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SES

DB:SES
Snowflake Description

Fair value second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SES
DB
€5B
Market Cap
  1. Home
  2. DE
  3. Media
Company description

SES S.A. provides satellite and ground communications solutions to connect and enable broadcast, telecom, corporate, and government customers worldwide. The last earnings update was 43 days ago. More info.


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  • SES has significant price volatility in the past 3 months.
SES Share Price and Events
7 Day Returns
-1.4%
DB:SES
-0%
DE Media
-0.3%
DE Market
1 Year Returns
-33.7%
DB:SES
3.5%
DE Media
14.9%
DE Market
SES Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
SES (SES) -1.4% -29.5% -13.7% -33.7% -38.4% -58.7%
DE Media -0% -3.9% 0.5% 3.5% -16% -18.7%
DE Market -0.3% 0.1% 7.5% 14.9% 9.5% 19.3%
1 Year Return vs Industry and Market
  • SES underperformed the Media industry which returned 3.5% over the past year.
  • SES underperformed the Market in Germany which returned 14.9% over the past year.
Price Volatility
SES
Industry
5yr Volatility vs Market

Value

 Is SES undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of SES to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for SES.

DB:SES Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.7%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:SES
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Media Unlevered Beta Simply Wall St/ S&P Global 0.77
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.767 (1 + (1- 26.01%) (73.73%))
1.124
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.12
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.124 * 5.44%)
5.72%

Discounted Cash Flow Calculation for DB:SES using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for SES is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:SES DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5.72%)
2020 675.46 Analyst x7 638.89
2021 -216.91 Analyst x4 -194.06
2022 765.00 Analyst x1 647.35
2023 791.00 Analyst x1 633.12
2024 807.11 Est @ 2.04% 611.04
2025 817.67 Est @ 1.31% 585.52
2026 824.20 Est @ 0.8% 558.24
2027 827.85 Est @ 0.44% 530.35
2028 829.44 Est @ 0.19% 502.61
2029 829.59 Est @ 0.02% 475.48
Present value of next 10 years cash flows €4,988.00
DB:SES DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €829.59 × (1 + -0.39%) ÷ (5.72% – -0.39%)
€13,516.05
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €13,516.05 ÷ (1 + 5.72%)10
€7,746.74
DB:SES Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €4,988.00 + €7,746.74
€12,734.74
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €12,734.74 / 454.56
€28.02
DB:SES Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:SES represents 1.00672x of BDL:SESGL
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.00672x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 28.02 x 1.00672
€28.20
Value per share (EUR) From above. €28.20
Current discount Discount to share price of €11.99
= -1 x (€11.99 - €28.20) / €28.20
57.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price SES is available for.
Intrinsic value
>50%
Share price is €11.99 vs Future cash flow value of €28.2
Current Discount Checks
For SES to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • SES's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • SES's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for SES's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are SES's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:SES PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in EUR €0.41
BDL:SESGL Share Price ** BDL (2019-12-06) in EUR €11.91
Germany Media Industry PE Ratio Median Figure of 13 Publicly-Listed Media Companies 25.23x
Germany Market PE Ratio Median Figure of 404 Publicly-Listed Companies 20.37x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of SES.

DB:SES PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BDL:SESGL Share Price ÷ EPS (both in EUR)

= 11.91 ÷ 0.41

29.15x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SES is overvalued based on earnings compared to the DE Media industry average.
  • SES is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does SES's expected growth come at a high price?
Raw Data
DB:SES PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 29.15x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
9.1%per year
Germany Media Industry PEG Ratio Median Figure of 8 Publicly-Listed Media Companies 2.01x
Germany Market PEG Ratio Median Figure of 261 Publicly-Listed Companies 1.44x

*Line of best fit is calculated by linear regression .

DB:SES PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 29.15x ÷ 9.1%

3.19x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SES is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on SES's assets?
Raw Data
DB:SES PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in EUR €13.07
BDL:SESGL Share Price * BDL (2019-12-06) in EUR €11.91
Germany Media Industry PB Ratio Median Figure of 14 Publicly-Listed Media Companies 3.03x
Germany Market PB Ratio Median Figure of 578 Publicly-Listed Companies 1.85x
DB:SES PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BDL:SESGL Share Price ÷ Book Value per Share (both in EUR)

