Loading...
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.
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% |
Is SES undervalued based on future cash flows and its price relative to the stock market?
Below are the data sources, inputs and calculation used to determine the intrinsic value for SES.
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.
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.
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 |
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 |
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 |
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 .
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.
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 >
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 .
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 >
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 |
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 >
How is SES expected to perform in the next 1 to 3 years based on estimates from 13 analysts?
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.
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 |
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 |
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.
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.
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 |
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.
How has SES performed over the past 5 years?
All data from SES Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
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.
How is SES's financial health and their level of debt?
All data from SES Company Filings, last reported 2 months ago.
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 |
What is SES's current dividend yield, its reliability and sustainability?
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.
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 |
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 >
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.
Average tenure and age of the SES management team in years:
Average tenure and age of the SES board of directors in years:
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.
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 |
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 |
Cable and Satellite | |
Media |
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.