olivLaw · European equity research
SONEL SPÓŁKA AKCYJNA SON.WA
Poland · GPW Warszawa · ISIN PLSONEL00011 · Vertical: Listed companies from Poland
Sonel is a Polish maker of electrical measuring instruments, with a consolidated group and trading subsidiaries, including one in South-East Asia. The 2023 annual report shows share capital of 5 795 000 PLN, divided into 115 900 shares, and expansion into ASEAN through a Singapore subsidiary in which Sonel holds 51 %.
At the close of 03 Nov 2026, SONEL SPÓŁKA AKCYJNA (SON.WA) stock was 12.80 PLN (+4.07% on the day), with market capitalisation 179.4 m PLN, P/E 10.5 on diluted EPS of 1.22 PLN over the last 12 months, dividend yield 4.69%, beta 0.31, 52-week range 12.05–17.30 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 51.2
- neutral
- Bollinger (20, 2)
- 12.47 – 13.05
- in the upper half of the band · %B 0.57 · band width 4.6%
- SMA 50 / 200
- 12.84 / 14.13
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.03
- MACD below 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 | 0.0% | −1.0% | +1.0 pp | — |
| 3 months | −5.2% | −3.9% | −1.3 pp | — |
| 6 months | −13.2% | +7.2% | −20.4 pp | — |
| Year to date | −13.2% | +6.6% | −19.8 pp | — |
| 1 year | −25.8% | +9.1% | −34.9 pp | +5.5% |
| 3 years | +7.6% | +47.9% | −40.4 pp | +2.8% |
| 5 years | +19.1% | +43.3% | −24.2 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 67 percentile of its own 3-quarter history (min 9.1, median 9.8, max 10.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 158.1 m | 180.0 m | 214.5 m |
| Revenue YoY | unavailable | +13.8% | +19.1% |
| Net income | 14.7 m | 14.6 m | 17.1 m |
| Net income YoY | unavailable | −0.5% | +17.1% |
| Diluted EPS | 1.05 | 1.04 | 1.22 |
| Diluted EPS YoY | unavailable | −1.0% | +17.3% |
| net % | 9.3% | 8.1% | 8.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 18.1 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 114.7 m PLN
- Total assets
- 164.8 m PLN
- Debt / equity
- unavailable
- Current ratio
- 2.41x
- ROE
- 15.7%
- ROA
- 10.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 158.1 m | 180.0 m | 214.5 m | esef· 07 May 2024verified |
| Cost of revenue | 119.1 m | 140.9 m | 170.2 m | esef· 07 May 2024verified |
| Gross profit | 39.1 m | 39.1 m | 44.3 m | esef· 07 May 2024verified |
| Operating income | 15.8 m | 15.3 m | 20.1 m | esef· 07 May 2024verified |
| Interest expense | 395.0 k | 1.1 m | 2.0 m | esef· 07 May 2024verified |
| Pre-tax income | 16.1 m | 14.6 m | 20.4 m | esef· 07 May 2024verified |
| Income tax | -79.0 k | -153.0 k | 924.0 k | esef· 07 May 2024verified |
| Net income | 14.7 m | 14.6 m | 17.1 m | esef· 07 May 2024verified |
| Diluted EPS | 1.05 | 1.04 | 1.22 | esef· 07 May 2024verified |
| Dividend per share | 1.00 | 0.50 | 0.60 | esef· 07 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 12.2 m | 13.9 m | 18.1 m | esef· 07 May 2024verified |
| Receivables | 38.8 m | 46.9 m | 38.7 m | esef· 07 May 2024verified |
| Inventories | 47.3 m | 51.7 m | 46.3 m | esef· 07 May 2024verified |
| Current assets | 98.5 m | 115.6 m | 105.4 m | esef· 07 May 2024verified |
| Property, plant & equipment, net | 23.3 m | 24.5 m | 26.7 m | esef· 07 May 2024verified |
| Total assets | 153.6 m | 171.8 m | 164.8 m | esef· 07 May 2024verified |
| Current liabilities | 49.2 m | 60.1 m | 43.8 m | esef· 07 May 2024verified |
| Total liabilities | 58.5 m | 68.9 m | 50.1 m | esef· 07 May 2024verified |
| Equity | 95.1 m | 102.9 m | 114.7 m | esef· 07 May 2024verified |
| Shares outstanding at year end | 14.0 m | 14.0 m | 14.0 m | esef· 07 May 2024derived |
Cash flow · PLN
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: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 179.4 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.0% | 72 (vs peers) | 19% |
| 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 | 10.1x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 10.5x | 58 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.7% | 67 (on a fixed band) | 19% |
| 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· partial72/100 · 1/3 factors with a value
- Returns· partial67/100 · 1/2 factors with a value
- Valuation· partial58/100 · 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
SONEL SPÓŁKA AKCYJNA (SON.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 214.5 m PLN in 2023; YoY growth 19.1%; net margin 8.0%; ROE 16.4%.
