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Sonae SGPS

ENXTLS:SON
Snowflake Description

Fair value with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SON
ENXTLS
€2B
Market Cap
  1. Home
  2. PT
  3. Consumer Retailing
Company description

Sonae, SGPS, S.A. engages in retail, financial services, technology, shopping center, and telecommunication businesses. The last earnings update was 15 days ago. More info.


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SON Share Price and Events
7 Day Returns
-1.7%
ENXTLS:SON
-0.3%
Europe Consumer Retailing
-0.6%
PT Market
1 Year Returns
-19.6%
ENXTLS:SON
-2.2%
Europe Consumer Retailing
-5.8%
PT Market
SON Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sonae SGPS (SON) -1.7% -4.9% -6.4% -19.6% 11.5% -28.9%
Europe Consumer Retailing -0.3% -1.6% -1.4% -2.2% 0.8% -13.2%
PT Market -0.6% 1.1% -1.1% -5.8% -13.3% 1.3%
1 Year Return vs Industry and Market
  • SON underperformed the Consumer Retailing industry which returned -2.2% over the past year.
  • SON underperformed the Market in Portugal which returned -5.8% over the past year.
Price Volatility
SON
Industry
5yr Volatility vs Market

Value

 Is Sonae SGPS undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Sonae SGPS to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Sonae SGPS.

ENXTLS:SON Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.3%
Perpetual Growth Rate 10-Year PT Government Bond Rate 1.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTLS:SON
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PT Govt Bond Rate 1.8%
Equity Risk Premium S&P Global 9%
Consumer Retailing Unlevered Beta Simply Wall St/ S&P Global 0.47
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.467 (1 + (1- 21%) (208.57%))
1.159
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.16
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.82% + (1.159 * 9.02%)
12.28%

Discounted Cash Flow Calculation for ENXTLS:SON using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Sonae SGPS is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ENXTLS:SON DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 12.28%)
2019 172.75 Analyst x4 153.86
2020 176.00 Analyst x4 139.61
2021 212.00 Analyst x2 149.78
2022 161.00 Analyst x1 101.31
2023 131.04 Est @ -18.61% 73.44
2024 114.69 Est @ -12.48% 57.25
2025 105.30 Est @ -8.19% 46.81
2026 99.84 Est @ -5.18% 39.53
2027 96.76 Est @ -3.08% 34.13
2028 95.21 Est @ -1.61% 29.91
Present value of next 10 years cash flows €825.64
ENXTLS:SON DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €95.21 × (1 + 1.82%) ÷ (12.28% – 1.82%)
€927.39
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €927.39 ÷ (1 + 12.28%)10
€291.30
ENXTLS:SON Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €825.64 + €291.30
€1,116.94
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,116.94 / 1,877.66
€0.59
ENXTLS:SON Discount to Share Price
Calculation Result
Value per share (EUR) From above. €0.59
Current discount Discount to share price of €0.89
= -1 x (€0.89 - €0.59) / €0.59
-48.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Sonae SGPS is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Sonae SGPS's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Sonae SGPS's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTLS:SON PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €0.12
ENXTLS:SON Share Price ** ENXTLS (2019-06-14) in EUR €0.89
Europe Consumer Retailing Industry PE Ratio Median Figure of 31 Publicly-Listed Consumer Retailing Companies 19.11x
Portugal Market PE Ratio Median Figure of 33 Publicly-Listed Companies 14.22x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Sonae SGPS.

ENXTLS:SON PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTLS:SON Share Price ÷ EPS (both in EUR)

= 0.89 ÷ 0.12

7.25x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sonae SGPS is good value based on earnings compared to the Europe Consumer Retailing industry average.
  • Sonae SGPS is good value based on earnings compared to the Portugal market.
Price based on expected Growth
Does Sonae SGPS's expected growth come at a high price?
Raw Data
ENXTLS:SON PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.25x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-1.9%per year
Europe Consumer Retailing Industry PEG Ratio Median Figure of 22 Publicly-Listed Consumer Retailing Companies 1.85x
Portugal Market PEG Ratio Median Figure of 21 Publicly-Listed Companies 0.65x

*Line of best fit is calculated by linear regression .

ENXTLS:SON PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.25x ÷ -1.9%

-3.89x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sonae SGPS earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Sonae SGPS's assets?
Raw Data
ENXTLS:SON PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €1.10
ENXTLS:SON Share Price * ENXTLS (2019-06-14) in EUR €0.89
Europe Consumer Retailing Industry PB Ratio Median Figure of 40 Publicly-Listed Consumer Retailing Companies 1.52x
Portugal Market PB Ratio Median Figure of 42 Publicly-Listed Companies 1.06x
ENXTLS:SON PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTLS:SON Share Price ÷ Book Value per Share (both in EUR)

