olivLaw · European equity research
Sofina SOF.BR
Belgium · Euronext Brussels · ISIN BE0003717312 · Vertical: Listed companies from Belgium
Sofina is a permanent-capital investment company that invests directly, as a minority partner of entrepreneurs in growth sectors, and indirectly through funds alongside leading venture and growth managers in Europe, the United States and Asia. It matters now because 2025 was marked by high interest rates and more selective capital markets, and the company strengthened its capital base with equity of roughly 10.8 billion EUR.
At the close of 05 Nov 2026, Sofina (SOF.BR) stock was 273.00 EUR (−2.08% on the day), with market capitalisation 9.2 bn EUR, P/E 83.8 on diluted EPS of 3.26 EUR over the last 12 months, dividend yield 1.28%, beta 0.74, 52-week range 207.80–285.00 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)
- 60.7
- strong (55–70)
- Bollinger (20, 2)
- 244.62 – 285.42
- in the upper half of the band · %B 0.70 · band width 15.4%
- SMA 50 / 200
- 254.97 / 236.63
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 7.42 / 6.52
- 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 | +10.8% | +0.4% | +10.4 pp | — |
| 3 months | +11.2% | −3.3% | +14.5 pp | — |
| 6 months | +23.6% | +4.0% | +19.7 pp | — |
| Year to date | +10.5% | +8.1% | +2.4 pp | — |
| 1 year | +13.1% | +10.7% | +2.4 pp | +7.2% |
| 3 years | +41.7% | +50.1% | −8.4 pp | −5.5% |
| 5 years | −30.9% | +43.6% | −74.5 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 5.4, median 40.6, max 75.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -104.3 m | 1.4 bn | 113.0 m |
| Net income YoY | unavailable | unavailable | −91.7% |
| Diluted EPS | -3.08 | 40.09 | 3.26 |
| Diluted EPS YoY | unavailable | unavailable | −91.9% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 205.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 10.8 bn EUR
- Total assets
- 12.2 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 67.93x
- ROE
- 1.1%
- ROA
- 1.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | -104.3 m | 1.4 bn | 113.0 m | esef· 07 Apr 2026verified |
| Income tax | 8.0 k | 7.0 k | 6.0 k | esef· 07 Apr 2026verified |
| Net income | -104.3 m | 1.4 bn | 113.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | -3.08 | 40.09 | 3.26 | esef· 07 Apr 2026verified |
| Weighted average diluted shares | 33.9 m | 33.9 m | 34.7 m | esef· 07 Apr 2026verified |
| Dividend per share | 3.24 | 3.35 | 3.50 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 198.3 m | 357.4 m | 205.4 m | esef· 07 Apr 2026verified |
| Current assets | 1.2 bn | 1.3 bn | 2.0 bn | esef· 07 Apr 2026verified |
| Total assets | 9.8 bn | 11.2 bn | 12.2 bn | esef· 07 Apr 2026verified |
| Accounts payable | 4.4 m | 15.3 m | 18.8 m | esef· 07 Apr 2026verified |
| Current liabilities | 62.5 m | 156.1 m | 30.2 m | esef· 07 Apr 2026verified |
| Equity | 9.1 bn | 10.3 bn | 10.8 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 33.4 m | 33.2 m | 33.7 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 157.0 m | 99.7 m | -740.9 m | esef· 07 Apr 2026verified |
| Investing cash flow | -514.1 m | 145.0 m | -219.2 m | esef· 07 Apr 2026verified |
| Financing cash flow | 170.0 m | -85.7 m | 808.1 m | esef· 07 Apr 2026verified |
| Dividends paid | 108.0 m | 111.2 m | 115.8 m | esef· 07 Apr 2026verified |
| Share repurchases | 28.5 m | 94.0 m | 105.9 m | esef· 07 Apr 2026verified |
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: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 9.2 bn EUR
Key indicators
Coverage and freshness
Score by group
21% · 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: 34.84 – 75.94 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/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E34.84 – 75.94 (Mid 47.61)25 companies used · median multiple 14.6x · quartiles 10.7x – 23.3xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)47.60 – 64.91 (Mid 54.92)
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: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| 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 | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 67.9x | 100 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 83.8x | 4 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.4% | 34 (on a fixed band) | 30% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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· partialunavailable · 0/3 factors with a value
- Returns· partial34/100 · 1/2 factors with a value
- Valuation· partial4/100 · 1/3 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
SOFINA (SOF.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 1.1%.
The estimated value range is 41.22–70.43 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 51.27 EUR, the price of 273.00 EUR leaves a potential of -81.2% (value / price − 1) and a margin of safety of -432.5% (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 (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 67.9x
What contradicts it
- P/E (TTM): 83.8x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for SOF.BR 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
Sofina is a permanent-capital investment company that invests directly, as a minority partner of entrepreneurs in growth sectors, and indirectly through funds alongside leading venture and growth managers in Europe, the United States and Asia. It matters now because 2025 was marked by high interest rates and more selective capital markets, and the company strengthened its capital base with equity of roughly 10.8 billion EUR.
SWOT
Strengths
- Permanent capital and a solid balance sheet allow long-term investment and the ability to act during market turbulence.
- Local presence in Europe and Asia and a partner network in the United States give access to proprietary opportunities.
- A disciplined investment framework with defined styles, sectors and regions, supported by sector specialists.
Weaknesses
- The strategy depends on the quality of investment selection, and the risk of mispricing or weak governance in minority stakes remains.
