SES S.A. Detailed Consensus
Last Update: 2021-02-15
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 Estimates121212
Average EUR/USD FX rateHighest1.14981.22361.2236
Average EUR/USD FX rateAverage1.12131.13961.19821.1982
Average EUR/USD FX rateMedian1.14001.20001.2000
Average EUR/USD FX rateLowest1.12181.15001.1500
Total RevenueNumber of Estimates131313
Total RevenueHighest1,9121,8821,957
Total RevenueAverage1,9841,8901,8291,845
Total RevenueMedian1,8861,8281,849
Total RevenueLowest1,8761,7841,750
-VideoNumber of Estimates131313
-VideoHighest1,1091,0621,038
-VideoAverage1,2131,1041,028986
-VideoMedian1,1041,028987
-VideoLowest1,097992942
- thereof DistributionNumber of Estimates999
- thereof DistributionHighest837800776
- thereof DistributionAverage910832774741
- thereof DistributionMedian832775742
- thereof DistributionLowest824754705
- thereof ServicesNumber of Estimates999
- thereof ServicesHighest274279274
- thereof ServicesAverage304271255247
- thereof ServicesMedian271255244
- thereof ServicesLowest268240224
-NetworksNumber of Estimates131313
-NetworksHighest805824914
-NetworksAverage762783797856
-NetworksMedian779794858
-NetworksLowest774755807
- thereof Fixed DataNumber of Estimates131313
- thereof Fixed DataHighest276285309
- thereof Fixed DataAverage260263261273
- thereof Fixed DataMedian262263272
- thereof Fixed DataLowest246237239
- thereof MobilityNumber of Estimates131313
- thereof MobilityHighest242277306
- thereof MobilityAverage208227238270
- thereof MobilityMedian226239271
- thereof MobilityLowest215209235
- thereof GovernmentNumber of Estimates131313
- thereof GovernmentHighest298309333
- thereof GovernmentAverage295294299313
- thereof GovernmentMedian295301316
- thereof GovernmentLowest287280280
-OtherNumber of Estimates131313
-OtherHighest888
-OtherAverage9344
-OtherMedian234
-OtherLowest111
Adjusted EBITDANumber of Estimates121212
Adjusted EBITDAHighest1,171.21,151.11,183.7
Adjusted EBITDAAverage1,237.21,156.31,102.41,108.9
Adjusted EBITDAMedian1,158.31,097.01,114.7
Adjusted EBITDALowest1,129.71,037.4992.8
C-Band operating expensesNumber of Estimates9910
C-Band operating expensesHighest-25.020.025.0
C-Band operating expensesAverage--31.5-13.5-5.3
C-Band operating expensesMedian-26.0-19.0-9.0
C-Band operating expensesLowest-78.3-33.3-15.0
Restructuring expensesNumber of Estimates9910
Restructuring expensesHighest-37.70.00.0
Restructuring expensesAverage-20.6-40.0-7.1-6.1
Restructuring expensesMedian-40.00.00.0
Restructuring expensesLowest-45.0-40.0-40.0
EBITDA (including restructuring charges)Number of Estimates131213
EBITDA (including restructuring charges)Highest1,125.51,127.01,168.7
EBITDA (including restructuring charges)Average1,216.61,087.01,085.71,098.2
EBITDA (including restructuring charges)Median1,091.71,083.81,103.7
EBITDA (including restructuring charges)Lowest1,011.41,037.4992.8
Operating profitNumber of Estimates121112
Operating profitHighest411427437
Operating profitAverage365352374348
Operating profitMedian367364345
Operating profitLowest247306258
Net profit attributable to SES shareholdersNumber of Estimates111011
Net profit attributable to SES shareholdersHighest214262267
Net profit attributable to SES shareholdersAverage296170201176
Net profit attributable to SES shareholdersMedian173196173
Net profit attributable to SES shareholdersLowest84139115
Earnings per share Number of Estimates101011
Earnings per share Highest0.370.470.48
Earnings per share Average0.540.280.350.29
Earnings per share Median0.270.340.29
Earnings per share Lowest0.210.240.14
Dividend per share Number of Estimates131213
Dividend per share Highest0.410.450.50
Dividend per share Average0.400.400.400.41
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)Highest1,1301,1211,943
Net operating cash flow (NOCF)Average1,1341,0001,0151,107
Net operating cash flow (NOCF)Median9891,0481,044
Net operating cash flow (NOCF)Lowest848852872
Investing activities/CapExNumber of Estimates131313
Investing activities/CapExHighest-303-819-322
Investing activities/CapExAverage-308-317-852-919
Investing activities/CapExMedian-310-850-970
Investing activities/CapExLowest-376-904-1,009
Cash Interest Costs Number of Estimates999
Cash Interest Costs Highest-165-165-162
Cash Interest Costs Average-219-212-193-189
Cash Interest Costs Median-219-194-178
Cash Interest Costs Lowest-257-229-228
Net debt Number of Estimates121212
Net debt Highest3,0573,3903,693
Net debt Average3,2732,9753,1013,144
Net debt Median2,9903,1133,224
Net debt Lowest2,8122,4922,476
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.