Sonae SGPS S.A. (SON.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

+2247.1%

€49.29

vs €2.10 price

Levered DCF

€11.64

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.53

Distress zone

Rating

A-

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	16.1×	7.62×	4.76×	5.5×	7.14×	17.83×	10.45×	7.36×
P/B	1.01×	0.58×	0.56×	0.64×	0.75×	0.63×	0.81×	0.73×
P/S	0.28×	0.18×	0.2×	0.23×	0.27×	0.19×	0.27×	0.27×
EV / EBITDA	0.57×	5×	5.85×	4.42×	4.98×	7.41×	6.11×	4.64×
Gross margin	8.7%	31.8%	31.1%	31.7%	8.7%	7.9%	32.8%	32.2%
Operating margin	3.8%	3.2%	2.5%	2.9%	2.3%	1.5%	2.8%	2.0%
Net margin	1.8%	2.2%	4.3%	4.3%	3.8%	1.1%	2.6%	3.5%
Current ratio	0.75×	0.76×	0.77×	0.79×	0.8×	0.79×	1.05×	0.71×
Debt / equity	1.19×	1.28×	0.88×	0.92×	1.02×	1.55×	1.4×	0.97×
Interest coverage	2.33×	1.62×	1.45×	2.17×	1.49×	0.97×	1.6×	1.2×
Dividend yield	5.2%	9.1%	9.6%	5.5%	5.0%	13.9%	17.8%	9.1%
Payout ratio	83.4%	72.2%	45.3%	29.2%	35.9%	247.3%	187.1%	69.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.3%	7.3%	11.8%	12.0%	10.5%	3.6%	7.8%	9.6%
Return on invested capital	4.3%	3.3%	3.1%	3.3%	2.3%	1.6%	2.5%	1.8%
Return on assets	1.8%	2.0%	4.0%	3.9%	3.2%	0.9%	1.8%	2.7%
Free cash flow yield	20.4%	29.1%	17.7%	22.2%	20.0%	23.0%	16.9%	7.8%
Earnings yield	6.2%	12.6%	21.2%	18.7%	14.0%	5.6%	9.5%	13.1%
Enterprise value	€6.4B	€5.1B	€3.6B	€3.6B	€3.7B	€3.6B	€4.1B	€3B
Net debt / EBITDA	0.28×	3.26×	3.15×	2.2×	2.4×	4.8×	3.53×	2.17×
Cash conversion cycle (days)	-9	-21	-25	-43	-47	-33	-50	-46