The estimated value range is 6.82–14.35 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 10.06 PLN, the price of 12.80 PLN leaves a potential of -21.4% (value / price − 1) and a margin of safety of -27.3% (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: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 8.0%
- Interest coverage: 10.1x
- Current ratio: 2.4x
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ACP.WAAsseco Poland S.A. | 19.6 bn | 39.0 | 7.8% | 2.9% | +19.8% | +22% / +210% |
| BDX.WABudimex Spółka Akcyjna | 18.8 bn | 35.1 | 41.5% | 6.2% | +8.9% | +18% / +32% |
| BFT.WABenefit Systems Spółka Akcyjna | 17.3 bn | 125.3 | 20.8% | 7.2% | +99.9% | +67% / +207% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 4.0 bn | 21.2 | 18.1% | 12.0% | +36.5% | +15% / +62% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.6 bn | — | -37.9% | -20.8% | −45.1% | −12% / −23% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 11.4 | 15.9% | 22.1% | −21.6% | +7% / +78% |
| ACT.WAAction S.A. | 991.6 m | 27.0 | 8.3% | 1.5% | +6.1% | +69% / +169% |
| BRS.WABoryszew Spółka Akcyjna | 880.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −25% / −27% |
| AGO.WAAgora Spółka Akcyjna | 574.0 m | — | -14.2% | -9.2% | +15.2% | +34% / +15% |
| AMB.WAAmbra S.A. | 463.4 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 380.0 m | 1.5 | 16.3% | 7.0% | −27.5% | −34% / −73% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 301.9 m | 11.2 | 8.9% | 11.6% | −22.0% | −10% / +3% |
| ART.WAArtifex Mundi S.A. | 228.3 m | 17.6 | 35.7% | 33.3% | +51.9% | +47% / +13% |
| APN.WAAPLISENS Spółka Akcyjna | 196.8 m | 9.6 | 11.4% | 13.8% | +21.8% | +0% / −20% |
| SON.WASonel Spółka Akcyjna | 179.4 m | 10.5 | 16.4% | 8.0% | +19.1% | −20% / +10% |
| BMC.WABumech Spółka Akcyjna | 158.9 m | — | -3.4% | -3.9% | −40.0% | −35% / −48% |
| ALI.WAALTUS Spolka Akcyjna | 156.8 m | 17.1 | 7.9% | 16.9% | +30.3% | +37% / +51% |
| BBT.WABoomBit Spółka Akcyjna | 72.4 m | 4.6 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 52.1 m | 1.0 | 36.0% | 208.3% | +50.2% | −3% / +5% |
| BMX.WABioMaxima Spółka Akcyjna | 38.9 m | 66.4 | 1.2% | 1.3% | −67.5% | −26% / −42% |
| ALG.WAAll in! Games Spółka Akcyjna | 38.1 m | — | — | -156.9% | −72.2% | −30% / −58% |
| 06N.WAMagna Polonia Spółka Akcyjna | 32.5 m | 0.5 | 115.4% | 964.7% | +13.0% | −25% / −40% |
| BCM.WABETACOM Spółka Akcyjna | 26.2 m | 17.2 | 8.0% | 0.9% | +21.3% | +5% / +2% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.4 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −42% |
1- and 3-year price returns: for SON.WA 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (PLN)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 8.36 Total return -31% · Per year -31% | 14.72 Total return 20% · Per year 20% | 22.08 Total return 79% · Per year 79% |
| 3 years | 9.92 Total return -9% · Per year -3% | 19.47 Total return 71% · Per year 20% | 31.80 Total return 172% · Per year 40% |
| 5 years | 11.77 Total return 16% · Per year 3% | 25.75 Total return 137% · Per year 19% | 45.79 Total return 306% · Per year 32% |
- Exit P/E± 4.87
- Net margin± 3.41
- Annual revenue growth± 2.54
- Annual dilution± 0.29
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
Sonel is a Polish maker of electrical measuring instruments, with a consolidated group and trading subsidiaries, including one in South-East Asia. The 2023 annual report shows share capital of 5 795 000 PLN, divided into 115 900 shares, and expansion into ASEAN through a Singapore subsidiary in which Sonel holds 51 % 1.
SWOT
Strengths
- The group has a shared production base and proprietary technological products, with a recognised brand in electrical instruments 1.
- The capital structure is clear, with documented subsidiaries and stakes, and control over the Singapore subsidiary is majority-based 1.
- Accounting policy follows IFRS, which makes the financial statements internationally comparable 1.
Weaknesses
- The group does not report separate segments, which makes it hard to assess the performance of each business line 1.
- Euro results depend on the exchange rate, which adds volatility to reporting 1.
- Capitalised development assets require amortisation and could be impaired if products are not profitable 1.
Opportunities
- Developing ASEAN sales through the Singapore subsidiary could widen the customer base beyond Poland 1.
- The partnership with a Chinese manufacturer could bring access to technology and extra production capacity 1.
