olivLaw · European equity research
Sonae, SGPS, S.A. SON.LS
Portugal · Euronext Lisbon · ISIN PTSON0AM0001 · Vertical: Listed companies from Portugal
Sonae SGPS is a Portuguese holding company with a diversified portfolio of businesses in retail, telecommunications, IT services, real estate management and pet care. In 2025 the group actively reshaped its portfolio through acquisitions and disposals, in a European economic setting that was relatively favourable, especially in the Iberian Peninsula. For investors in the services sectors, the group's results will depend on how well these transactions integrate.
At the close of 05 Nov 2026, Sonae, SGPS, S.A. (SON.LS) stock was 2.28 EUR (+5.57% on the day), with market capitalisation 4.4 bn EUR, P/E 22.3 on diluted EPS of 0.10 EUR over the last 12 months, dividend yield 3.76%, beta 0.39, 52-week range 1.42–2.28 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)
- 75.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 2.02 – 2.21
- above the upper band · %B 1.35 · band width 8.8%
- SMA 50 / 200
- 2.08 / 1.99
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.03 / 0.02
- 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 | +12.1% | +0.4% | +11.7 pp | — |
| 3 months | +11.0% | −3.3% | +14.2 pp | — |
| 6 months | +17.3% | +4.0% | +13.3 pp | — |
| Year to date | +41.1% | +8.1% | +33.0 pp | — |
| 1 year | +61.1% | +10.7% | +50.4 pp | −10.1% |
| 3 years | +138.2% | +50.1% | +88.1 pp | +10.3% |
| 5 years | +139.5% | +43.6% | +95.9 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 8.0, median 11.9, max 15.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 357.1 m | 222.7 m | 199.2 m |
| Net income YoY | unavailable | −37.6% | −10.5% |
| Diluted EPS | unavailable | 0.11 | 0.10 |
| Diluted EPS YoY | unavailable | unavailable | −10.5% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 585.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 3.9 bn EUR
- Total assets
- 11.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 5.2%
- ROA
- 1.8%
- 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 | 386.2 m | 502.0 m | 596.7 m | esef· 22 Oct 2026verified |
| Interest expense | 227.9 m | 292.7 m | 209.5 m | esef· 22 Oct 2026verified |
| Pre-tax income | 445.5 m | 329.8 m | 356.5 m | esef· 22 Oct 2026verified |
| Income tax | 9.5 m | 43.8 m | 56.6 m | esef· 22 Oct 2026verified |
| Net income | 357.1 m | 222.7 m | 199.2 m | esef· 22 Oct 2026verified |
| Diluted EPS | — | 0.11 | 0.10 | esef· 22 Oct 2026verified |
| Dividend per share | — | 0.08 | 0.09 | esef· 22 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 710.9 m | 599.9 m | 585.4 m | esef· 22 Oct 2026verified |
| Inventories | 798.6 m | 1.2 bn | 1.3 bn | esef· 22 Oct 2026verified |
| Property, plant & equipment, net | 1.8 bn | 2.1 bn | 2.1 bn | esef· 22 Oct 2026verified |
| Goodwill | 657.4 m | 1.4 bn | 1.4 bn | esef· 22 Oct 2026verified |
| Intangibles (excl. goodwill) | 489.8 m | 995.2 m | 988.7 m | esef· 22 Oct 2026verified |
| Total assets | 8.8 bn | 11.3 bn | 11.4 bn | esef· 22 Oct 2026verified |
| Current liabilities | — | 3.3 bn | 3.3 bn | esef· 22 Oct 2026verified |
| Total liabilities | 5.4 bn | 7.6 bn | 7.4 bn | esef· 22 Oct 2026verified |
| Equity | 3.5 bn | 3.7 bn | 3.9 bn | esef· 22 Oct 2026verified |
| Shares outstanding at year end | — | 1.9 bn | 1.9 bn | esef· 22 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 652.2 m | 911.1 m | 1.1 bn | esef· 22 Oct 2026verified |
| Investing cash flow | -189.6 m | -1.2 bn | -386.6 m | esef· 22 Oct 2026verified |
| Financing cash flow | -543.7 m | 208.6 m | -720.8 m | esef· 22 Oct 2026verified |
| Dividends paid | 161.7 m | 160.7 m | 166.1 m | esef· 22 Oct 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: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.4 bn EUR
Key indicators
Coverage and freshness
Score by group
17% · 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: 1.03 – 1.59 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/E1.03 – 1.59 (Mid 1.22)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)1.16 – 1.59 (Mid 1.34)
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: 2 of at least 6; score weight coverage: 16.7% 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 | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 22.3x | 13 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.8% | 54 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial54/100 · 1/2 factors with a value
- Valuation· partial13/100 · 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
SONAE - SGPS, S.A. (SON.LS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 6.4%.
The estimated value range is 1.10–1.59 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 1.28 EUR, the price of 2.27 EUR leaves a potential of -43.7% (value / price − 1) and a margin of safety of -77.5% (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: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- P/E (TTM): 22.3x
- 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, Current ratio, EV/EBITDA, FCF yield, 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 SON.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
Sonae SGPS is a Portuguese holding company with a diversified portfolio of businesses in retail, telecommunications, IT services, real estate management and pet care. In 2025 the group actively reshaped its portfolio through acquisitions and disposals, in a European economic setting that was relatively favourable, especially in the Iberian Peninsula. For investors in the services sectors, the group's results will depend on how well these transactions integrate.
SWOT
Strengths
- A diversified portfolio of assets in distinct sectors, which reduces dependence on a single market or business segment.
- Recognised leadership positions in Portugal in retail, IT services and real estate management.
- Structured governance, with specialised audit, nomination and remuneration committees that supervise strategy and risk.
