Loading...

SeSa

BIT:SES
Snowflake Description

Acceptable track record with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SES
BIT
€427M
Market Cap
  1. Home
  2. IT
  3. Tech
Company description

SeSa S.p.A., together with its subsidiaries, distributes value-added information technology (IT) products and solutions in Italy. The last earnings update was 42 days ago. More info.


Add to Portfolio Compare Print
SES Share Price and Events
7 Day Returns
0.5%
BIT:SES
-0.3%
IT Electronic
-0.2%
IT Market
1 Year Returns
0.2%
BIT:SES
-11.3%
IT Electronic
-8.5%
IT Market
SES Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
SeSa (SES) 0.5% -3.8% 9.9% 0.2% 76.3% 109.9%
IT Electronic -0.3% 5.2% 2.5% -11.3% 35.3% 60.6%
IT Market -0.2% 2.5% 10.1% -8.5% -7.6% -34.5%
1 Year Return vs Industry and Market
  • SES outperformed the Electronic industry which returned -11.3% over the past year.
  • SES outperformed the Market in Italy which returned -8.5% over the past year.
Price Volatility
SES
Industry
5yr Volatility vs Market

SES Value

 Is SeSa undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of SeSa to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for SeSa.

BIT:SES Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 14.9%
Perpetual Growth Rate 10-Year IT Government Bond Rate 2.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BIT:SES
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IT Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 9%
Electronic Unlevered Beta Simply Wall St/ S&P Global 1.07
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.066 (1 + (1- 24%) (52.69%))
1.33
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.33
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.93% + (1.33 * 9.02%)
14.93%

Discounted Cash Flow Calculation for BIT:SES using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for SeSa is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

BIT:SES DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 14.93%)
2019 32.00 Analyst x1 27.84
2020 28.40 Analyst x2 21.50
2021 35.65 Analyst x2 23.48
2022 38.28 Est @ 7.39% 21.94
2023 40.60 Est @ 6.05% 20.25
2024 42.68 Est @ 5.12% 18.52
2025 44.58 Est @ 4.46% 16.83
2026 46.37 Est @ 4% 15.23
2027 48.08 Est @ 3.68% 13.74
2028 49.74 Est @ 3.46% 12.37
Present value of next 10 years cash flows €191.71
BIT:SES DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €49.74 × (1 + 2.93%) ÷ (14.93% – 2.93%)
€426.77
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €426.77 ÷ (1 + 14.93%)10
€106.13
BIT:SES Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €191.71 + €106.13
€297.84
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €297.84 / 15.45
€19.28
BIT:SES Discount to Share Price
Calculation Result
Value per share (EUR) From above. €19.28
Current discount Discount to share price of €27.65
= -1 x (€27.65 - €19.28) / €19.28
-43.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of SeSa is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for SeSa's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are SeSa's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:SES PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-01-31) in EUR €1.81
BIT:SES Share Price ** BIT (2019-04-23) in EUR €27.65
Italy Electronic Industry PE Ratio Median Figure of 7 Publicly-Listed Electronic Companies 15.12x
Italy Market PE Ratio Median Figure of 242 Publicly-Listed Companies 15.88x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of SeSa.

BIT:SES PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:SES Share Price ÷ EPS (both in EUR)

= 27.65 ÷ 1.81

15.26x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SeSa is overvalued based on earnings compared to the IT Electronic industry average.
  • SeSa is good value based on earnings compared to the Italy market.
Price based on expected Growth
Does SeSa's expected growth come at a high price?
Raw Data
BIT:SES PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.26x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
10.3%per year
Italy Electronic Industry PEG Ratio Median Figure of 5 Publicly-Listed Electronic Companies 1.34x
Italy Market PEG Ratio Median Figure of 160 Publicly-Listed Companies 1.31x

*Line of best fit is calculated by linear regression .

BIT:SES PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.26x ÷ 10.3%

1.48x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SeSa is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on SeSa's assets?
Raw Data
BIT:SES PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-01-31) in EUR €13.15
BIT:SES Share Price * BIT (2019-04-23) in EUR €27.65
Italy Electronic Industry PB Ratio Median Figure of 9 Publicly-Listed Electronic Companies 1.69x
Italy Market PB Ratio Median Figure of 317 Publicly-Listed Companies 1.54x
BIT:SES PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:SES Share Price ÷ Book Value per Share (both in EUR)

= 27.65 ÷ 13.15

2.1x

* Primary Listing of SeSa.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SeSa is overvalued based on assets compared to the IT Electronic industry average.
X
Value checks
We assess SeSa's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check)
  5. SeSa has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

