Sonaecom, S.G.P.S., S.A. (SNC.LS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-78.4%

€0.62

vs €2.86 price

Levered DCF

€0.61

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

12.42

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.47×	39.86×	20×	9.65×	4.33×	7×	16.58×	10.74×
P/B	0.65×	0.53×	0.65×	0.59×	0.43×	0.39×	0.57×	0.7×
P/S	51.09×	37.91×	40.29×	42.97×	30.25×	6.15×	4.58×	4.46×
EV / EBITDA	-50.23×	-25.62×	-87.34×	12.83×	2.96×	12.47×	6.85×	6.29×
Gross margin	-73.9%	-6.6%	-30.1%	8.7%	-25.1%	-6.9%	45.9%	63.3%
Operating margin	-91.9%	-91.4%	-42.3%	-67.1%	-48.2%	-23.1%	33.1%	-4.8%
Net margin	302.3%	95.1%	206.1%	801.0%	706.7%	86.4%	30.0%	41.3%
Current ratio	14.7×	15.81×	10.34×	17.31×	6.11×	4.57×	5.2×	3.87×
Debt / equity	0×	0×	0×	0.01×	0.01×	0.02×	0.02×	0.01×
Interest coverage	-106.26×	-123.13×	-54.05×	-47.58×	-24.77×	-18.25×	41.82×	-49.35×
Dividend yield	1.0%	3.1%	1.1%	7.7%	5.7%	5.9%	5.6%	1.6%
Payout ratio	16.6%	123.4%	20.9%	41.5%	24.6%	42.2%	86.0%	17.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.9%	1.3%	3.3%	11.1%	10.1%	5.5%	3.7%	6.5%
Return on invested capital	-1.1%	-1.2%	-0.7%	-0.8%	-0.5%	-1.4%	3.3%	-0.6%
Return on assets	3.7%	1.3%	3.2%	10.4%	9.2%	4.8%	3.3%	5.8%
Free cash flow yield	10.3%	-3.0%	-1.4%	10.6%	-1.6%	-1.4%	-2.9%	5.8%
Earnings yield	5.9%	2.5%	5.1%	18.6%	23.4%	14.0%	6.5%	9.3%
Enterprise value	€667.9M	€526.3M	€717.9M	€393M	€244.5M	€212.5M	€372M	€535.7M
Net debt / EBITDA	15.48×	8.02×	16.82×	-12.22×	-3.3×	-12.64×	-4.35×	-2.58×
Cash conversion cycle (days)	59	437	61	231	594	177	81	137