olivLaw · European equity research
PHAROL, SGPS S.A. PHR.LS
Portugal · Euronext Lisbon · ISIN PTPTC0AM0009 · Vertical: Listed companies from Portugal
PHAROL is a holding company managing equity stakes, listed on Euronext Lisbon, whose main asset is the claim against the insolvent Rio Forte estate, carried at a nominal value of 897 million euro. In 2025 consolidated net profit fell sharply from the prior year, and operating revenue was almost nil, so the company's outlook depends on the outcome of the Luxembourg insolvency process.
At the close of 05 Nov 2026, PHAROL, SGPS S.A. (PHR.LS) stock was 0.09 EUR (+0.00% on the day), with market capitalisation 75.2 m EUR, P/E 35.2 on diluted EPS of 0.00 EUR over the last 12 months, beta 0.64, 52-week range 0.06–0.09 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.6
- strong (55–70)
- Bollinger (20, 2)
- 0.09 – 0.09
- in the upper half of the band · %B 0.68 · band width 7.3%
- SMA 50 / 200
- 0.09 / 0.08
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.00 / 0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.6% | −0.6% | +3.2 pp | — |
| 3 months | +3.9% | −4.2% | +8.0 pp | — |
| 6 months | +18.8% | +4.3% | +14.5 pp | — |
| Year to date | +45.4% | +7.5% | +37.9 pp | — |
| 1 year | +15.9% | +9.9% | +6.0 pp | −10.1% |
| 3 years | +116.0% | +49.8% | +66.2 pp | +10.3% |
| 5 years | +0.7% | +42.8% | −42.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 1.6, median 12.9, max 24.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -967.2 k | 24.2 m | 2.1 m |
| Net income YoY | unavailable | unavailable | −91.3% |
| Diluted EPS | 0.00 | 0.03 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable | −91.2% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 15.0 m EUR
- Financial debt
- 813 EUR
- Net debt
- -15.0 m EUR
- Equity
- 94.3 m EUR
- Total assets
- 96.3 m EUR
- Debt / equity
- 0.00x
- Current ratio
- 8.40x
- ROE
- 2.3%
- ROA
- 2.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -2.3 m | 23.7 m | 1.1 m | esef· 22 Oct 2026verified |
| Depreciation & amortisation | 40.3 k | 14.7 k | 29.6 k | esef· 22 Oct 2026verified |
| EBITDA | -2.3 m ≈ | 23.7 m ≈ | 1.1 m ≈ | esef· 22 Oct 2026derived |
| Pre-tax income | -942.6 k | 25.5 m | 2.2 m | esef· 22 Oct 2026verified |
| Income tax | 24.6 k | 1.3 m | 50.5 k | esef· 22 Oct 2026verified |
| Net income | -967.2 k | 24.2 m | 2.1 m | esef· 22 Oct 2026verified |
| Diluted EPS | 0.00 | 0.03 | 0.00 | esef· 22 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 17.2 m | 16.0 m | 15.0 m | esef· 22 Oct 2026verified |
| Receivables | 261.9 k | 150.4 k | 803.9 k | esef· 22 Oct 2026verified |
| Current assets | 17.5 m | 16.1 m | 16.5 m | esef· 22 Oct 2026verified |
| Property, plant & equipment, net | 35.5 k | 19.9 k | 162.8 k | esef· 22 Oct 2026verified |
| Total assets | 95.4 m | 95.0 m | 96.3 m | esef· 22 Oct 2026verified |
| Accounts payable | 116.3 k | 89.3 k | 263.1 k | esef· 22 Oct 2026verified |
| Long-term debt | 49.9 k | 7.4 k | 813 | esef· 22 Oct 2026verified |
| Current liabilities | 27.2 m | 2.7 m | 2.0 m | esef· 22 Oct 2026verified |
| Total liabilities | 27.3 m | 2.8 m | 2.0 m | esef· 22 Oct 2026verified |
| Equity | 68.1 m | 92.2 m | 94.3 m | esef· 22 Oct 2026verified |
| Shares outstanding at year end | — | 821.2 m | — | esef· 22 Oct 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 75.2 m EUR
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.03 – 0.04 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA0.03 – 0.03 (Mid 0.03)3 companies used · median multiple 6.6x · quartiles 6.3x – 11.1xCOR.LS, NBA.LS, TDSA.LS
- Peers: P/E0.03 – 0.04 (Mid 0.03)7 companies used · median multiple 12.0x · quartiles 10.1x – 15.5xCOR.LS, CTT.LS, EGL.LS, JMT.LS, NVG.LS, SEM.LS, TDSA.LS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.4% | 0 (vs peers) | 23% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -13.5x | 100 (on a fixed band) | 23% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 8.4x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 35.2x | 13 (vs peers) | 23% |
| EV/EBITDA · Valuation | 54.3x | 0 (on a fixed band) | 23% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation6/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PHAROL, S.A. (PHR.LS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 2.3%; net debt/EBITDA -13.5x.