SES Future Performance

 How is SeSa expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is SeSa expected to grow at an attractive rate?
  • SeSa's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • SeSa's earnings growth is positive but not above the Italy market average.
  • SeSa's revenue growth is expected to exceed the Italy market average.
Annual Growth Rates Comparison
Raw Data
BIT:SES Future Growth Rates Data Sources
Data Point Source Value (per year)
BIT:SES Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 10.3%
BIT:SES Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 7.6%
Italy Electronic Industry Earnings Growth Rate Market Cap Weighted Average 17.5%
Italy Electronic Industry Revenue Growth Rate Market Cap Weighted Average 6.6%
Italy Market Earnings Growth Rate Market Cap Weighted Average 10.4%
Italy Market Revenue Growth Rate Market Cap Weighted Average 3.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BIT:SES Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BIT:SES Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-04-30 1,797 64 36 2
2020-04-30 1,668 58 33 2
2019-04-30 1,554 54 30 1
BIT:SES Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-01-31 1,515 40 29
2018-10-31 1,445 66 28
2018-07-31 1,394 60 28
2018-04-30 1,361 50 27
2018-01-31 1,317 70 26
2017-10-31 1,279 35 25
2017-07-31 1,292 33 26
2017-04-30 1,270 34 25
2017-01-31 1,273 16 25
2016-10-31 1,268 24 25
2016-07-31 1,243 22 24
2016-04-30 1,228 28 24

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • SeSa's earnings are expected to grow by 10.3% yearly, however this is not considered high growth (20% yearly).
  • SeSa's revenue is expected to grow by 7.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BIT:SES Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from SeSa Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:SES Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-04-30 2.38 2.38 2.38 1.00
2020-04-30 2.14 2.14 2.14 1.00
2019-04-30 1.94 1.94 1.94 1.00
BIT:SES Past Financials Data
Date (Data in EUR Millions) EPS *
2019-01-31
2018-10-31 1.81
2018-07-31
2018-04-30 1.74
2018-01-31
2017-10-31 1.64
2017-07-31
2017-04-30 1.62
2017-01-31
2016-10-31 1.62
2016-07-31
2016-04-30 1.56

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • SeSa is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess SeSa's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Italy market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Italy market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
SeSa has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

SES Past Performance

  How has SeSa performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare SeSa's growth in the last year to its industry (Electronic).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • SeSa's year on year earnings growth rate has been positive over the past 5 years.
  • SeSa's 1-year earnings growth exceeds its 5-year average (10.7% vs 6.7%)
  • SeSa's earnings growth has exceeded the IT Electronic industry average in the past year (10.7% vs 4.2%).
Earnings and Revenue History
SeSa's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from SeSa Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:SES Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-01-31 1,515.07 28.90 13.57
2018-10-31 1,444.83 28.00 16.79
2018-07-31 1,394.13 27.78 13.57
2018-04-30 1,361.36 26.86 13.57
2018-01-31 1,317.42 26.12 10.36
2017-10-31 1,278.94 25.31 13.03
2017-07-31 1,291.51 25.66 10.36
2017-04-30 1,269.90 25.04 10.36
2017-01-31 1,272.51 25.08 9.01
2016-10-31 1,268.19 24.95 8.25
2016-07-31 1,243.16 24.35 9.01
2016-04-30 1,228.49 23.96 9.01
2016-01-31 1,181.10 23.84 7.31
2015-10-31 1,108.06 22.63 8.89
2015-07-31 1,079.58 22.06 7.31
2015-04-30 1,059.29 21.80 7.31
2015-01-31 1,023.07 21.76 6.64
2014-10-31 1,024.39 21.34 7.14
2014-07-31 990.72 21.01 -6.33
2014-04-30 946.55 20.67 6.64
2014-01-31 904.14 20.34 6.42
2013-10-31 853.06 19.66 6.35
2013-07-31 863.19 19.62 18.39
2013-04-30 829.76 19.91 6.42
2012-04-30 809.63 16.84 6.58

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • SeSa has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • SeSa used its assets less efficiently than the IT Electronic industry average last year based on Return on Assets.
  • SeSa's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess SeSa's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
SeSa has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

SES Health

 How is SeSa's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up SeSa's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • SeSa is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • SeSa's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of SeSa's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 3.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from SeSa Company Filings, last reported 2 months ago.

