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    SES (ENXTPA:SESG) Just Drew Fresh Attention, So What Is The Market Missing?

    Simply Wall St·08/28/2026 05:17:49
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    SES (ENXTPA:SESG) drew fresh attention on 17 August 2026 after expanding its investment and collaboration with Elveo Mobile, the Lynk and Omnispace merger vehicle focused on direct to device satellite connectivity.

    At a share price of €4.9, SES has seen the 30 day share price return fall 28.31% and the 90 day share price return fall 48.12%, while the 1 year total shareholder return is down 12.06%. This suggests momentum has been fading even as this Elveo Mobile deal reshapes the growth story.

    Scan beyond SES and size up other satellite and connectivity stocks showing sharper momentum and stronger balance sheets with our curated list of list of solid balance sheet and fundamentals (426 results)

    SES is backing a bigger future in direct to device connectivity just as the share price has slipped hard this year. Is more upside now being offered, or has most of the rerating already happened earlier in the cycle?

    Most Popular Narrative: 41% Undervalued

    SES is trading at €4.9 compared to a widely followed narrative fair value of €8.25, which frames the Elveo Mobile move inside a much bigger cash flow story built around future connectivity contracts and capital spending.

    The long-term shift toward software defined multi orbit constellations requires heavy upfront investment. Projects like O3b mPOWER and meoSphere, together with IRIS2 commitments, are front loading 2026 CapEx to around €700 million, which can constrain free cash flow and slow any improvement in earnings and leverage.

    Read the complete narrative.

    Want to see how this heavy CapEx today is expected to translate into future cash returns for SES? The core of this narrative is a specific path for revenue growth, margin repair and future earnings that has to line up with multi orbit demand and government contracts. Curious which financial levers are doing most of the heavy lifting in that €8.25 fair value, and how much depends on profit turning around from today’s loss position?

    Result: Fair Value of €8.25 (UNDERVALUED)

    Have a read of the narrative in full and understand what's behind the forecasts.

    However, SES still faces pressure from declining Media and Fixed Data revenues, while high front loaded CapEx near €700 million in 2026 could strain free cash flow.

    Find out about the key risks to this SES narrative.

    Next Steps

    Given this mix of concern and optimism around SES, it makes sense to move quickly and check the underlying numbers yourself before opinions harden. To get a balanced picture of what investors are worrying about and what they are excited about, start with 3 key rewards and 3 important warning signs.

    Looking for more investment ideas beyond SES?

    If SES has sharpened your focus on where to put fresh capital, now is the moment to widen your watchlist using targeted stock ideas built from data driven screeners.

    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.