The estimated value range is 0.03–0.04 EUR per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 0.03 EUR, the price of 0.09 EUR leaves a potential of -68.2% (value / price − 1) and a margin of safety of -214.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -13.5x
- Current ratio: 8.4x
What contradicts it
- ROIC: 1.4%
- P/E (TTM): 35.2x
- EV/EBITDA: 54.3x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Portugal · same country · compared with 10 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| JMT.LSJerónimo Martins Sgps SA | 12.2 bn | 18.9 | 20.5% | 1.8% | +7.6% | −5% / −14% |
| NVG.LSThe Navigator Company, S.A. | 2.2 bn | 15.1 | 10.5% | 7.3% | −5.7% | +1% / −19% |
| SEM.LSSemapa - Sociedade De Investimento E Gestão, Sgps, S.A. | 1.6 bn | 10.1 | 9.3% | 7.4% | −1.6% | +18% / +46% |
| EGL.LSMota - Engil, Sgps S.A. | 1.4 bn | 10.2 | 44.7% | 2.5% | −10.9% | −6% / +20% |
| COR.LSCorticeira Amorim, Sgps, S.A. | 889.3 m | 16.0 | 6.6% | 6.5% | −8.3% | −1% / −26% |
| CTT.LSCtt - Correios De Portugal S.A. | 607.2 m | 12.0 | 20.1% | 4.5% | +16.9% | −35% / +28% |
| NBA.LSNovabase - Sociedade Gestora De Participações Sociais S.A. | 261.8 m | 51.1 | 8.8% | 4.4% | −7.2% | −19% / +35% |
| TDSA.LSTeixeira Duarte, S.A. | 173.0 m | 3.5 | 34.1% | 7.1% | −8.9% | −39% / +485% |
| ESON.LSEstoril-Sol, SGPS S.A. | 32.2 m | — | -25.2% | -20.3% | −2.4% | −31% / −63% |
| RAM.LSRamada Investimentos E Indústria, S.A. | — | — | 8.1% | 85.9% | +0.6% | −14% / +0% |
1- and 3-year price returns: for PHR.LS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
PHAROL is a holding company managing equity stakes, listed on Euronext Lisbon, whose main asset is the claim against the insolvent Rio Forte estate, carried at a nominal value of 897 million euro 1. In 2025 consolidated net profit fell sharply from the prior year, and operating revenue was almost nil, so the company's outlook depends on the outcome of the Luxembourg insolvency process.
SWOT
Strengths
- The claim against the Rio Forte insolvent estate has been judicially recognised, giving a solid legal basis for recovery.
- The company holds liquidity and diversified placements, which fund administrative costs without immediate pressure.
- The simple group structure and absence of significant debt reduce internal financial risk.
Weaknesses
- Operating revenue is almost nonexistent, and results depend on financial gains and non-recurring valuations.
- The carrying value of the Rio Forte claim is far below its nominal value, which signals uncertainty over recovery.
- Personnel and external service costs remain fixed even when revenue-generating activity is low.
Opportunities
- A partial or full recovery of the claim could release significant value for shareholders.
- A final settlement of the ESI litigation could eliminate repayment risks entirely.
- The amendment of the articles proposed for 2026 could align the structure with the current profile and governance best practice.
Threats
- The Luxembourg insolvency process may take years, and payments could be far below the nominal value.
- An appeal in the ESI litigation could reintroduce unforeseen financial risks.
- Regulatory or tax changes could affect net income and the value of assets.
Risks
- Recovery of the Rio Forte claimhigh
The carrying value of the claim is far below its nominal value, and the timing and amount of recovery depend on the Luxembourg insolvency process 1.
- Litigation with Espírito Santo Internationalmedium
The favourable decision could be appealed within the legal deadline, and an appeal could reintroduce a risk of repayment of amounts received 1.
- Asset concentrationhigh
Most assets are tied to a single claim, so company value is highly sensitive to one legal event 1.
- Financial portfolio volatilitymedium
Equity and bond portfolios are exposed to market and currency risks, although management limits have been set 1.
- Joint liability toward Oilow
PHAROL is jointly liable for certain tax contingencies, although the primary payment obligation rests with Oi, and any problem at Oi could affect the company 1.
