olivLaw · European equity research
Sonaecom - SGPS, S.A. SNC.LS
Portugal · Euronext Lisbon · ISIN PTSNC0AM0006 · Vertical: Listed companies from Portugal
Sonaecom is a holding company listed on Euronext Lisbon that holds the stake in NOS and other assets, with its activity largely acting as a financial vehicle of the Sonae group. In 2025 individual profit rose sharply, supported by dividends received from NOS and the reversal of an impairment, so results depend heavily on these flows.
At the close of 05 Nov 2026, Sonaecom - SGPS, S.A. (SNC.LS) stock was 2.90 EUR (+0.69% on the day), with market capitalisation 880.8 m EUR, P/E 17.1 on diluted EPS of 0.17 EUR over the last 12 months, dividend yield 1.03%, beta 0.04, 52-week range 2.80–3.04 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)
- 50.7
- neutral
- Bollinger (20, 2)
- 2.84 – 2.93
- in the upper half of the band · %B 0.67 · band width 2.9%
- SMA 50 / 200
- 2.92 / 2.91
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −1.4% | +0.4% | −1.7 pp | — |
| 3 months | −1.4% | −3.3% | +1.9 pp | — |
| 6 months | −2.7% | +4.0% | −6.6 pp | — |
| Year to date | +3.6% | +8.1% | −4.5 pp | — |
| 1 year | −3.3% | +10.7% | −14.0 pp | −10.1% |
| 3 years | +1.4% | +50.1% | −48.7 pp | +10.3% |
| 5 years | +63.8% | +43.6% | +20.2 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 33 percentile of its own 3-quarter history (min 16.5, median 20.0, max 37.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 43.8 m | 17.3 m | 51.6 m |
| Net income YoY | unavailable | −60.4% | +197.7% |
| Diluted EPS | 0.14 | 0.06 | 0.17 |
| Diluted EPS YoY | unavailable | −57.1% | +183.3% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -12.0 m | -20.2 m | 7.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 208.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.4 bn EUR
- Total assets
- 1.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 14.68x
- ROE
- 3.9%
- ROA
- 3.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Depreciation & amortisation | 3.6 m | 2.4 m | 2.4 m | esef· 22 Oct 2026verified |
| Interest expense | 726.1 k | 539.0 k | 1.9 m | esef· 22 Oct 2026verified |
| Pre-tax income | 39.8 m | 11.1 m | 43.2 m | esef· 22 Oct 2026verified |
| Income tax | -2.3 m | -6.6 m | -8.4 m | esef· 22 Oct 2026verified |
| Net income | 43.8 m | 17.3 m | 51.6 m | esef· 22 Oct 2026verified |
| Diluted EPS | 0.14 | 0.06 | 0.17 | esef· 22 Oct 2026verified |
| Dividend per share | 0.03 | 0.07 | 0.03 | esef· 22 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 144.1 m | 169.4 m | 208.7 m | esef· 22 Oct 2026verified |
| Inventories | 394.9 k | 353.4 k | 197.2 k | esef· 22 Oct 2026verified |
| Current assets | 171.4 m | 193.9 m | 216.1 m | esef· 22 Oct 2026verified |
| Property, plant & equipment, net | 336.2 k | 305.8 k | 240.9 k | esef· 22 Oct 2026verified |
| Goodwill | 1.2 m | 1.2 m | 1.2 m | esef· 22 Oct 2026verified |
| Intangibles (excl. goodwill) | 1.5 m | 1.6 m | 1.8 m | esef· 22 Oct 2026verified |
| Total assets | 1.4 bn | 1.4 bn | 1.4 bn | esef· 22 Oct 2026verified |
| Current liabilities | 16.6 m | 12.3 m | 14.7 m | esef· 22 Oct 2026verified |
| Total liabilities | 56.4 m | 47.8 m | 40.1 m | esef· 22 Oct 2026verified |
| Equity | 1.3 bn | 1.3 bn | 1.4 bn | esef· 22 Oct 2026verified |
| Shares outstanding at year end | 312.8 m | 289.0 m | 303.7 m | esef· 22 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -11.8 m | -20.1 m | 7.4 m | esef· 22 Oct 2026verified |
| Capex | 202.1 k | 141.5 k | 171.6 k | esef· 22 Oct 2026verified |
| Free cash flow | -12.0 m ≈ | -20.2 m ≈ | 7.2 m ≈ | esef· 22 Oct 2026derived |
| Investing cash flow | -214.0 m | 68.9 m | 42.4 m | esef· 22 Oct 2026verified |
| Financing cash flow | -11.4 m | -23.5 m | -10.5 m | esef· 22 Oct 2026verified |
| Dividends paid | 9.2 m | 21.4 m | 8.6 m | esef· 22 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
- score weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 880.8 m EUR
Key indicators
Coverage and freshness
Score by group
40% · 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: 1.72 – 2.64 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E1.72 – 2.64 (Mid 2.04)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)outside the aggregate0.41 – 0.56 (Mid 0.47)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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: score weight coverage: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 14.0% | 0 (on a fixed band) | 16% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 14.7x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 17.1x | 25 (vs peers) | 26% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.8% | 10 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 1.0% | 14 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | 118.8% | 2 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns9/100 · 2/2 factors with a value
- Valuation18/100 · 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
Sonaecom - S.G.P.S. S.A. (SNC.LS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 3.9%.