BIT:SES Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-01-31 224.63 225.11 211.87
2018-10-31 213.61 226.57 228.35
2018-07-31 217.14 233.46 229.06
2018-04-30 216.00 195.88 250.46
2018-01-31 208.47 195.77 173.38
2017-10-31 201.65 168.30 165.91
2017-07-31 204.74 179.06 170.58
2017-04-30 199.03 142.00 193.57
2017-01-31 192.81 132.13 101.43
2016-10-31 183.50 125.39 118.27
2016-07-31 184.67 127.62 113.67
2016-04-30 179.41 105.65 147.03
2016-01-31 173.77 99.99 64.39
2015-10-31 164.08 73.02 55.40
2015-07-31 165.42 80.45 56.96
2015-04-30 160.43 58.82 92.12
2015-01-31 155.63 90.68 44.68
2014-10-31 148.45 56.58 33.57
2014-07-31 148.53 81.88 52.37
2014-04-30 143.98 47.67 73.23
2014-01-31 137.79 105.42 40.10
2013-10-31 131.51 74.15 45.91
2013-07-31 129.90 71.95 92.40
2013-04-30 129.90 71.95 92.40
2012-04-30 84.05 68.15 63.03
  • SeSa's level of debt (100.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (76% vs 100.2% today).
  • Debt is not well covered by operating cash flow (17.9%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 23.1x coverage).
X
Financial health checks
We assess SeSa's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. SeSa has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

SES Dividends

 What is SeSa's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.17%
Current annual income from SeSa dividends. Estimated to be 2.64% next year.
If you bought €2,000 of SeSa shares you are expected to receive €43 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • SeSa's pays a higher dividend yield than the bottom 25% of dividend payers in Italy (2.12%).
  • SeSa's dividend is below the markets top 25% of dividend payers in Italy (4.43%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BIT:SES Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Italy Electronic Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 2.7%
Italy Market Average Dividend Yield Market Cap Weighted Average of 185 Stocks 4%
Italy Minimum Threshold Dividend Yield 10th Percentile 1.2%
Italy Bottom 25% Dividend Yield 25th Percentile 2.1%
Italy Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BIT:SES Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-04-30 0.76 2.00
2020-04-30 0.72 2.00
2019-04-30 0.68 1.00
BIT:SES Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-07-12 0.600 2.283
2017-07-28 0.560 2.110
2017-07-14 0.560 2.260
2016-07-25 0.480 2.616
2016-07-14 0.480 3.316
2015-07-30 0.450 3.089
2015-07-17 0.450 2.914
2014-09-03 0.450 3.228
2014-07-24 0.450 3.470
2013-10-18 0.450 3.573
2013-07-25 0.450 4.108
2013-02-01 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, SeSa has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but SeSa only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of SeSa's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.2x coverage).
X
Income/ dividend checks
We assess SeSa's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can SeSa afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. SeSa has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

SES Management

 What is the CEO of SeSa's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Alessandro Fabbroni
COMPENSATION €254,605
AGE 46
CEO Bio

Mr. Alessandro Fabbroni serves as the Chief Executive Officer, Financial Reporting Manager and Director of SeSa S.p.A.

CEO Compensation
  • Alessandro's compensation has increased by more than 20% in the past year.
  • Alessandro's remuneration is higher than average for companies of similar size in Italy.
Management Team

Alessandro Fabbroni

TITLE
CEO, Financial Reporting Manager & Director
COMPENSATION
€255K
AGE
46

Moreno Gaini

TITLE
Executive Vice-Chairman & Executive VP
COMPENSATION
€282K
AGE
56

John Moriani

TITLE
Executive Vice-Chairman & Executive VP
COMPENSATION
€245K
AGE
61

Francesco Billi

TITLE
Controller & Manager of Administrative Processes

Conxi Palmero

TITLE
Investor Relation Manager
Board of Directors Tenure

Average tenure and age of the SeSa board of directors in years:

1
Average Tenure
58
Average Age
  • The average tenure for the SeSa board of directors is less than 3 years, this suggests a new board.
Board of Directors

Paolo Castellacci

TITLE
Chairman
COMPENSATION
€342K
AGE
71

Alessandro Fabbroni

TITLE
CEO, Financial Reporting Manager & Director
COMPENSATION
€255K
AGE
46

Moreno Gaini

TITLE
Executive Vice-Chairman & Executive VP
COMPENSATION
€282K
AGE
56

John Moriani

TITLE
Executive Vice-Chairman & Executive VP
COMPENSATION
€245K
AGE
61

Luigi Gola

TITLE
Independent Director
COMPENSATION
€19K
AGE
85

Luca Parenti

TITLE
Member of Supervisory Board & Standing Auditor
COMPENSATION
€35K
AGE
60
TENURE
1.3 yrs

Cerati Giuseppe

TITLE
President of Board of Auditors & Member of Supervisory Board
TENURE
0.7 yrs

Maria Mosca

TITLE
Independent Director
TENURE
0.7 yrs

Angelica Pelizzari

TITLE
Non Executive Director
COMPENSATION
€15K
AGE
47

Chiara Pieragnoli

TITLE
Member of Supervisory Board & Standing Auditor
COMPENSATION
€14K
AGE
46
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess SeSa's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. SeSa has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

SES News

Simply Wall St News

What We Think Of SeSa S.p.A.’s (BIT:SES) Investment Potential

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Understanding Return On Capital Employed (ROCE). … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

With A Return On Equity Of 15%, Has SeSa S.p.A.'s (BIT:SES) Management Done Well?