= 11.91 ÷ 13.07

0.91x

* Primary Listing of SES.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SES is good value based on assets compared to the DE Media industry average.
X
Value checks
We assess SES's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Media industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Media industry average (and greater than 0)? (1 check)
  5. SES has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is SES expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is SES expected to grow at an attractive rate?
  • SES's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • SES's earnings growth is positive but not above the Germany market average.
  • SES's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:SES Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:SES Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 9.1%
DB:SES Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 2.5%
Germany Media Industry Earnings Growth Rate Market Cap Weighted Average 7.9%
Germany Media Industry Revenue Growth Rate Market Cap Weighted Average 3.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:SES Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:SES Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 2,204 357 1
2022-12-31 2,145 309 1
2021-12-31 2,114 1,121 342 12
2020-12-31 2,062 1,097 313 13
2019-12-31 2,002 1,082 277 13
2019-12-07
DB:SES Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-09-30 1,993 191
2019-06-30 1,990 1,057 185
2019-03-31 2,013 218
2018-12-31 2,010 1,191 244
2018-09-30 1,977 458
2018-06-30 1,968 1,304 501
2018-03-31 1,972 519
2017-12-31 2,035 1,251 549
2017-09-30 2,106 518
2017-06-30 2,161 1,342 972
2017-03-31 2,128 961
2016-12-31 2,069 1,274 948

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • SES's earnings are expected to grow by 9.1% yearly, however this is not considered high growth (20% yearly).
  • SES's revenue is expected to grow by 2.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:SES Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from SES Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:SES Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.66 0.68 0.63 2.00
2020-12-31 0.57 0.64 0.53 3.00
2019-12-31 0.55 0.62 0.46 3.00
2019-12-07
DB:SES Past Financials Data
Date (Data in EUR Millions) EPS *
2019-09-30
2019-06-30 0.41
2019-03-31
2018-12-31 0.54
2018-09-30
2018-06-30 1.11
2018-03-31
2017-12-31 1.21
2017-09-30
2017-06-30 2.14
2017-03-31
2016-12-31 2.18

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • SES is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess SES's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
SES has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has SES performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare SES's growth in the last year to its industry (Media).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • SES's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • SES's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • SES's 1-year earnings growth is negative, it can't be compared to the DE Media industry average.
Earnings and Revenue History
SES's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from SES Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:SES Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 1,992.80 190.50 89.80
2019-06-30 1,990.30 185.40 89.80
2019-03-31 2,013.30 218.30 89.80
2018-12-31 2,010.30 244.30 89.80
2018-09-30 1,977.20 458.00 102.90
2018-06-30 1,967.70 500.70 102.90
2018-03-31 1,972.00 518.60 102.90
2017-12-31 2,035.00 548.80 102.90
2017-09-30 2,105.90 518.20 78.20
2017-06-30 2,160.70 972.40 78.20
2017-03-31 2,127.80 961.00 78.20
2016-12-31 2,068.80 947.70 78.20
2016-09-30 2,012.00 993.40 37.70
2016-06-30 1,972.20 496.80 37.70
2016-03-31 2,018.30 529.00 37.70
2015-12-31 2,014.50 544.90 37.70
2015-09-30 2,005.10 538.40 39.30
2015-06-30 1,979.30 585.30 39.30
2015-03-31 1,931.30 581.60 39.30
2014-12-31 1,919.10 600.80 39.30
2014-09-30 1,890.90 591.00 59.80
2014-06-30 1,890.90 589.40 59.80
2014-03-31 1,887.30 575.20 59.80
2013-12-31 1,862.50 566.50 59.80
2013-09-30 1,846.60 605.80
2013-06-30 1,846.60 618.10 71.10
2013-03-31 1,818.60 639.10
2012-12-31 1,828.00 648.80 71.10

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • SES has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • SES used its assets less efficiently than the DE Media industry average last year based on Return on Assets.
  • SES's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess SES's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Media industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
SES has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is SES's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up SES's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • SES's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • SES's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of SES's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from SES Company Filings, last reported 2 months ago.

