The Discounted Cash Flow (DCF) valuation of SES SA (SESG.PA) is 0.33 EUR. With the latest stock price at 6.22 EUR, the upside of SES SA based on DCF is -94.7%.

Is SESG.PA a buy or a sell?

Based on the latest price of 6.22 EUR and our DCF valuation, SES SA (SESG.PA) is a sell. Selling SESG.PA stocks now will result in a potential gain of 94.7%.

	Range	Selected
WACC / Discount Rate	4.3% - 5.4%	4.9%
Long-term Growth Rate	3.0% - 4.1%	3.5%
Fair Price	(0.81) - 11.17	0.33
Upside	-113.0% - 79.4%	-94.7%

6.22 EUR

Stock Price

0.33 EUR

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

SESG.PA DCF Valuation: Revenue & Expenses Forecast

(EUR in millions)		Projections

	12-2024	12-2025	12-2026	12-2027	12-2028	12-2029

Revenue	2,001	2,118	2,161	2,244	2,332	2,379
% Growth	1%	6%	2%	4%	4%	2%

Cost of goods sold	(460)	(463)	(448)	(442)	(437)	(423)
% of Revenue	23%	22%	21%	20%	19%	18%

Selling, G&A expenses	(348)	(368)	(376)	(390)	(406)	(414)
% of Revenue	17%	17%	17%	17%	17%	17%

Research & Development	0	0	0	0	0	0
% of Revenue	0%	0%	0%	0%	0%	0%

Net interest & other expenses	(1,111)	(1,176)	(1,200)	(1,246)	(1,295)	(1,321)
% of Revenue	56%	56%	56%	56%	56%	56%

Tax expense	(55)	(27)	(33)	(40)	(47)	(53)
Tax rate	67%	24%	24%	24%	24%	24%

Net profit	27	84	104	126	148	168
% Margin	1%	4%	5%	6%	6%	7%