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Valued as a mature, profitable company: Discounted cash flow, EV/EBITDA comparison, and Dividend discount.
ACCE opinionSES S.A. (SESG.PA)
Fair value (2 models)
Not available
ACCE price target
€5.20
Rating
Not rated
Horizon
12 months
ACCE price target published on 28 Sept 2026, 00:00 CEST.
Price used: €3.96 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, Dividend discount, and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
51
out of 100
P/E
0.0x
forward 97.1x
1-year return
-39.7%
Dividend yield
12.09%
SES S.A. in four questions
Plain answers, details below
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Overview
ACCE thesis
SES operates satellites in geostationary and medium Earth orbit, and sells capacity for video distribution, data and government connectivity. Its multi-orbit network and global coverage serve customers who need reach and reliability. The driver is integration after its acquisition of Intelsat and growth in data services. Revenue grew 61.0% with a 70.3% gross margin, but the operating margin is -5.6% and the forward multiple is 97.1x.
⚠ Investor warnings · 4 flagsAI-assisted·How I use AI
high
Negative operating margin
Operating margin of -5.6% despite 70.3% gross margin signals severe cost control issues. Company is unprofitable at operating level despite strong revenue growth of 61% YoY.
high
High leverage with negative returns
Debt/Equity ratio of 3.31 combined with ROE of -9.9% and net margin of -8.8% creates refinancing risk. Debt burden unsustainable if profitability does not materialize.
moderate
Earnings quality concern
Earnings YoY growth of 1795.8% appears driven by one-time items or base effects rather than operational improvement, given negative operating and net margins persist.
moderate
ACCE quality score collapse
Quality score of 29/100 reflects operational fragility. Forward P/E of 97.1 prices in unrealistic margin recovery; current valuation assumes turnaround that is not yet evident.
AI research notes
AI-assisted·How I use AIWritten Oct 11, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue surged 61.0% year over year, showing strong momentum from satellite network and government contracts.
Free cash flow yield of 15.0% is exceptionally high, offering substantial cash returns to shareholders.
Share count fell 14.8% last year through buybacks, concentrating ownership among remaining shareholders.
Why it could disappoint
Forward P/E of 97.1x is extreme, pricing in perfect execution with little room for disappointment.
Net margin of negative 8.8% and ROE of negative 9.9% show the company destroys shareholder value.
Debt to equity of 3.31 is dangerously high, and a 13.0% dividend yield looks unsustainable at negative margins.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 5, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where SESG.PA's valuation models land
Price
€3.96
Model fair valueConfidence: medium
€3.31
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores
+Score history: how each score moved over time
Analysts
Wall Street consensus
No analyst coverage yet.
Analyst intelligence INVESTOR FEATURE
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
+Price-target low / average / high vs the current price, with implied upside
+Forward revenue and EPS consensus by fiscal year
+ACCE fair-value models lined up against the Street
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