Investment thesis
What would need to be true (bull case)
- If the Luxembourg court's recognition of the claim is fully honoured by payments, the recovered value could be well above the current carrying value.
- Removing the repayment risk in the ESI litigation would strengthen the balance sheet and reduce uncertainty for shareholders.
- Existing liquidity and the absence of large debt give the company flexibility to wait for a favourable outcome.
What would break the thesis
- The insolvency process could take a long time, and recovery could be partial, which would limit value for shareholders.
- Operating activity is virtually nonexistent, and fixed costs could gradually erode liquidity.
- An appeal in the ESI litigation could prolong uncertainty and reintroduce repayment risks.
What to watch
- Deadline for appeals against the Rio Forte and ESI rulings2026
- Timing and size of the first payments from the Rio Forte insolvency process2026
- Approval of the proposed amendments to the articles at the Annual General Meeting2026
- Trend in financial income and administrative costs in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
PHAROL, SGPS S.A. has as its main activity the management of equity holdings in other companies, with its head office in Lisbon, Portugal 1. Its shares are listed on Euronext Lisbon, and its consolidated financial statements are prepared under IFRS, in euro, on a going-concern basis 1. The group comprises a few holding and investment-management subsidiaries, the Brazilian subsidiary having been liquidated on 30 December 2024 1.
The main balance-sheet item is the Rio Forte debt instruments, held since 2015 under agreements with Oi, with a nominal value of 897 million euro and a carrying value of 51.9 million euro 1. On 13 February 2026 the Luxembourg commercial court recognised the capital claim of 750 million euro, plus interest up to the opening of insolvency, so the total claim remains 897 million euro plus legal interest 1.
The company's operating revenue is small, and the 2025 operating result was supported mainly by other gains rather than current activity 1. PHAROL also held a minority stake in Oi, which was fully liquidated during 2025 1.
Segments
Rio Forte claim (debt instruments)
This is the principal asset, with a nominal value of 897 million euro, carried on the balance sheet at 51.9 million euro, the gap reflecting uncertainty over recovery 1. The February 2026 ruling confirmed the capital claim but did not set the timing or amount of actual payments from the insolvent estate 1.
Cash and equivalents
Cash and cash equivalents, around 14.97 million euro at 31 December 2025, are the second major asset and are placed short-term across diversified financial institutions 1.
Market context
PHAROL operates as a residual holding company with limited operating activity, and its value depends largely on recovering the Rio Forte claim and on the company's administrative costs 1. The capital structure includes share capital of 26.9 million euro and treasury shares carried at 164.8 million euro, which substantially changes the reported equity size 1.
Reported profitability is sensitive to financial gains and asset valuations rather than sales, which makes annual results volatile 1. Investors following the company focus particularly on the timetable of the Rio Forte insolvency process 1.
Trends
- Rio Forte insolvency processmixed
Judicial recognition of the claim by the Luxembourg court reduces legal uncertainty but does not guarantee full recovery, and payments could be spread over a long period 1. If recoveries materialise, the carrying value of the claim could be revalued significantly.
- ESI payment litigationtailwind
The court ruled that PHAROL does not have to return amounts received from Espírito Santo International, a decision that could be appealed within 40 days 1. If the ruling becomes final, the risk of repayment disappears, which would support the asset base.
- Liquidation of minor holdingsheadwind
The disappearance of the Brazilian subsidiary and the liquidation of the Oi stake reduce the group's complexity, but also remove income sources linked to these assets 1. The effect on future results could be limited.
- Administrative and tax costsheadwind
Personnel and external service costs remain in place despite low activity, and 2025 income tax was affected by payments made during the year 1. Pressure from fixed costs could reduce the net margin if revenue stays modest.
Competitive position
PHAROL has no direct competitors in the classic sense, since its activity is the management of residual assets and claims rather than production or commercial services 1. The relevant comparison is with other asset-management holding companies undergoing liquidation or claim recovery.
For investors, the alternatives are other listed holding companies managing financial portfolios and minority stakes, as well as investment vehicles specialising in insolvency claims 1. The sources provided do not identify any US-listed competitors.
- Other listed European equity-holding companies
Companies with similar stake-management activity, compared on the basis of residual asset structure; not specifically identified in the source.
- Insolvency claim investment vehicles
Funds that buy and recover claims from insolvency proceedings, which could compete for the same types of assets.
- Holding companies in liquidation
Entities that manage residual assets and pursue gradual recovery of value, similar to PHAROL's situation.
- Financial portfolio managers
Firms managing equity and bond portfolios, to which PHAROL partly outsources investment administration.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202522 Oct 2026
- Annual report 202422 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / PHAROL, SGPS S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.