- Minority shareholder status limits control over decisions at portfolio companies.
- The portfolio could remain insufficiently diversified across sectors, geographies and vintages, which could weigh on returns.
Opportunities
- Demand for patient capital from founders and management teams could open deals on favourable terms.
- Structural growth in artificial intelligence, digital infrastructure and health technologies could generate new opportunities.
- If markets become less crowded, permanent-capital investors could negotiate better terms.
Threats
- High interest rates and costlier financing could reduce the market values of stakes.
- Increased competition in key markets could force acceptance of higher valuations and weaker returns.
- Technological disruption could affect the financial outlook of some sectors and portfolio companies.
Risks
- Macroeconomic and market riskhigh
Macroeconomic factors and stock market volatility can affect portfolio valuation and cost of capital, according to the report.
- Portfolio concentration riskmedium
An insufficiently diversified portfolio could amplify losses if certain sectors, geographies or investment vintages underperform.
- Divestment riskmedium
The company could fail to exit an investment at the right time, which would limit profit maximisation.
- Climate riskmedium
Extreme weather events and the transition to a low-carbon economy could disrupt portfolio companies and affect their value.
- Liquidity and funding risklow
Insufficient liquidity could affect investments, dividend distributions or debt repayment, according to the risk framework.
Investment thesis
What would need to be true (bull case)
- Permanent capital and a consolidated balance sheet could let Sofina take advantage of opportunities that investors with limited capital miss during market dislocations.
- If demand for patient capital and investment in artificial intelligence and digital infrastructure persists, the company's proprietary network could generate quality deals.
- Diversifying funding through the capital increase and bond issue could reduce dependence on a single source of capital.
What would break the thesis
- If interest rates stay high, market values of stakes could come under pressure and returns could remain below expectations.
- The minority position and rising competition could limit control over decisions and push entry prices up.
- Technological disruption could quickly affect the outlook for sectors in which the company is invested.
What to watch
- Evolution of net asset value and the investment portfolionext annual report
- Pace of new investments and divestments across the portfolio2026
- Evolution of funding costs after the capital increase and bond issue2026
- Impact of high interest rates on valuations of portfolio companies2026
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
According to the 2025 annual report, Sofina builds its equity base through direct investments as a minority partner of entrepreneurs in growth sectors and through indirect investments in funds managed by leading managers in Europe, the United States and Asia 1. Its permanent capital lets it invest over the long term without depending on the traditional cycles of private equity or venture capital 1.
The group has refined its investment model around three investment styles, five target sectors and three key geographies, and this framework, supported by a network of sector specialists and partners, underpins selection and active engagement with portfolio companies 1. Through local presence in Europe and Asia and a partner network in the United States, it seeks access to proprietary opportunities of high quality 1.
In 2025 Sofina completed a rights issue of 545 million EUR and issued 600 million EUR of bonds, diversifying its funding sources and lengthening the maturity profile of its liabilities 1. According to the company, its prudent balance sheet allows it to act decisively during market dislocations and to structure tailored transactions 1.
Segments
Direct investments
Direct investments are minority stakes in private companies in growth sectors, alongside entrepreneurs; the company targets proprietary investments with active involvement throughout the growth of the companies 1.
Indirect investments through funds
Indirect investments are commitments to funds run by venture and growth managers in Europe, the United States and Asia; the report describes continuous evaluation of these relationships, including early identification of emerging managers 1.
Market context
The 2025 annual report describes an economic environment marked by high interest rates, more selective capital allocation and persistent volatility in private and public markets, with higher financing costs and tighter liquidity 1. The company argues that long-term investors with strong balance sheets have become increasingly sought after 1.
Demand for innovation in artificial intelligence, digital infrastructure, health technologies and sustainable industrial solutions requires sustained investment and long horizons, which highlights the value of flexible capital structures 1.
Trends
- High interest rates and costlier financingmixed
Higher financing costs and tighter liquidity raise capital discipline; for an investor with permanent capital this could open opportunities if the market becomes less crowded.
- Search for patient capitaltailwind
Founders and management teams are looking for stable partners able to stay through cycles; a solid balance sheet could support such investments if this demand persists.
- Innovation in AI and digital infrastructuretailwind
Sectors with structural growth require long-term investment; if these trends hold, they could support long-term investment opportunities.
- Technological disruption of invested sectorsheadwind
The report notes the risk that an event or change, such as progress in artificial intelligence, could affect the financial outlook of a sector and its companies, which could reduce the value of some stakes.
Competitive position
The report identifies increased competition in the group's key markets as a risk, which could limit access to investment opportunities or force the company to accept higher valuations with weaker returns 1. The company does however have local presence in Europe and Asia and a partner network in the United States, positioning it in competitive markets 1.
Direct rivals are other investment companies and private equity and venture capital funds operating in the same regions and sectors; the source report names no competing companies, so this analysis remains general.
- Private equity and venture capital funds
Operate in the same sectors and regions and compete for the same investment opportunities; the source report names no individual entities.
- Permanent-capital investment companies
Other permanent-capital structures pursuing long-term investments in private companies; not named in the source.
- Growth-capital managers in Europe and Asia
Managers with which Sofina may compete directly for access to deals and entrepreneurs in the same geographies.
- Strategic investors in target sectors
Strategic companies that may compete for the same assets in artificial intelligence and digital infrastructure sectors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
- Annual report 202315 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Sofina · 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.