Discounted Cash Flow (DCF) Analysis Levered

SES S.A. (SESG.PA)

7.526 €

+0.02 (+0.27%)

All numbers are in Millions, Currency in USD

Stock DCF: 36.96 | 7.526 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	2,035	1,933.50	1,940.90	1,836	1,750	1,685.71	1,623.79	1,564.14	1,506.68	1,451.34
Revenue (%)
Operating Cash Flow	1,251.20	1,191.30	1,134.10	1,049	1,294	1,053.93	1,015.22	977.92	942	907.40
Operating Cash Flow (%)
Capital Expenditure	-481.20	-328.20	-305.30	-210	-280	-282.49	-272.11	-262.11	-252.48	-243.21
Capital Expenditure (%)
Free Cash Flow	770	863.10	828.80	839	1,014	771.45	743.11	715.81	689.52	664.19

Weighted Average Cost Of Capital

Share price	$ 7.526
Beta	0.753
Diluted Shares Outstanding	562.10
Cost of Debt
Tax Rate	-14.11
After-tax Cost of Debt	2.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.405
Total Debt	3,614
Total Equity	4,230.36
Total Capital	7,844.36
Debt Weighting	46.07
Equity Weighting	53.93
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	2,035	1,933.50	1,940.90	1,836	1,750	1,685.71	1,623.79	1,564.14	1,506.68	1,451.34
Operating Cash Flow	1,251.20	1,191.30	1,134.10	1,049	1,294	1,053.93	1,015.22	977.92	942	907.40
Capital Expenditure	-481.20	-328.20	-305.30	-210	-280	-282.49	-272.11	-262.11	-252.48	-243.21
Free Cash Flow	770	863.10	828.80	839	1,014	771.45	743.11	715.81	689.52	664.19
WACC
PV LFCF						737.03	678.28	624.21	574.45	528.66
SUM PV LFCF										3,142.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.67
Free cash flow (t + 1)	677.47
Terminal Value	25,373.42
Present Value of Terminal Value	20,196.12

Intrinsic Value

Enterprise Value	23,338.75
Net Debt	2,565
Equity Value	20,773.75
Shares Outstanding	562.10
Equity Value Per Share	36.96