E)―
Beta (1Y)0.44
Revenue Growth-0.99%
EPS Growth93.75%
CountryFR
Employees2,118
SectorCommunication Services
Sector Strength97
IndustryBroadcasting
Share Statistics
EPS (TTM)-0.12
Shares Outstanding370,559,360
10 Day Avg. Volume444,357
30 Day Avg. Volume479,194
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.77
Price to Sales (P/S)0.77
P/FCF Ratio8.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€7.61Price Target Upside12.61% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)0.02
Revenue Forecast (FY)€3.49B
SES S.A. Business Overview & Revenue Model
Company Description
SES S.A. provides satellite and ground infrastructure solutions worldwide. The company offers data connectivity services through its MEO and GEO satellite communication systems for aviation, maritime, cruise, energy, government, and telco and MNO ...
How the Company Makes Money
SES S.A. generates revenue primarily through its two business segments: SES Video and SES Networks. In the SES Video segment, revenue is derived from broadcasting services, including subscriptions from broadcasters and media companies for satellit...
SES S.A. Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
35
Negative
Cash Flow
54
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.63B | 2.00B | 2.03B | 1.94B | 1.75B |
| Gross Profit | 1.87B | 1.35B | 1.38B | 1.59B | 1.43B |
| EBITDA | 1.03B | 1.00B | 50.00M | 881.00M | 1.19B |
| Net Income | -95.00M | 15.00M | -905.00M | -35.00M | 453.00M |
Balance Sheet | |||||
| Total Assets | 13.37B | 10.33B | 10.18B | 12.61B | 13.08B |
| Cash, Cash Equivalents and Short-Term Investments | 1.07B | 3.22B | 2.91B | 1.05B | 1.05B |
| Total Debt | 6.94B | 4.57B | 4.20B | 4.39B | 3.61B |
| Total Liabilities | 10.66B | 6.83B | 6.43B | 6.95B | 7.35B |
| Stockholders Equity | 2.62B | 3.42B | 3.08B | 5.60B | 5.67B |
Cash Flow | |||||
| Free Cash Flow | 229.00M | 703.00M | 3.07B | 122.00M | 1.01B |
| Operating Cash Flow | 751.00M | 1.01B | 3.48B | 1.48B | 1.29B |
| Investing Cash Flow | -1.79B | -159.00M | -370.00M | -1.80B | -283.00M |
| Financing Cash Flow | -1.08B | -375.00M | -1.02B | 305.00M | -1.13B |
SES S.A. Technical Analysis
Positive
6.76
Price Trends
6.41
Positive
6.03
Positive
6.03
Positive
Market Momentum
>-0.01
Negative
59.67
Neutral
83.92
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:SESG, the sentiment is Positive. The current price of 6.76 is above the 20-day moving average (MA) of 6.20, above the 50-day MA of 6.41, and above the 200-day MA of 6.03, indicating a bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 59.67 is Neutral, neither overbought nor oversold. The STOCH value of 83.92 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:SESG.
SES S.A. Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | €541.60M | 7.53 | 3.72% | 3.59% | -9.30% | -47.10% | |
70 Outperform | €1.53B | 5.15 | 11.94% | 10.45% | -4.71% | -31.54% | |
65 Neutral | €47.77B | 8.44 | 4.23% | 5.34% | -5.05% | -49.01% | |
63 Neutral | €1.52B | 14.52 | 7.52% | 7.35% | 1.00% | -7.89% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
50 Neutral | €2.05B | 117.72 | ― | 1.70% | ― | ― | |
49 Neutral | €2.71B | -21.27 | -2.14% | 8.33% | -0.99% | 93.75% |
* Communication Services Sector Average
FR:SESG
SES S.A.
6.55
1.94
41.96%
FR:MMT
Metropole Television
12.08
0.19
1.62%
FR:NRG
NRJ Group
7.00
0.61
9.60%
FR:ORA
ORANGE SA
17.97
6.69
59.28%
FR:TFI
Television Francaise 1 SA TF1
7.18
-0.61
-7.78%
FR:VIV
Vivendi
2.08
-0.18
-8.09%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.