MeritValue

SES S.A.

SGBAFdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'dilutedShares'; no data for concept 'epsDiluted'

The thesis, from the filings

SES S.A. earns about -28% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2023FY 2024FY 2025
Revenue€2.03B1€2B1€2.63B1
Net income−€905M2€15M2−€95M2
Operating cash flow€3.48B3€1.01B3€908M3
Capital expenditure€383M4€280M4€522M4
Free cash flow (derived)€3.1B3€726M3€386M3
Total debt———
Cash & equivalents€2.91B5€3.52B5€1.08B5
Diluted shares———

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
-28% avg · 3y
FY23 -60%FY24 —FY25 3%

It earned an average -28% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 3y

Not enough history to read capital allocation.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2023-12-31 · accession 0001193125-26-138166 (Revenue)
  2. 20-F · period ending 2023-12-31 · accession 0001193125-26-138166 (ProfitLossAttributableToOwnersOfParent)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-26-138166 (CashFlowsFromUsedInOperatingActivities)
  4. 20-F · period ending 2023-12-31 · accession 0001193125-26-138166 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  5. 20-F · period ending 2023-12-31 · accession 0001193125-26-138166 (CashAndCashEquivalents)