DB:SES Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 6,031.70 3,976.50 322.50
2019-06-30 6,031.70 3,938.30 322.50
2019-03-31 6,250.60 4,423.10 909.30
2018-12-31 6,250.60 4,385.00 909.30
2018-09-30 6,086.90 4,513.00 685.10
2018-06-30 6,086.90 4,472.30 685.10
2018-03-31 6,112.50 3,948.50 271.60
2017-12-31 6,112.50 3,948.50 271.60
2017-09-30 6,081.20 4,248.00 234.80
2017-06-30 6,081.20 4,248.00 234.80
2017-03-31 6,945.10 4,427.40 587.50
2016-12-31 6,945.10 4,427.40 587.50
2016-09-30 5,330.80 4,358.90 1,777.70
2016-06-30 5,330.80 4,358.90 1,777.70
2016-03-31 4,060.80 4,431.70 639.70
2015-12-31 4,060.80 4,431.70 639.70
2015-09-30 3,665.90 4,582.30 610.70
2015-06-30 3,665.90 4,582.30 610.70
2015-03-31 3,489.60 4,486.10 524.50
2014-12-31 3,489.60 4,486.10 524.50
2014-09-30 2,768.50 5,029.40 1,045.50
2014-06-30 2,768.50 5,029.40 1,045.50
2014-03-31 2,898.90 4,345.90 544.20
2013-12-31 2,898.90 4,345.90 544.20
2013-09-30 2,831.50 4,787.70 665.50
2013-06-30 2,831.50 4,787.70 665.50
2013-03-31 2,885.50 4,227.70 244.30
2012-12-31 2,881.10 4,227.70 244.30
  • SES's level of debt (65.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (180.9% vs 65.3% today).
  • Debt is well covered by operating cash flow (26.8%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.9x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess SES's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. SES has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is SES's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.72%
Current annual income from SES dividends. Estimated to be 6.93% next year.
If you bought €2,000 of SES shares you are expected to receive €134 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • SES's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.37%).
  • SES's dividend is above the markets top 25% of dividend payers in Germany (3.6%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:SES Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
Germany Media Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 5.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 334 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:SES Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.86 2.00
2020-12-31 0.82 3.00
2019-12-31 0.80 3.00
2019-12-07
DB:SES Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-01 0.800 5.464
2019-02-27 0.800 4.499
2018-04-05 0.800 4.886
2017-02-24 1.340 8.177
2016-02-26 1.300 6.169
2015-04-02 1.180 4.260
2015-02-20 1.180 3.644
2014-04-03 1.070 3.800
2013-04-04 0.970 4.248
2012-04-05 0.880 4.262
2011-04-07 0.800 4.386
2010-04-01 0.730 4.079
2009-02-13 0.660 4.517

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of SES's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.9x coverage).
X
Income/ dividend checks
We assess SES's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can SES afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. SES has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of SES's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Steve Collar
AGE 49
TENURE AS CEO 1.7 years
CEO Bio

Mr. Steve Collar has been the President and Chief Executive Officer of SES SA since April 5, 2018. Mr. Collar has served as Chief Executive Officer of SES Networks at SES Techcom S.A. since 2011. Mr. Collar served as Senior Vice President of Market Development at SES World Skies, Inc. He served as Chief Executive Officer of O3b Networks Limited since March 7, 2011 until April 2017. Mr. Collar led the Market Development team at SES WORLD SKIES. Mr. Collar was also responsible for overall leadership of SES WORLD SKIES' efforts to expand its satellite and service portfolio, including the design of new spacecraft and products. In addition, he oversees SES WORLD's long range strategic planning activities in close cooperation with other SES entities. Mr. Collar joined SES NEW SKIES in 1999 and was instrumental in the design, configuration and procurement. He held a number of management positions in commercial, business development and technology at Matra Marconi Space (now Airbus). He served as Senior Vice President of Market Development of SES NEW SKIES (known as NEW SKIES and SES WORLD SKIES) at SES AMERICOM, Inc. since December 10, 2007. Mr. Collar oversaw SES NEW SKIES 's long-range strategic planning activities in close cooperation with other SES entities. Mr. Collar originally joined SES NEW SKIESNew Skies Satellites (now SES WORLD SKIES) in 1999 and was instrumental in the design, configuration and procurement of SES NEW SKIESNew 's new satellite fleets. As Vice President of Asset Management and Development from 2003 to 2007, Mr. Collar was responsible for the commercial optimization and management of the SES NEWS SKIESNew Skies' satellite fleet, including capacity pricing and transponder allocation. He was also involved in the development and management of its value-added video and IP products. Prior to joining NEW SKIES, he worked at the satellite manufacturer Astrium for eight years. in a variety of roles including Payload Architect and Payload Manager. He also worked on various satellite projects including Astra 2B, Intelsat 10 and Eutelsat's Hotbird series. Mr. Collar served as a Director of O3b Networks Limited. Mr. Collar holds a degree in Mechanical Engineering from Brunel University in London.

