Note
- Net profit attributable to SES shareholders: excluding cost of Hybrid coupon, after tax
- Earnings per share: including cost of Hybrid coupon, after tax, and based on 460.15 million total number of economic shares
- Net debt: Excluding Hybrid bonds
Note
| KPI | [EUR m] | FY 2021 | FY 2022 E | FY 2023 E | FY 2024 E |
|---|---|---|---|---|---|
| Average EUR/USD FX rate | Number of Estimates | 9 | 9 | 9 | |
| Average EUR/USD FX rate | Highest | 1.0625 | 1.0565 | 1.0565 | |
| Average EUR/USD FX rate | Average | 1.1900 | 1.0524 | 1.0143 | 1.0143 |
| Average EUR/USD FX rate | Median | 1.0510 | 1.0000 | 1.0000 | |
| Average EUR/USD FX rate | Lowest | 1.0405 | 0.9750 | 0.9750 | |
| Total Revenue | Number of Estimates | 9 | 9 | 9 | |
| Total Revenue | Highest | 1,976 | 2,166 | 2,212 | |
| Total Revenue | Average | 1,782 | 1,935 | 2,083 | 2,127 |
| Total Revenue | Median | 1,932 | 2,092 | 2,116 | |
| Total Revenue | Lowest | 1,898 | 2,020 | 2,025 | |
| -Video | Number of Estimates | 9 | 9 | 9 | |
| -Video | Highest | 1,030 | 993 | 961 | |
| -Video | Average | 1,046 | 1,018 | 969 | 928 |
| -Video | Median | 1,017 | 972 | 925 | |
| -Video | Lowest | 1,004 | 949 | 906 | |
| -Networks | Number of Estimates | 9 | 9 | 9 | |
| -Networks | Highest | 945 | 1,171 | 1,276 | |
| -Networks | Average | 734 | 917 | 1,113 | 1,198 |
| -Networks | Median | 914 | 1,118 | 1,190 | |
| -Networks | Lowest | 893 | 1,071 | 1,118 | |
| - thereof Fixed Data | Number of Estimates | 9 | 9 | 9 | |
| - thereof Fixed Data | Highest | 273 | 301 | 346 | |
| - thereof Fixed Data | Average | 235 | 264 | 280 | 298 |
| - thereof Fixed Data | Median | 265 | 281 | 290 | |
| - thereof Fixed Data | Lowest | 254 | 264 | 272 | |
| - thereof Mobility | Number of Estimates | 9 | 9 | 9 | |
| - thereof Mobility | Highest | 266 | 328 | 393 | |
| - thereof Mobility | Average | 203 | 261 | 290 | 329 |
| - thereof Mobility | Median | 261 | 288 | 327 | |
| - thereof Mobility | Lowest | 258 | 259 | 277 | |
| - thereof Government | Number of Estimates | 9 | 9 | 9 | |
| - thereof Government | Highest | 413 | 580 | 615 | |
| - thereof Government | Average | 296 | 391 | 542 | 571 |
| - thereof Government | Median | 391 | 549 | 582 | |
| - thereof Government | Lowest | 375 | 510 | 485 | |
| -Other | Number of Estimates | 9 | 9 | 9 | |
| -Other | Highest | 2 | 2 | 2 | |
| -Other | Average | 1 | 1 | 1 | 1 |
| -Other | Median | 1 | 1 | 1 | |
| -Other | Lowest | 0 | 0 | 0 | |
| Adjusted EBITDA | Number of Estimates | 9 | 9 | 9 | |
| Adjusted EBITDA | Highest | 1,140.9 | 1,183.7 | 1,228.8 | |
| Adjusted EBITDA | Average | 1,091.0 | 1,110.9 | 1,131.9 | 1,154.6 |
| Adjusted EBITDA | Median | 1,108.6 | 1,129.4 | 1,131.3 | |
| Adjusted EBITDA | Lowest | 1,091.1 | 1,091.0 | 1,093.3 | |
| C-Band income | Number of Estimates | 9 | 9 | 9 | |
| C-Band income | Highest | 179 | 3,077 | 50 | |
| C-Band income | Average | 901 | 111 | 1,891 | 5 |
| C-Band income | Median | 158 | 2,830 | 0 | |
| C-Band income | Lowest | -1 | -1 | -1 | |
| C-Band operating expenses | Number of Estimates | 9 | 9 | 9 | |
| C-Band operating expenses | Highest | 130.0 | 0.0 | 0.0 | |
| C-Band operating expenses | Average | -122.0 | -9.5 | -39.4 | -3.9 |
| C-Band operating expenses | Median | -28.0 | -10.0 | 0.0 | |
