Sonel S.A. (SON.WA) 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

+79.9%

PLN 22.12

vs PLN 12.30 price

Levered DCF

PLN 31.21

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.85

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	19.93×	10.42×	10.57×	9.06×	9.76×	10×	13.97×	11.27×
P/B	1.73×	1.75×	1.66×	1.33×	1.56×	1.49×	1.59×	1.07×
P/S	0.99×	0.87×	0.84×	0.73×	0.91×	1.16×	1.22×	0.95×
EV / EBITDA	7.78×	5.34×	5.14×	5.22×	5.6×	5.16×	7.22×	5.33×
Gross margin	19.8%	23.8%	20.6%	21.7%	24.7%	29.3%	26.7%	31.3%
Operating margin	6.0%	11.1%	9.4%	8.5%	10.0%	12.8%	9.9%	9.2%
Net margin	4.9%	8.3%	8.0%	8.1%	9.3%	11.5%	8.7%	8.4%
Current ratio	3.62×	2.15×	2.41×	1.92×	2×	4.33×	3.58×	4×
Debt / equity	0.01×	0.07×	0.01×	0.06×	0.01×	0.02×	0.01×	0.01×
Interest coverage	17.29×	47.1×	55.82×	49.64×	188.23×	88.75×	38.01×	52.79×
Dividend yield	6.3%	5.2%	4.7%	5.3%	9.8%	4.2%	5.3%	1.6%
Payout ratio	126.1%	54.3%	49.1%	47.9%	95.4%	41.8%	74.1%	18.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.7%	16.8%	15.7%	14.7%	15.9%	14.8%	11.3%	9.6%
Return on invested capital	9.5%	17.2%	15.8%	13.1%	15.1%	13.6%	10.6%	9.1%
Return on assets	6.9%	10.3%	10.4%	8.5%	9.6%	11.6%	9.0%	8.1%
Free cash flow yield	11.8%	0.9%	9.5%	3.9%	-0.1%	13.9%	3.5%	3.6%
Earnings yield	5.0%	9.6%	9.5%	11.1%	10.2%	10.0%	7.1%	8.9%
Enterprise value	PLN 187.9M	PLN 203.3M	PLN 163.5M	PLN 123.8M	PLN 131.9M	PLN 110.4M	PLN 126.3M	PLN 80.6M
Net debt / EBITDA	-0.77×	-0.18×	-0.54×	-0.34×	-0.49×	-1.12×	-0.39×	-0.41×
Cash conversion cycle (days)	98	129	104	101	90	112	145	176