SES S.A. (FR:SESG)
:SESG
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SES S.A.
(SESG)
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Rating:49Neutral
Price Target:
€7.50
▲(10.95% Upside)
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
Revenue Growth
Strong 31.4% revenue growth in 2025 reflects expanding demand across media, connectivity and government segments and higher fleet utilization. Durable because satellite capacity contracts and multi‑year leases underpin recurring revenue and support scale economics over the coming months.
Negative Factors
Elevated Leverage
Leverage rising to 2.65x with €6.94B debt increases refinancing and interest rate risk and reduces strategic flexibility. High debt levels strain the balance sheet, limit ability to invest in new satellites or absorb revenue shocks, and elevate default/refinancing vulnerability over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Strong 31.4% revenue growth in 2025 reflects expanding demand across media, connectivity and government segments and higher fleet utilization. Durable because satellite capacity contracts and multi‑year leases underpin recurring revenue and support scale economics over the coming months.
Read all positive factors
SES S.A. (SESG) vs. iShares MSCI France ETF (EWQ)
Market Cap
€3.10B
Dividend Yield8.33%
Average Volume (3M)479.19K
Price to Earnings (P/E)―
Beta (1Y)0.35
Revenue Growth31.28%
EPS Growth-1133.47%
CountryFR
Employees2,118
SectorCommunication Services
Sector Strength97
IndustryBroadcasting
Share Statistics
EPS (TTM)-0.20
Shares Outstanding371,457,600
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
€8.03Price Target Upside18.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
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 primarily makes money by selling capacity and managed services delivered over its satellite networks (GEO and MEO). Key revenue streams include: (1) Media/content distribution: SES contracts with broadcasters, pay-TV platforms, and content pro...
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
6.17
Positive
5.93
Positive
5.85
Positive
Market Momentum
0.08
Negative
62.73
Neutral
43.14
Neutral
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 6.11, above the 50-day MA of 6.17, and above the 200-day MA of 5.85, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 62.73 is Neutral, neither overbought nor oversold. The STOCH value of 43.14 is Neutral, 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 | 1.99 | 3.72% | 3.59% | -18.19% | 99.65% | |
70 Outperform | €1.45B | 12.49 | 11.94% | 10.45% | -4.25% | -28.55% | |
62 Neutral | €1.42B | 85.26 | 7.52% | 7.35% | -2.51% | -25.56% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | €47.41B | 13.86 | 4.23% | 5.34% | 0.34% | -77.11% | |
50 Neutral | €2.06B | -58.96 | ― | 1.70% | ― | ― | |
49 Neutral | €3.10B | -5.26 | -2.14% | 8.33% | 31.28% | -1133.47% |
* Communication Services Sector Average
FR:SESG
SES S.A.
7.47
2.92
64.25%
FR:MMT
Metropole Television
11.46
0.29
2.61%
FR:NRG
NRJ Group
7.00
-0.14
-1.93%
FR:ORA
ORANGE SA
17.83
5.87
49.14%
FR:TFI
Television Francaise 1 SA TF1
6.75
-0.74
-9.87%
FR:VIV
Vivendi
2.11
-0.58
-21.49%
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.