- Complex technological products could support better pricing if differentiation stays visible in the market.
Threats
- Exchange rate volatility can affect the reported value of revenues and assets in euro 1.
- International competition in measuring instruments could pressure margins if products are not sufficiently differentiated.
- Reliance on a joint venture with a foreign entity can create control risks if the relationship changes.
Risks
- Currency riskmedium
Reporting in PLN and converting to EUR exposes results to exchange rate movements, which can change the reported value of revenues and assets 1.
- Impairment of development assetsmedium
Capitalised development costs could be impaired if products no longer bring economic benefits, which would affect results 1.
- Partnership riskmedium
The joint venture with a Chinese entity means dependence on the partner's decisions and control structure, and changes could affect strategy.
- Transparency risklow
The lack of operating segments limits investors' ability to assess margins and risks of each business line separately 1.
- Expansion risklow
Growth in ASEAN could face market or regulatory difficulties if sales do not meet the company's expectations.
Investment thesis
What would need to be true (bull case)
- If expansion in South-East Asia progresses, the group could diversify its revenue sources and reduce reliance on the local market.
- Products with complex electronics could maintain a differentiated position and support better margins.
- The partnership with Ningbo Sanxing could add production capacity and access to new markets, if cooperation remains productive.
What would break the thesis
- The lack of segment and market data makes it hard to verify whether expansion generates significant revenue.
- Exposure to the exchange rate could affect results reported in euro, especially in volatile periods.
- Capitalised development assets could lead to amortisation or impairment if products do not sell as estimated.
What to watch
- Development of sales from the Singapore subsidiary and the ASEAN region2027
- Results of the joint venture with Ningbo Sanxing2027
- Impact of the exchange rate on euro reportingnext annual report
- Possible impairment of capitalised development assetsnext annual report
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
The Sonel group develops, manufactures and sells instruments for measuring and testing electrical quantities under the Sonel brand. According to the 2023 annual report 1, the group's activity is regarded as relatively homogeneous, and its business areas share the same production base and suppliers. Sonel S.A. uses the Polish zloty as functional currency and presents its statements in PLN, with conversions to euro for certain elements 1.
The group includes subsidiaries with different ownership. Sonel South East Asia Pte. Ltd. in Singapore, registered in January 2022 with founding capital of 150 000 EUR, promotes and sells Sonel products in ASEAN markets, with Sonel holding 51 % of the capital and the majority of votes 1. Through transactions with Ningbo Sanxing Smart Electric Co. Ltd., Sonel ended up with a 40 % stake in the joint entity, the remaining 60 % belonging to the Chinese partner 1.
The group capitalises development costs for new products, especially instruments with complex electronics and extensive software interfaces, and these assets are amortised straight-line over an estimated useful life of 3 to 8 years 1.
Segments
Electrical measurement and testing
The 2023 annual report does not present separate operating segments, the group being regarded as relatively homogeneous 1. The main business line, electrical measuring instruments under the Sonel brand, is treated as a single operating area.
Sales in ASEAN
Sales to the Association of South-East Asian Nations markets are channelled through the Singapore subsidiary, in which Sonel holds 51 % 1. This structure separates regional operations from the parent company but is not a separately reported segment.
Market context
The 2023 annual report offers no market data or market shares, but confirms that sales extend beyond Poland through the Singapore subsidiary aimed at ASEAN countries 1. Euro figures use the 2023 average NBP rate of 4.5284 PLN, so euro-reported results depend on exchange rate movements 1.
Accounting policy is based on IFRS, and the group noted that new standards effective in 2023, such as IFRS 17, did not have a significant impact on the financial statements 1. The market environment is not quantified in the report, so any estimate of market size should be verified in other sources.
Trends
- Development costs and amortisationheadwind
Capitalising research and development costs for complex products can support technological differentiation, but it entails amortisation over the estimated useful life and the risk of impairment if a product brings no benefits 1.
- Partnerships with foreign entitiesmixed
The joint venture with Ningbo Sanxing could bring access to technology and supply chains, if the cooperation stays balanced in terms of control 1.
Competitive position
The 2023 annual report does not identify competitors. The available sources do not show a quantified competitive position, so the competition analysis should be completed from other company documents.
The group's declared advantage lies in its shared production base and in proprietary technological products developed through capitalised costs 1. This suggests differentiation based on engineering rather than volume.
- Ningbo Sanxing Smart Electric Co. Ltd.
Joint venture partner in which Sonel holds 40 %; the report does not describe its competitive activity.
- Regional manufacturers and suppliers in ASEAN
The report does not name regional competitors; presence in ASEAN markets is mentioned only as a goal of the Singapore subsidiary 1.
- International measuring instrument makers
The report does not name international competitors; comparison with them cannot be made from this document alone.
- Distribution partners in Asia
Distribution through subsidiaries and local partners is described in general terms, without naming specific competitors 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202307 May 2024
- Annual report 202216 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / SONEL SPÓŁKA AKCYJNA · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.