SES S.A. Fiduciary Depositary Receipt
SES S.A. Fiduciary Depositary Receipt represents ownership in SES S.A., a Luxembourg-based leading global space solutions company and communications satellite owner-operator specializing in video and data connectivity. It provides satellite-based data transmission capacity and ancillary services worldwide, serving broadcasters, content providers, internet service providers, mobile and fixed network operators, governments, and institutions. SES S.A. operates an extensive multi-orbit fleet of nearly 120 satellites, including GEO and MEO constellations, enhanced by its acquisition of Intelsat, which adds over 45 GEO satellites and terrestrial networks for unparalleled global coverage. Key divisions include video for television and radio signals to homes via providers like Comcast and Viacom; mobility for high-bandwidth internet to maritime and aviation users; government secure links; and fixed data connectivity to remote areas. With innovations like high-throughput satellites, adaptive resource controllers, and interoperable multi-orbit infrastructure, SES S.A. delivers resilient broadband solutions, cloud services, and immersive video to telcos, media, governments, sports organizations, and cruise lines, playing a pivotal role in bridging connectivity gaps in challenging environments. Headquartered in Betzdorf, Luxembourg, it employs around 2,134 people and operates primarily in the communication services sector.
$4.81
+$0.61 (+14.52%)
EOD Oct 16, 2026
15.04% operating margin is respectable but not wide. ROIC at 3.52%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue up 31.3% YoY with margins expanding 3.8pp. However, free cash flow softened 49%, worth monitoring whether this is timing or structural.
Free cash flow declined 49% versus the prior year, cash generation momentum has weakened. Net debt of €6.26B represents 17.4x FCF, leverage limits flexibility.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
€3.19B
▲ +31.3% YoY
Net Income (TTM)
-€233M
▼ -448.1% YoY
Op. Margin
11.55%
▲ +3.8pp YoY
ROIC
3.52%
▲ +2.1pp YoY
Cash Flow & Balance Sheet
FCF (FY)
€360M
▼ -48.8% YoY
Op. Cash Flow (FY)
€908M
▼ -7.6% YoY
Net Debt
€6.26B
Cash & Equiv.
€683M
3Y CAGR: +10.6%
3Y CAGR: +45.4%
Continue Research
Is SES S.A. Fiduciary Depositary Receipt (SGBAF) overvalued?
SES S.A. Fiduciary Depositary Receipt (SGBAF) trades above a two-stage DCF intrinsic value of about €-0.05 per share, so at €4.81 the stock looks overvalued (101.0% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, SES S.A. Fiduciary Depositary Receipt scores 55/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from company filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is SES S.A. Fiduciary Depositary Receipt's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about €-0.05 per share for SGBAF, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around €-0.03. At today's €4.81, that puts the stock about 101.0% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is SES S.A. Fiduciary Depositary Receipt a high-quality business?+
SES S.A. Fiduciary Depositary Receipt scores 55 out of 100 on Intrinsiqq's quality score, a weighted blend of 7 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 11.6% operating margin and a 3.5% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from company filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Is SES S.A. Fiduciary Depositary Receipt a good stock to buy right now?+
That depends on valuation and quality together, not either alone. SGBAF currently trades above its estimated intrinsic value and scores 55/100 on quality (mixed). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from company filings, not investment advice.
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Data sourced from company filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.