The estimated value range is 1.72–2.64 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.04 EUR, the price of 2.90 EUR leaves a potential of -29.8% (value / price − 1) and a margin of safety of -42.5% (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 (score weight coverage: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 14.7x
What contradicts it
- FCF conversion: 14.0%
- P/E (TTM): 17.1x
- FCF yield: 0.8%
- Shareholder yield (distributions): 1.0%
- Payout ratio (FCF): 118.8%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
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 SNC.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
Sonaecom is a holding company listed on Euronext Lisbon that holds the stake in NOS and other assets, with its activity largely acting as a financial vehicle of the Sonae group. In 2025 individual profit rose sharply, supported by dividends received from NOS and the reversal of an impairment, so results depend heavily on these flows. 1
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on NOS dividendshigh
Most income comes from distributions of a single issuer, concentrating the risk. 1
- Risk of impairment on financial investmentshigh
Holdings in NOS and Público could require further impairments if their recoverable value declines. 1
- Financial market risksmedium
The company is exposed to market, interest rate, currency, liquidity and credit risks, which can affect cash flows. 1
- Share liquiditymedium
The low free float may limit trading volumes and amplify price movements. 1
- Shareholding concentrationlow
Majority control by the Sonae shareholder may limit minority influence over company decisions. 1
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Level of dividends received from NOS and distribution policy2026
- Any further impairments on financial holdingsnext 10-K
- Evolution of liquidity and free cash flowQ1 2027
- Proposal for distribution of profit to shareholders2027
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
Sonaecom - SGPS, S.A. operates as a holding company listed on Euronext Lisbon under the symbol SNC, controlled by Sonae - SGPS, S.A. Its individual revenue comes mainly from dividends distributed by NOS SGPS, S.A., while operating costs are low. The company also manages group liquidity and funds subsidiaries through accessory services. 1
The governance structure is specific: the company has no executive committee or delegated directors, and the Board of Directors acts collectively, with a Corporate Governance Director reporting to the chairman. A fiscal council and a statutory auditor provide oversight. 1
Its core activity remains holding participations and managing capital, not direct operation of a telecommunications business. Long-term performance therefore depends on the value and distributions of the companies it holds. 1
Segments
Dividends and financial holdings
The main source of income is dividends from NOS, which increased in 2025 compared with the prior year. The rest of the financial result includes the reversal of an impairment on the NOS investment and impairments on a holding in Público. 1
Net financial activity and liquidity
Interest received and paid produced a positive net financial result, and liquidity grew in 2025 thanks to dividends received. Cash is placed mainly in bank deposits and treasury investments. 1
Market context
The SNC share rose in 2025 and reached a high on 10 September 2025, in a context where the PSI-20 also advanced strongly that year. Average daily trading volume increased compared with 2024, and the shareholding structure is concentrated with a low free float. 1
The company operates within the Portuguese capital market, where its value depends on the performance of its holdings and its dividend policy. The low free float limits share liquidity for minority investors. 1
Trends
- High dividends from NOStailwind
Higher dividends received from NOS supported the 2025 net result and could continue if distributions stay at elevated levels. Dependence on a single issuer, however, makes revenue sensitive to its policy. 1
- Reversal of impairment on the NOS investmentmixed
The favourable effect on the 2025 financial result partly came from reversing an impairment, a non-recurring item that does not guarantee similar results in later years. 1
- Impairments on financial investmentsheadwind
Impairments recorded earlier on financial holdings, including NOS and Público, show how sensitive the book value is to these companies' performance. Further impairments could weigh on profit. 1
- Low operating costsmixed
The company's operating costs fell in 2025, which supports an efficient internal profile but contributes little value compared with its holdings. 1
Competitive position
Sonaecom does not compete directly in an operating market, as it functions as a financial holding. The relevant comparisons are with other holding companies and investment vehicles in Portugal and the European telecommunications market. The source does not provide a list of direct competitors. 1
The benchmark index used by the company includes the DJ Euro Stoxx Telecommunications index, meaning share performance is compared with the European telecommunications sector. 1
- NOS, SGPS, S.A.
Company in which Sonaecom holds a stake and from which it receives dividends; not a direct competitor but a portfolio asset. 1
- Sonae - SGPS, S.A.
Majority shareholder that controls Sonaecom; the relationship is one of control, not competition. 1
- Público
Financial holding of Sonaecom on which impairments were recorded; not a direct competitor. 1
- Other listed European holding companies
Holding companies in Europe with comparable structures, cited as a general reference; the source does not name them explicitly. 1
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 / Sonaecom - 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.