SeSa S.p.A. (SES) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of SeSa S.p.A. stock €141, price €88.10, upside +60.0%, quality 61 out of 100. Rating: strongly undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range €56.27 – €182.51 · fair‑value band €105.72 – €176.20 · the €88.10 price screens below the €140.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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SeSa S.p.A., together with its subsidiaries, distributes value-added information technology (IT) software and technologies in Italy and internationally.
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It operates through four segments: Corporate; ICT Value Added Solutions; Digital Green VAS; Software and System Integration; and Business Services segments.
It provides technological solutions, digital services, and business applications; cloud technology services, cyber security, proprietary ERP and vertical solutions, enterprise platform, digital workspace, data/AI, and digital experience; and digital platforms, vertical banking applications, and security and consulting solutions.
It also provides value added solutions, such as public and hybrid cloud, data center, and cyber security technology solutions; data/AI solutions; device and digital workspace solutions; networking and collaboration solutions; and management and reconditioning services of IT products.
SeSa S.p.A. was founded in 1973 and is headquartered in Empoli, Italy. SeSa S.p.A. is a subsidiary of ITH SpA.
Stock analysis
SeSa S.p.A. (SES) currently trades at €88.10, while our model-based Fair Value estimate is €140.96, implying the stock looks roughly 38% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €178.50 per share, and 15 of the 24 models we run sit above the €88.10 price.
Bear case: the Economic Profit group reads lowest at €44.63, and 9 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €105.72 (bear) to €176.20 (bull), the price of €88.10 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
SeSa S.p.A. reported revenue of €3.6B in FY2026 versus €2.4B in FY2022, a compound +10.8%/yr. Reported net income was €71.7M in FY2026, compounding −0.6%/yr from FY2022.
Key figures
Market cap €1.3B Small · P/E ratio 16.5 · P/S ratio 0.37 · EPS (TTM) €5.35 · Dividend yield 1.5% · Net margin 2.0% · Return on equity 15.4% · Return on assets (EBIT) 5.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 24% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 28% fair-value upside, at 60%, SES screens cheaper than that median.
Fair Value models
Bear€105.72Fair Value €140.96Bull€176.20
Price €88.10 · Upside +60.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (€2.11 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF€129.68€188.92€271.9280
Growth DCF€127.63€178.43€244.3179
Owner Earnings€116.56€168.47€241.1876
All 24 models by family
DCF Models
FCF DCF€129.68€188.92€271.9280
Owner Earnings€116.56€168.47€241.1876
5Y Revenue Exit€100.82€142.88€197.3773
5Y EBITDA Exit€156.13€256.35€381.2774
5Y P/E Exit€120.19€182.63€252.6271
10Y Revenue Exit€110.46€150.25€206.7967
10Y EBITDA Exit€142.30€219.12€333.9868
10Y P/E Exit€122.50€174.37€245.0064
Earnings-Based
Graham-Dodd€32.23€148.32€203.6264
Lynch FV€38.99€55.70€72.4161
PEG = 1.0€38.99€55.70€72.4157
EPV€50.33€53.36€55.8074
Dividend Discount
Gordon GGM€7.89€12.87€16.3969
DDM Multi-Stage€7.89€12.36€13.8867
Multiples
P/E Multiple€99.55€132.73€165.9163
P/S Multiple€60.44€80.59€100.7358
EV/EBIT€113.35€151.69€190.0266
EV/EBITDA€166.96€223.17€279.3967
EV/Revenue€56.48€81.40€106.3253
Growth DCF
Growth DCF€127.63€178.43€244.3179
Rev-Margin DCF€100.82€143.27€198.1173
Economic Profit
Residual Income€27.34€31.99€43.7276
ROIC Compounder€52.10€57.27€62.6172
Growth Earnings
Growth-Adj P/E€73.97€105.67€137.3767
The fair value above starts from this blend and is adjusted for a year distorted by one-off effects.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.86/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+10.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.0%
Start year 2021 (pandemic). Over 10 years: +11.3% a year
Revenue growth 15 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+8.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.0%
Dividend (yield on the price)1.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.7.0% vs 11.9%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → 3%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−2.2%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −4.3% a year for the price and +3.3% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Information Technology Services · 479 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside+60.0% · Top 25%
Profitability
Return on equity (12 months)15.4% · Above median
Return on assets3.1% · Below median
Net margin (12 months)2.0% · Below median
Operating margin (12 months)4.1% · Below median
Growth and dividend
Revenue growth (quarter YoY)7.0% · Above median
Dividend yield (12 months)1.5% · Below median
Balance sheet
Debt / equity0.47× · Highest 25%
Valuation Multiplesvs Information Technology Services median · lower = cheaper
P/E (12 months)16.5× · Cheaper than median
P/B2.90× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "SeSa S.p.A. Fair Value". https://www.fairvalue-calculator.com/stock/SES.MI
Frequently asked questions
Is SeSa S.p.A. (SES) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of €140.96 versus a price of €88.10, about +60% upside (undervalued).
What is the fair value of SES?
Our model-based fair value for SeSa S.p.A. is €140.96 (as of Nov 7, 2026), built from audited fundamentals. The current price: €88.10.
What is the quality score of SES?
SeSa S.p.A. has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for SeSa S.p.A. (SES)?
Our model-based price target is the fair value of €140.96 (as of Nov 7, 2026) from 24 valuation models. Cautious scenario €105.72, optimistic scenario €176.20. It is a calculation from audited fundamentals, not an analyst target.
What is the SeSa S.p.A. stock forecast for 2026?
