--- title: "Assessing SES (ENXTPA:SESG) Valuation After New Boeing And Japan Airlines Connectivity Deals" type: "News" locale: "en" url: "https://longbridge.com/en/news/283014886.md" description: "SES (ENXTPA:SESG) has secured new contracts with Boeing and Japan Airlines for inflight connectivity, boosting its focus in the aviation sector. Currently priced at €6.3, the stock shows a year-to-date return of 10.82% and a total shareholder return of 37.86% over the past year. Despite a P/S ratio of 1x, higher than the French Media industry average of 0.5x, a DCF analysis suggests a fair value of €26.56 per share, indicating significant undervaluation. However, SES faces risks due to ongoing losses and capital-intensive investments." datetime: "2026-04-16T13:54:24.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283014886.md) - [en](https://longbridge.com/en/news/283014886.md) - [zh-HK](https://longbridge.com/zh-HK/news/283014886.md) --- # Assessing SES (ENXTPA:SESG) Valuation After New Boeing And Japan Airlines Connectivity Deals SES (ENXTPA:SESG) is back in focus after securing a Boeing collaboration for line fit multi orbit inflight connectivity hardware, as well as a Japan Airlines contract to equip widebody and narrowbody fleets with its ESA based system. See our latest analysis for SES. These aviation wins come as the share price sits at €6.3, with a 1 day share price return of 1.20% and a 10.82% share price return year to date. The 1 year total shareholder return of 37.86% points to momentum that has been building over a longer stretch, despite some recent 7 day and 90 day share price weakness. If inflight connectivity is on your radar, it could be a good moment to broaden your watchlist with 30 power grid technology and infrastructure stocks With the shares at €6.3, trading at a discount to the €7.14 analyst price target yet showing a very large intrinsic value gap, you have to ask: is this a genuine opportunity, or is the market already assuming stronger growth ahead? ## Preferred Price to Sales of 1x: Is it justified? SES trades on a P/S of roughly 1x, which screens as more expensive than the French Media industry on this metric, yet still below some peers and a higher fair ratio. The P/S ratio compares a company’s market value to its revenue and is often used for businesses that are currently loss making, like SES, where P/E is less helpful. A 1x P/S suggests the market is putting a modest value on each euro of current sales, while still assigning a premium to SES compared with the broader French Media group. Against the French Media industry average P/S of 0.5x, SES sits on a clear premium, which implies the market is willing to pay more for its revenue base than for the typical local media name. However, that 1x P/S is slightly below the peer average of 1.1x and well below the estimated fair P/S of 1.5x, which is a level the market could move towards if sentiment and fundamentals line up. Explore the SWS fair ratio for SES **Result: Price to sales ratio of 1x (ABOUT RIGHT)** ## DCF points to a very large valuation gap On Simply Wall St’s DCF model, SES has an estimated fair value of €26.56 per share versus the current €6.3 price, implying a very large gap between market price and modelled future cash flow value. The SWS DCF model projects future cash flows for SES and discounts them back to today using a required rate of return, producing a present value estimate per share. This approach is particularly relevant for a company that is currently loss making but expected to move towards profitability, because it focuses on future cash generation rather than current earnings. SES sits in a capital intensive sector where revenue forecasts and cash flow timing can matter more than near term profit figures. With earnings currently in loss and interest coverage flagged as weak, the DCF output highlights how sensitive long term value can be to assumptions about revenue growth, margin progression and reinvestment needs. Look into how the SWS DCF model arrives at its fair value. **Result: DCF Fair value of €26.56 (UNDERVALUED)** However, SES still faces risks, as it is loss making with a €106m net income loss and relies on capital intensive satellite investments that can strain cash flows. Find out about the key risks to this SES narrative. ## Another angle on value While the SWS DCF model points to a fair value of €26.56, the current €6.3 price also sits against a 1x P/S that is higher than the French Media industry average of 0.5x, slightly lower than peers at 1.1x, and below a 1.5x fair ratio. Investors can decide which of these signals they consider most important. See what the numbers say about this price — find out in our valuation breakdown. ENXTPA:SESG P/S Ratio as at Apr 2026 Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out SES for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 227 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. ## Next Steps With sentiment pulled between a large DCF gap and premium P/S, it makes sense to review the details yourself and decide quickly where you stand, starting with 2 key rewards and 2 important warning signs. ## Looking for more investment ideas? If you want a broader view beyond SES, it helps to scan other opportunities quickly so you can prioritise where to spend your research time. - Target potential value opportunities early by reviewing the 227 high quality undervalued stocks before attention shifts and prices adjust. - Focus on resilience by checking the 299 resilient stocks with low risk scores so you are not caught off guard by hidden volatility. - Spot companies the market may be overlooking by working through the screener containing 574 high quality undiscovered gems while they are still off most investors' radar. _This article by Simply Wall St is general in nature. **We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.** It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._ ### **New:** Manage All Your Stock Portfolios in One Place We've created the **ultimate portfolio companion** for stock investors, **and it's free.** • Connect an unlimited number of Portfolios and see your total in one currency • Be alerted to new Warning Signs or Risks via email or mobile • Track the Fair Value of your stocks Try a Demo Portfolio for Free ### Related Stocks - [SES+.US](https://longbridge.com/en/quote/SES+.US.md) - [BA.US](https://longbridge.com/en/quote/BA.US.md) - [9201.JP](https://longbridge.com/en/quote/9201.JP.md) - [SES.US](https://longbridge.com/en/quote/SES.US.md) - [PPA.US](https://longbridge.com/en/quote/PPA.US.md) - [BOEG.US](https://longbridge.com/en/quote/BOEG.US.md) - [XAR.US](https://longbridge.com/en/quote/XAR.US.md) - [ITA.US](https://longbridge.com/en/quote/ITA.US.md) - [BOEU.US](https://longbridge.com/en/quote/BOEU.US.md) - [BOE.UK](https://longbridge.com/en/quote/BOE.UK.md) ## Related News & Research - [Hope for an Expanded China Deal Gives No Help to Boeing Stock (NYSE:BA)](https://longbridge.com/en/news/286652261.md) - [China's 200-Jet Boeing Deal Sends Urgent Signal To Investors](https://longbridge.com/en/news/286481329.md) - [Boeing confirms 200-jet China deal despite market sell-off](https://longbridge.com/en/news/286783140.md) - [Exclusive-India to monitor Boeing fuel-switch test tied to Air India London incident, documents show](https://longbridge.com/en/news/286879063.md) - [US jury awards family of Boeing 737 MAX crash victim $49.5 million](https://longbridge.com/en/news/286445455.md)