SES S.A. Detailed Consensus
Consensus as of: 2022-12-15


  • 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

KPI[EUR m]FY 2021FY 2022 EFY 2023 EFY 2024 E
Average EUR/USD FX rateNumber of Estimates999
Average EUR/USD FX rateHighest1.06251.05651.0565
Average EUR/USD FX rateAverage1.19001.05241.01431.0143
Average EUR/USD FX rateMedian1.05101.00001.0000
Average EUR/USD FX rateLowest1.04050.97500.9750
Total RevenueNumber of Estimates999
Total RevenueHighest1,9762,1662,212
Total RevenueAverage1,7821,9352,0832,127
Total RevenueMedian1,9322,0922,116
Total RevenueLowest1,8982,0202,025
-VideoNumber of Estimates999
-NetworksNumber of Estimates999
- thereof Fixed DataNumber of Estimates999
- thereof Fixed DataHighest273301346
- thereof Fixed DataAverage235264280298
- thereof Fixed DataMedian265281290
- thereof Fixed DataLowest254264272
- thereof MobilityNumber of Estimates999
- thereof MobilityHighest266328393
- thereof MobilityAverage203261290329
- thereof MobilityMedian261288327
- thereof MobilityLowest258259277
- thereof GovernmentNumber of Estimates999
- thereof GovernmentHighest413580615
- thereof GovernmentAverage296391542571
- thereof GovernmentMedian391549582
- thereof GovernmentLowest375510485
-OtherNumber of Estimates999
Adjusted EBITDANumber of Estimates999
Adjusted EBITDAHighest1,140.91,183.71,228.8
Adjusted EBITDAAverage1,091.01,110.91,131.91,154.6
Adjusted EBITDAMedian1,108.61,129.41,131.3
Adjusted EBITDALowest1,091.11,091.01,093.3
C-Band incomeNumber of Estimates999
C-Band incomeHighest1793,07750
C-Band incomeAverage9011111,8915
C-Band incomeMedian1582,8300
C-Band incomeLowest-1-1-1
C-Band operating expensesNumber of Estimates999
C-Band operating expensesHighest130.00.00.0
C-Band operating expensesAverage-122.0-9.5-39.4-3.9
C-Band operating expensesMedian-28.0-10.00.0
C-Band operating expensesLowest-40.0-202.6-30.0
Restructuring expensesNumber of Estimates999
Restructuring expensesHighest0.00.00.0
Restructuring expensesAverage-8.0-10.0-4.4-4.4
Restructuring expensesMedian-
Restructuring expensesLowest-18.0-15.0-15.0
EBITDA (including restructuring charges)Number of Estimates999
EBITDA (including restructuring charges)Highest1,265.94,210.61,228.8
EBITDA (including restructuring charges)Average1,862.01,202.12,979.31,151.8
EBITDA (including restructuring charges)Median1,229.63,729.01,131.3
EBITDA (including restructuring charges)Lowest1,088.41,114.41,092.3
Operating profitNumber of Estimates999
Operating profitHighest5543,477468
Operating profitAverage4684821,965349
Operating profitMedian5192,645368
Operating profitLowest384319242
Net profit attributable to SES shareholdersNumber of Estimates999
Net profit attributable to SES shareholdersHighest4022,704328
Net profit attributable to SES shareholdersAverage4533121,480223
Net profit attributable to SES shareholdersMedian3412,148243
Net profit attributable to SES shareholdersLowest1687120
Earnings per share Number of Estimates777
Earnings per share Highest0.826.060.63
Earnings per share Average0.920.603.460.44
Earnings per share Median0.705.430.50
Earnings per share Lowest0.27-0.090.16
Dividend per share Number of Estimates999
Dividend per share Highest0.550.610.67
Dividend per share Average0.500.510.530.54
Dividend per share Median0.500.500.50
Dividend per share Lowest0.500.500.50
Net operating cash flow (NOCF)Number of Estimates999
Net operating cash flow (NOCF)Highest1,7411,7093,433
Net operating cash flow (NOCF)Average1,2941,3071,2241,754
Net operating cash flow (NOCF)Median1,1821,1201,126
Net operating cash flow (NOCF)Lowest9236021,047
Investing activities/CapExNumber of Estimates899
Investing activities/CapExHighest-950-540-570
Investing activities/CapExAverage-283-1,023-570-600
Investing activities/CapExMedian-971-561-592
Investing activities/CapExLowest-1,275-623-657
Cash Interest Costs Number of Estimates888
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 Estimates999
Net debt Highest3,2633,374884
Net debt Average2,5322,8982,457341
Net debt Median2,9102,840471
Net debt Lowest2,459232-570

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.