Our models put fair value at €140.96, about +60% upside versus a price of €88.10 (undervalued). Cautious scenario €105.72, optimistic scenario €176.20. The calculation is refreshed regularly with new filings.
What is the revenue of SeSa S.p.A. (SES)?
SeSa S.p.A. reported trailing-twelve-month revenue of about €3.7B (latest available figure, as of Nov 7, 2026).
Does SeSa S.p.A. pay a dividend?
SeSa S.p.A. currently shows a dividend yield of 1.51% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of SeSa S.p.A. (SES) and when is the ex-dividend date?
SeSa S.p.A. pays a dividend of €1.33 per share a year, a dividend yield of 1.5%. The last ex-dividend date was Sep 21, 2026. A dividend has been paid every year since 2021. The payout ratio is 24.9% of earnings. Free cash flow covers the dividend 7.75 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into SeSa S.p.A. (SES)?
For today's price to be fair in a discounted-cash-flow model, SeSa S.p.A. would have to grow free cash flow by -2.2 % per year for five years (discount rate 13.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.0 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of SES use?
Our models discount SeSa S.p.A. at 13.2 %: a base by market capitalisation (small), damped by beta 0.91, country premium for Italy. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For SeSa S.p.A. that is -2.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.2 %) and the same formula as our fair value.
How much growth has SeSa S.p.A. (SES) delivered so far?
Over the past 5 years revenue at SeSa S.p.A. grew +12.0 % a year. The price currently implies free-cash-flow growth of -2.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of SeSa S.p.A. (SES) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into SeSa S.p.A. (-2.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of SeSa S.p.A. (SES)?
The free-cash-flow yield on the price is 11.68 %: that much free cash flow SeSa S.p.A. produces per unit of market value. When it exceeds the discount rate of our models (13.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of SeSa S.p.A. (SES)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SeSa S.p.A. it is €140.96 per share (as of Nov 7, 2026), against a price of €88.10. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is SeSa S.p.A. stock overvalued or undervalued in 2026?
As of Nov 7, 2026, SES trades below its calculated fair value: price €88.10, fair value €140.96, a gap of about +60% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SES?
No. The price is what the market pays today (€88.10); the fair value is what the company's own numbers justify (€140.96). For SeSa S.p.A. the two are €52.86 per share apart. That gap is exactly why we show both numbers side by side.
How much is SeSa S.p.A. worth?
The market values SeSa S.p.A. at about €1.3B (market capitalisation, as of Nov 7, 2026). Per share that is €88.10; our models calculate a fair value of €140.96 per share.
What do the bullish and bearish scenarios say about SES?
Our models span a range for SeSa S.p.A.: cautious scenario €105.72, base €140.96, optimistic €176.20 per share (as of Nov 7, 2026, price €88.10). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SES?
SeSa S.p.A. trades at a price-to-earnings ratio of 16.5 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €140.96 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2017 to 2026), reported earnings: 18.8. Other multiples: P/B 2.9, P/S 0.4, EV/EBITDA 5.0.
How solid is the balance sheet of SeSa S.p.A. (SES)?
Balance-sheet figures for SeSa S.p.A. (as of Nov 7, 2026): return on equity 15.4%, debt of 0.47 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is SES from its 52-week high?
SeSa S.p.A. trades at €88.10, about 14% below its 52-week high of €102.20 and 24% above the low of €71.08 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €140.96 is for.
Which stocks are comparable to SeSa S.p.A.?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is SeSa S.p.A. stock attractive at the current price?
The data as of Nov 7, 2026: price €88.10, calculated fair value €140.96 (+60%), Quality Score 61/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SES calculated?
We run SeSa S.p.A. through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €140.96 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. SeSa S.p.A. currently trades 38% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of SeSa S.p.A. (SES)?
The closing price on Nov 6, 2026 was €88.10. Our model-based fair value is €140.96, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SeSa S.p.A. right now?
The price is below even our cautious bear case (€105.72). The market is more pessimistic than our downside scenario. Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of SeSa S.p.A. (SES) come from?
Earnings per share at SeSa S.p.A. grew +13.2 % a year from 2015 to 2026. Broken into its drivers: revenue per share +12.4 %, EBIT margin +0.3 %, tax rate +0.3 %, residual (interest, one-offs) +0.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of SeSa S.p.A.
How large is the market capitalisation of SeSa S.p.A. (SES)?
The market capitalisation of SeSa S.p.A. is €1.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of SeSa S.p.A. (SES)?
The price-to-sales ratio of SeSa S.p.A. is 0.37 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of SeSa S.p.A. (SES)?
Earnings per share at SeSa S.p.A. are €5.35 (price ÷ EPS = P/E 16.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of SeSa S.p.A. (SES)?
The dividend yield of SeSa S.p.A. is 1.5% (payout 24.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of SeSa S.p.A. (SES)?
The net margin of SeSa S.p.A. is 2.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of SeSa S.p.A. (SES)?
The return on equity (ROE) of SeSa S.p.A. is 15.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of SeSa S.p.A. (SES)?
On an EBIT basis the return on assets of SeSa S.p.A. is 5.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of SeSa S.p.A. (SES)?
The operating margin of SeSa S.p.A. is 4.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SeSa S.p.A. (SES)?
Revenue at SeSa S.p.A. is growing +7.0% versus a year earlier (3y avg +7.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at SeSa S.p.A. (SES)?
Earnings per share at SeSa S.p.A. are growing +54.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does SeSa S.p.A. (SES) carry?
The net debt of SeSa S.p.A. is €25.3M (fiscal year 2026, ≈ 0.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 7, 2026