SES S.A. Detailed Consensus
Last Update: 2020-06-02
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
  • Return on Invested Capital: (Operating profit × (1-effective tax rate))/(Average of opening and closing shareholders' equity + net debt)

KPI[EUR m]FY 2019FY 2020 EFY 2021 EFY 2022 E
Average EUR/USD FX rateNumber of Estimates101010
Average EUR/USD FX rateHighest1.15001.15001.1500
Average EUR/USD FX rateAverage1.12131.10221.09941.0994
Average EUR/USD FX rateMedian1.09911.09461.0946
Average EUR/USD FX rateLowest1.08801.08001.0800
Total RevenueNumber of Estimates111111
Total RevenueHighest1,9501,9962,058
Total RevenueAverage1,9841,8981,9151,948
Total RevenueMedian1,9071,9151,968
Total RevenueLowest1,8301,8271,835
-VideoNumber of Estimates111111
-VideoHighest1,1291,0891,068
-VideoAverage1,2131,1171,0631,022
-VideoMedian1,1141,0601,021
-VideoLowest1,1011,044986
- thereof DistributionNumber of Estimates888
- thereof DistributionHighest856841807
- thereof DistributionAverage910844801761
- thereof DistributionMedian843793759
- thereof DistributionLowest828782732
- thereof ServicesNumber of Estimates888
- thereof ServicesHighest288282285
- thereof ServicesAverage304275268261
- thereof ServicesMedian277270257
- thereof ServicesLowest256248243
-NetworksNumber of Estimates111111
-NetworksHighest8149011,045
-NetworksAverage762773844918
-NetworksMedian782836898
-NetworksLowest710773791
- thereof Fixed DataNumber of Estimates111111
- thereof Fixed DataHighest280314406
- thereof Fixed DataAverage260261270285
- thereof Fixed DataMedian265267279
- thereof Fixed DataLowest240237233
- thereof MobilityNumber of Estimates111111
- thereof MobilityHighest242292347
- thereof MobilityAverage208202241280
- thereof MobilityMedian210241300
- thereof MobilityLowest155185198
- thereof GovernmentNumber of Estimates111111
- thereof GovernmentHighest356393431
- thereof GovernmentAverage295310333352
- thereof GovernmentMedian310327351
- thereof GovernmentLowest289305314
-OtherNumber of Estimates111111
-OtherHighest101010
-OtherAverage9888
-OtherMedian999
-OtherLowest566
EBITDA (including restructuring charges)Number of Estimates111111
EBITDA (including restructuring charges)Highest1,1401,1841,272
EBITDA (including restructuring charges)Average1,2171,1051,1351,157
EBITDA (including restructuring charges)Median1,1131,1441,173
EBITDA (including restructuring charges)Lowest1,0461,0391,037
Operating profitNumber of Estimates111111
Operating profitHighest415459484
Operating profitAverage365361392376
Operating profitMedian373415378
Operating profitLowest249225255
Net profit attributable to SES shareholdersNumber of Estimates111111
Net profit attributable to SES shareholdersHighest218286297
Net profit attributable to SES shareholdersAverage296175209188
Net profit attributable to SES shareholdersMedian176213194
Net profit attributable to SES shareholdersLowest916992
Earnings per share Number of Estimates101010
Earnings per share Highest0.380.520.54
Earnings per share Average0.540.300.360.30
Earnings per share Median0.310.370.28
Earnings per share Lowest0.160.120.16
Dividend per share Number of Estimates111111
Dividend per share Highest0.460.520.58
Dividend per share Average0.400.410.410.42
Dividend per share Median0.400.400.40
Dividend per share Lowest0.400.400.40
Net operating cash flow (NOCF)Number of Estimates111111
Net operating cash flow (NOCF)Highest1,1051,1411,217
Net operating cash flow (NOCF)Average1,1341,0211,0501,077
Net operating cash flow (NOCF)Median1,0501,0821,100
Net operating cash flow (NOCF)Lowest909864910
Investing activities/CapExNumber of Estimates111111
Investing activities/CapExHighest-329-1,310-297
Investing activities/CapExAverage-308-349-1,328-453
Investing activities/CapExMedian-346-1,327-397
Investing activities/CapExLowest-384-1,355-985
Net debt Number of Estimates111111
Net debt Highest3,9974,6674,390
Net debt Average3,2733,0123,6443,333
Net debt Median2,9593,5973,193
Net debt Lowest2,4203,0942,661
Return on Invested CapitalNumber of Estimates222
Return on Invested CapitalHighest3.43.84.5
Return on Invested CapitalAverage-3.33.74.3
Return on Invested CapitalMedian3.33.74.3
Return on Invested CapitalLowest3.13.54.2
Disclaimer

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.