SES (ENXTPA:SESG) Climbed, So What Is Behind the Move?

SES (ENXTPA:SESG) has drawn fresh attention after reporting third quarter 2026 results, with sales of €765 million and a net loss of €62 million, compared with a small profit a year earlier.

The third quarter loss has come alongside a sharp move in the share price, with SES posting an 8.43% 1-day share price return and 9.92% 30-day share price return, even though the 90-day share price return is down 17.66% and the 1-year total shareholder return is down 7.09%. This suggests that recent momentum is improving after a weaker spell.

Scan the satellite and connectivity space for ideas beyond SES by zeroing in on 591 high quality undiscovered gems with fundamentals that keep them off most investors’ radar for now.

SES has just moved from profit to loss while the share price has bounced hard off recent lows. Does that combination argue for stepping in now, or waiting for a clearer entry based on the numbers?

Most Popular Narrative: 45% Undervalued

SES closed at €4.50, while the most followed narrative points to a fair value near €8.25, so the recent share price rebound still sits well below that implied level and puts the focus squarely on what could shift future cash returns.

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.

See why 4 investors see SES as 45% undervalued.

Result: Fair Value of €8.25 (UNDERVALUED)

Still, this narrative can be challenged if SES delivers the targeted Intelsat synergies and if long dated Media contracts keep cash generation steadier than expected.

Find out about the key risks to this SES narrative.

Next Steps

The SES story so far presents mixed messages. If you want to move quickly but still think for yourself, consider weighing up the 2 key rewards and 3 important warning signs.

Looking for more investment ideas beyond SES?

Do not park all your attention on SES when there are other opportunities that might suit your goals and risk preferences just as well.

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