Weaknesses
- The complexity of a holding with several business units can make rapid integration of acquisitions harder.
- Dependence on the Portuguese market exposes the group to national economic developments.
- Successive disposals and acquisitions can create transition costs and short-term effects on results.
Opportunities
- Growing demand for cloud, cybersecurity and data services could support the expansion of Claranet within NOS.
- The international expansion of Sierra in third-party real estate asset management could open new contracts.
- Consolidating pet care retail after the ZU integration could create synergies across the countries where Musti operates.
Threats
- Geopolitical tensions and new tariffs can disrupt supply chains and access to markets.
- Financial market volatility linked to AI-sector valuations can affect access to funding.
- Intense competition in retail and IT services can put pressure on the group's margins.
Risks
- Geopolitical instabilityhigh
Conflicts between states can restrict market access, disrupt supply chains and affect operational continuity, according to the annual report.
- Protectionist policies and sanctionshigh
Tariffs, investment restrictions and export controls can distort competition and create inflationary pressure on costs.
- Adverse consequences of AI and emerging technologiesmedium
Rapid adoption of artificial intelligence exposes the organisation to ethical, security and intellectual property vulnerabilities.
- Integration of recent acquisitionsmedium
Integrating Claranet, Sierra and ZU in a short period can create operational difficulties and delay the expected synergies.
- Volatility in financial marketslow
A possible correction in technology sector valuations could affect the group's external financing conditions.
Investment thesis
What would need to be true (bull case)
- If private consumption in the Iberian Peninsula stays robust, the group's retail and pet care segments could benefit directly from this demand.
- The 2025 acquisitions in IT services and real estate management could accelerate growth in segments with recurring revenue, if integration goes well.
- Portfolio activity, with targeted disposals and acquisitions, may allow the group to focus its resources on the businesses with the best prospects.
What would break the thesis
- If geopolitical tensions and new tariffs intensify, supply chains and retail margins could be affected.
- A holding structure with many units can complicate integration and reduce the synergies expected from acquisitions.
- Intense competition in retail and IT services could limit the group's ability to keep margins stable.
What to watch
- Progress of the Claranet integration within NOS and of IT services synergies2026
- Sierra results after the URW REM acquisition in Germany2026
- Sales dynamics of Musti and the ZU network in Portugal2026
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
Sonae SGPS is a holding company that manages a portfolio of businesses in Portugal and abroad. According to the 2025 annual report, the group shapes its strategy by building strategic platforms and by consolidating leadership positions in Portugal and internationally. Activity is organised so that capital and risk can be managed centrally, with an Executive Committee supervising strategy and budget.
During 2025 the portfolio changed through several targeted transactions: the sale of the MO and Zippy fashion brands to a management-led consortium, the acquisition of the URW REM real estate management division in Germany by Sierra, and the acquisition of the ZU brand by Musti. These operations aim to support the expansion of service platforms and focus on selected segments.
The group operates through business units with their own management, while the holding company coordinates strategy, capital allocation and common policies. Quarterly reporting to the Board of Directors and communication with the market are part of this governance.
Segments
Telecommunications and IT services (NOS)
NOS acquired Claranet Portugal, a technology services provider, for 152 million EUR in January 2025. The transaction extended NOS's offer in cloud, workplace, cybersecurity and data and AI, across a base of corporate and institutional clients.
Real estate management (Sierra)
Sierra completed in October 2025 the acquisition of the real estate management division of URW REM in Germany. After the deal, Sierra manages 18 shopping assets with over 700 thousand square metres of gross leasable area, becoming the second largest third-party shopping centre manager in the country.
Pet care (Musti and ZU)
Musti bought the Portuguese brand ZU in December 2025. With 65 stores in Portugal at year end, 24 of them with integrated veterinary clinics, ZU joins a network operating in seven countries with annual sales above 500 million EUR.
Market context
European economies, and the Iberian ones in particular, grew at a moderate pace in 2025, supported by private consumption and resilient labour markets. Portugal grew 1.9% and Spain 2.8%, while the Nordic economies provided a stable framework. For Sonae, conditions in the markets where it operates were relatively favourable, with growth dynamics differing between countries.
The European market remains under the influence of geopolitical uncertainty and new tariff measures, which can affect exports and supply chains. If consumer demand holds up, the group's retail and services segments could benefit from a more predictable interest rate environment.
Trends
- Private consumption in the Iberian Peninsulatailwind
Rising real wages and employment supported consumption in Portugal and Spain, which can support retail and consumer segment sales.
- Investment in artificial intelligencemixed
Accelerated AI investment can raise productivity and demand for IT services, but also financial market volatility if stock valuations correct.
- Trade tariffs and geopolitical tensionsheadwind
New tariff measures and regional conflicts can restrict market access, disrupt supply chains and compress margins.
- More accommodative monetary policytailwind
The looser stance of the European Central Bank has contributed to greater predictability of interest rates, which makes financing acquisitions and development projects easier.
Competitive position
In retail, IT services and real estate management, Sonae competes with large national and European operators. The group's positioning depends on its ability to integrate acquisitions and to keep leadership in its Portuguese markets.
In IT services and telecommunications, NOS faces specialised providers and integrated operators. The group's competitive edge comes from combining connectivity capabilities with the digital services that Claranet adds.
- European food and non-food retail operators
Regional retail competitors that the group is compared with, especially in Portugal and the Iberian Peninsula.
- Telecommunications operators and IT service providers
Competitors of NOS in connectivity and in cloud, cybersecurity and data services for corporate clients.
- German shopping centre managers
Competitors of Sierra in third-party real estate asset management on the German market.
- European pet care retail networks
Competitors of Musti in retail of pet products and services.
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 202522 Oct 2026
- Annual report 202422 Oct 2026
- Annual report 202422 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Sonae, 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.