This article is for those who would like to learn about Return On Equity (ROE). … Another way to think of that is that for every €1 worth of equity in the company, it was able to earn €0.15. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is SeSa S.p.A. (BIT:SES) A Smart Pick For Income Investors?

A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … Does SeSa tick all the boxes of a great dividend stock? … 5 questions I ask before picking a dividend stock

Simply Wall St -

Is SeSa S.p.A. (BIT:SES) A Volatile Stock?

(BIT:SES), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one.

Simply Wall St -

Was SeSa S.p.A.'s (BIT:SES) Earnings Growth Better Than The Industry's?

Did SES's recent earnings growth beat the long-term trend and the industry. … Furthermore, this one-year growth rate has exceeded its 5-year annual growth average of 6.7%, indicating the rate at which SES is growing has accelerated … What's enabled this growth?

Simply Wall St -

Read This Before You Buy SeSa S.p.A. (BIT:SES) Because Of Its P/E Ratio

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … SeSa has a price to earnings ratio of 14.35, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Is It Too Late To Buy SeSa S.p.A. (BIT:SES) At Its January Price?

Looking at SeSa S.p.A.’s (BIT:SES) fundamentals some investors are wondering if its last closing price of €25.75 represents a good value for money for this high growth stock. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors. … Analysts are predicting good growth prospects for SeSa over the next couple of years

Simply Wall St -

What Does SeSa S.p.A.'s (BIT:SES) Share Price Indicate?

Less-covered, small caps sees more of an opportunity for mispricing due to the lack of information available to the public, which can be a good thing? … So, could the stock still be trading at a low price relative to its actual value. … Let’s take a look at SeSa’s outlook and value based on the most recent financial data to see if the opportunity still exists

Simply Wall St -

A Look At The Fair Value Of SeSa S.p.A. (BIT:SES)

Today, I will calculate the stock's intrinsic value. … by taking the expected future cash flows and discounting them to today's value. … If you are reading this and its not January 2019 then I highly recommend you check out the latest calculation for SeSa by following the link below

Simply Wall St -

Should SeSa S.p.A.’s (BIT:SES) Weak Investment Returns Worry You?

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Understanding Return On Capital Employed (ROCE). … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

SES Company Info

Description

SeSa S.p.A., together with its subsidiaries, distributes value-added information technology (IT) products and solutions in Italy. The company’s Value-Added Distribution segment provides services in the areas of servers, storage, software, and networking for the operators in the enterprises and small/medium enterprise markets. Its Software and System Integration segment offers software, technology, and consultancy services; and services for the design, development, consultancy, and installation of software and technology, as well as pre-and after-sales assistance and strategic outsourcing. The company also provides logistics, cloud computing, marketing, promotional, Web marketing, e-commerce, ICT, and digital communication services; management, maintenance, technical assistance, and repair services for computers and IT products; solutions and integrated services on the SAP Business One platform; SAP ERP services; ERP solutions; and financial services and solutions, as well as security services. In addition, it operates as an Internet service provider, as well as in the telecommunications services and systems assistance sectors; develops and markets hardware, software, and applications; markets ICT products and solutions; and provides system integration services. The company is headquartered in Empoli, Italy. SeSa S.p.A. is a subsidiary of ITH S.p.A.

Details
Name: SeSa S.p.A.
SES
Exchange: BIT
Founded:
€427,221,532
15,451,050
Website: http://www.sesa.it
Address: SeSa S.p.A.
Via Piovola no. 138,
Empoli,
Florence, 50053,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT SES Ordinary Shares Borsa Italiana IT EUR 01. Feb 2013
DB 1S3 Ordinary Shares Deutsche Boerse AG DE EUR 01. Feb 2013
LSE 0QHK Ordinary Shares London Stock Exchange GB EUR 01. Feb 2013
BATS-CHIXE SESM Ordinary Shares BATS 'Chi-X Europe' GB EUR 01. Feb 2013
Number of employees
Current staff
Staff numbers
1,709
SeSa employees.
Industry
Technology Distributors
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/23 21:47
End of day share price update: 2019/04/23 00:00
Last estimates confirmation: 2019/03/14
Last earnings filing: 2019/03/12
Last earnings reported: 2019/01/31
Last annual earnings reported: 2018/04/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.