CEO Compensation
  • Insufficient data for Steve to compare compensation growth.
  • Insufficient data for Steve to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the SES management team in years:

2.8
Average Tenure
50.5
Average Age
  • The tenure for the SES management team is about average.
Management Team

Steve Collar

TITLE
CEO & President
AGE
49
TENURE
1.7 yrs

Ruy Pinto

TITLE
Chief Technology Officer
TENURE
0.9 yrs

Richard Whiteing

TITLE
VP & Head of Investor Relations

John Purvis

TITLE
Chief Legal Officer
AGE
57
TENURE
2.8 yrs

Christine Leurquin

TITLE
Vice President of Institutional Relations & Communications

Evie Roos

TITLE
Chief Human Resources Officer
AGE
52
TENURE
2.8 yrs

Deepak Mathur

TITLE
Senior Vice President of Commercial
TENURE
8 yrs

Elias Zaccack

TITLE
Senior Vice President of Commercial Americas

Gerry Oberst

TITLE
Senior Vice President of Global Regulatory & Governmental Strategy
TENURE
7.2 yrs

Christophe De Hauwer

TITLE
Chief Strategy & Development Officer
AGE
48
Board of Directors Tenure

Average tenure and age of the SES board of directors in years:

5
Average Tenure
59
Average Age
  • The tenure for the SES board of directors is about average.
Board of Directors

Romain Bausch

TITLE
Independent Chairman of the Board
AGE
66
TENURE
4.9 yrs

François Tesch

TITLE
Vice Chairman
AGE
68

Tsega Gebreyes

TITLE
Vice-Chairperson of the Board
AGE
50

Anne-Catherine Ries

TITLE
Vice-Chairperson of the Board
AGE
46

René Steichen

TITLE
Honorary Chairman
AGE
77
TENURE
5 yrs

Katrin Wehr-Seiter

TITLE
Independent Director
AGE
49
TENURE
4.9 yrs

Françoise Thoma

TITLE
Director
AGE
50
TENURE
3.5 yrs

Hadelin de Liedekerke Beaufort

TITLE
Non Independent Director
AGE
64
TENURE
19.7 yrs

Serge Allegrezza

TITLE
Non Independent Director
AGE
60
TENURE
9.8 yrs

Ramu Potarazu

TITLE
Independent Director
AGE
58
TENURE
5.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess SES's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. SES has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

SES S.A. provides satellite and ground communications solutions to connect and enable broadcast, telecom, corporate, and government customers worldwide. The company offers video services, such as broadcasting, content distribution, and occasional use and full-time content contribution and distribution services. It also provides cloud-scale connectivity solutions; and various network services. The company was formerly known as SES Global S.A. and changed its name to SES S.A. in 2006. SES S.A. was founded in 1985 and is headquartered in Grevenmacher, Luxembourg.

Details
Name: SES S.A.
SES
Exchange: DB
Founded: 1985
€5,393,348,835
454,559,531
Website: http://www.ses.com
Address: SES S.A.
Château de Betzdorf,
Betzdorf,
Grevenmacher,
6815,
Luxembourg
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BDL SESGL FIDUCIARY DR EACH REP 1 'A' SHS NPV Bourse de Luxembourg LU EUR 13. Jul 1998
OTCPK SGBA.F FIDUCIARY DR EACH REP 1 'A' SHS NPV Pink Sheets LLC US USD 13. Jul 1998
DB SES FIDUCIARY DR EACH REP 1 'A' SHS NPV Deutsche Boerse AG DE EUR 13. Jul 1998
LSE 0M6P FIDUCIARY DR EACH REP 1 'A' SHS NPV London Stock Exchange GB EUR 13. Jul 1998
ENXTPA SESG FIDUCIARY DR EACH REP 1 'A' SHS NPV Euronext Paris FR EUR 13. Jul 1998
BMV SESG N FIDUCIARY DR EACH REP 1 'A' SHS NPV Bolsa Mexicana de Valores MX MXN 13. Jul 1998
BATS-CHIXE SESGP FIDUCIARY DR EACH REP 1 'A' SHS NPV BATS 'Chi-X Europe' GB EUR 13. Jul 1998
Number of employees
Current staff
Staff numbers
2,147
SES employees.
Industry
Cable and Satellite
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/12/07 20:40
End of day share price update: 2019/12/06 00:00
Last estimates confirmation: 2019/11/27
Last earnings filing: 2019/10/25
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.