| C-Band operating expenses | Lowest | -40.0 | -202.6 | -30.0 | |
| Restructuring expenses | Number of Estimates | 9 | 9 | 9 | |
| Restructuring expenses | Highest | 0.0 | 0.0 | 0.0 | |
| Restructuring expenses | Average | -8.0 | -10.0 | -4.4 | -4.4 |
| Restructuring expenses | Median | -11.0 | 0.0 | 0.0 | |
| Restructuring expenses | Lowest | -18.0 | -15.0 | -15.0 | |
| EBITDA (including restructuring charges) | Number of Estimates | 9 | 9 | 9 | |
| EBITDA (including restructuring charges) | Highest | 1,265.9 | 4,210.6 | 1,228.8 | |
| EBITDA (including restructuring charges) | Average | 1,862.0 | 1,202.1 | 2,979.3 | 1,151.8 |
| EBITDA (including restructuring charges) | Median | 1,229.6 | 3,729.0 | 1,131.3 | |
| EBITDA (including restructuring charges) | Lowest | 1,088.4 | 1,114.4 | 1,092.3 | |
| Operating profit | Number of Estimates | 9 | 9 | 9 | |
| Operating profit | Highest | 554 | 3,477 | 468 | |
| Operating profit | Average | 468 | 482 | 1,965 | 349 |
| Operating profit | Median | 519 | 2,645 | 368 | |
| Operating profit | Lowest | 384 | 319 | 242 | |
| Net profit attributable to SES shareholders | Number of Estimates | 9 | 9 | 9 | |
| Net profit attributable to SES shareholders | Highest | 402 | 2,704 | 328 | |
| Net profit attributable to SES shareholders | Average | 453 | 312 | 1,480 | 223 |
| Net profit attributable to SES shareholders | Median | 341 | 2,148 | 243 | |
| Net profit attributable to SES shareholders | Lowest | 168 | 7 | 120 | |
| Earnings per share | Number of Estimates | 7 | 7 | 7 | |
| Earnings per share | Highest | 0.82 | 6.06 | 0.63 | |
| Earnings per share | Average | 0.92 | 0.60 | 3.46 | 0.44 |
| Earnings per share | Median | 0.70 | 5.43 | 0.50 | |
| Earnings per share | Lowest | 0.27 | -0.09 | 0.16 | |
| Dividend per share | Number of Estimates | 9 | 9 | 9 | |
| Dividend per share | Highest | 0.55 | 0.61 | 0.67 | |
| Dividend per share | Average | 0.50 | 0.51 | 0.53 | 0.54 |
| Dividend per share | Median | 0.50 | 0.50 | 0.50 | |
| Dividend per share | Lowest | 0.50 | 0.50 | 0.50 | |
| Net operating cash flow (NOCF) | Number of Estimates | 9 | 9 | 9 | |
| Net operating cash flow (NOCF) | Highest | 1,741 | 1,709 | 3,433 | |
| Net operating cash flow (NOCF) | Average | 1,294 | 1,307 | 1,224 | 1,754 |
| Net operating cash flow (NOCF) | Median | 1,182 | 1,120 | 1,126 | |
| Net operating cash flow (NOCF) | Lowest | 923 | 602 | 1,047 | |
| Investing activities/CapEx | Number of Estimates | 8 | 9 | 9 | |
| Investing activities/CapEx | Highest | -950 | -540 | -570 | |
| Investing activities/CapEx | Average | -283 | -1,023 | -570 | -600 |
| Investing activities/CapEx | Median | -971 | -561 | -592 | |
| Investing activities/CapEx | Lowest | -1,275 | -623 | -657 | |
| Cash Interest Costs | Number of Estimates | 8 | 8 | 8 | |
| Cash Interest Costs | Highest | -79 | -100 | -93 | |
| Cash Interest Costs | Average | -206 | -124 | -144 | -129 |
| Cash Interest Costs | Median | -123 | -142 | -133 | |
| Cash Interest Costs | Lowest | -183 | -184 | -161 | |
| Net debt | Number of Estimates | 9 | 9 | 9 | |
| Net debt | Highest | 3,263 | 3,374 | 884 | |
| Net debt | Average | 2,532 | 2,898 | 2,457 | 341 |
| Net debt | Median | 2,910 | 2,840 | 471 | |
| Net debt | Lowest | 2,459 | 232 | -570 |
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.