= 0.89 ÷ 1.10

0.81x

* Primary Listing of Sonae SGPS.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sonae SGPS is good value based on assets compared to the Europe Consumer Retailing industry average.
X
Value checks
We assess Sonae SGPS's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Consumer Retailing industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Consumer Retailing industry average (and greater than 0)? (1 check)
  5. Sonae SGPS has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Sonae SGPS expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-1.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Sonae SGPS expected to grow at an attractive rate?
  • Sonae SGPS's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Sonae SGPS's earnings are expected to decrease over the next 1-3 years, this is below the Portugal market average.
  • Sonae SGPS's revenue growth is expected to exceed the Portugal market average.
Annual Growth Rates Comparison
Raw Data
ENXTLS:SON Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTLS:SON Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -1.9%
ENXTLS:SON Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 4.1%
Europe Consumer Retailing Industry Earnings Growth Rate Market Cap Weighted Average 13.2%
Europe Consumer Retailing Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
Portugal Market Earnings Growth Rate Market Cap Weighted Average 8.6%
Portugal Market Revenue Growth Rate Market Cap Weighted Average 2.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTLS:SON Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTLS:SON Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 7,241 666 165 1
2021-12-31 6,826 606 213 3
2020-12-31 6,572 527 205 5
2019-12-31 6,408 618 192 1
ENXTLS:SON Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 6,105 369 231
2018-12-31 5,982 434 227
2018-09-30 5,859 388 232
2018-06-30 5,703 399 192
2018-03-31 5,643 425 168
2017-12-31 5,548 357 171
2017-09-30 5,648 314 208
2017-06-30 5,810 315 208
2017-03-31 5,910 267 199
2016-12-31 5,985 210 217
2016-09-30 5,855 267 168
2016-06-30 5,714 190 154

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Sonae SGPS's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Sonae SGPS's revenue is expected to grow by 4.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTLS:SON Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Sonae SGPS Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTLS:SON Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 0.08 0.08 0.08 1.00
2021-12-31 0.11 0.12 0.10 2.00
2020-12-31 0.11 0.12 0.10 4.00
2019-12-31 0.10 0.11 0.09 4.00
ENXTLS:SON Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 0.12
2018-12-31 0.12
2018-09-30 0.12
2018-06-30 0.10
2018-03-31 0.09
2017-12-31 0.09
2017-09-30 0.11
2017-06-30 0.11
2017-03-31 0.11
2016-12-31 0.11
2016-09-30 0.09
2016-06-30 0.08

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Sonae SGPS is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Sonae SGPS's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Sonae SGPS has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Sonae SGPS performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Sonae SGPS's growth in the last year to its industry (Consumer Retailing).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Sonae SGPS's year on year earnings growth rate has been positive over the past 5 years.
  • Sonae SGPS's 1-year earnings growth exceeds its 5-year average (38.1% vs 19.5%)
  • Sonae SGPS's earnings growth has exceeded the Europe Consumer Retailing industry average in the past year (38.1% vs -0.5%).
Earnings and Revenue History
Sonae SGPS's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Sonae SGPS Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTLS:SON Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 6,105.05 231.41 1,107.12
2018-12-31 5,982.16 227.35 1,078.51
2018-09-30 5,859.05 232.22 1,030.54
2018-06-30 5,703.01 191.80 1,016.78
2018-03-31 5,642.62 167.56 1,002.59
2017-12-31 5,548.32 170.51 988.99
2017-09-30 5,647.82 208.27 999.51
2017-06-30 5,810.39 207.99 1,002.96
2017-03-31 5,910.23 199.19 995.30
2016-12-31 5,985.25 216.51 991.27
2016-09-30 5,855.24 168.12 947.50
2016-06-30 5,713.99 153.76 929.34
2016-03-31 5,707.66 185.18 925.44
2015-12-31 5,615.53 175.31 917.11
2015-09-30 5,581.93 191.04 908.48
2015-06-30 5,548.64 188.21 908.60
2015-03-31 5,476.84 153.55 901.46
2014-12-31 5,455.47 143.84 894.03
2014-09-30 5,441.45 131.56 887.63
2014-06-30 5,380.15 -18.70 874.08
2014-03-31 5,304.85 -53.35 861.21
2013-12-31 5,268.40 -66.75 855.76
2013-09-30 5,142.27 -145.75 864.15
2013-06-30 5,083.05 -10.56 861.38
2013-03-31 4,916.77 -27.82 850.61
2012-12-31 5,074.02 -22.86 859.90
2012-09-30 5,273.09 39.65 934.78
2012-06-30 5,474.11 60.86 951.74

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Sonae SGPS has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Sonae SGPS used its assets less efficiently than the Europe Consumer Retailing industry average last year based on Return on Assets.
  • Sonae SGPS's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Sonae SGPS's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Consumer Retailing industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Sonae SGPS has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Sonae SGPS's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Sonae SGPS's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Sonae SGPS's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Sonae SGPS's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Sonae SGPS's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Sonae SGPS Company Filings, last reported 2 months ago.

ENXTLS:SON Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 3,124.08 3,465.89 580.15
2018-12-31 3,288.82 2,092.52 696.24
2018-09-30 3,168.66 2,278.30 566.26
2018-06-30 2,135.25 1,691.15 353.33
2018-03-31 2,065.39 1,626.57 347.29
2017-12-31 2,135.04 1,489.47 364.59
2017-09-30 2,103.63 1,536.78 307.80
2017-06-30 2,033.94 1,706.90 276.35
2017-03-31 1,995.14 1,676.28 284.88
2016-12-31 2,062.71 1,571.46 341.08
2016-09-30 2,016.18 1,604.04 345.12
2016-06-30 1,939.32 1,729.95 329.36
2016-03-31 1,818.28 1,590.40 332.96
2015-12-31 1,794.79 1,589.91 362.68
2015-09-30 1,844.61 1,576.81 330.58
2015-06-30 1,836.16 1,772.54 423.92
2015-03-31 1,774.03 1,947.41 519.39
2014-12-31 1,832.23 1,864.36 646.26
2014-09-30 1,794.60 1,921.45 534.84
2014-06-30 1,751.72 1,907.50 461.43
2014-03-31 1,702.76 1,971.40 508.26
2013-12-31 1,908.11 1,609.84 568.76
2013-09-30 1,879.26 1,719.92 463.65
2013-06-30 1,515.14 2,206.14 137.26
2013-03-31 1,596.97 2,400.78 270.99
2012-12-31 1,668.56 2,235.52 377.52
2012-09-30 1,675.82 2,390.18 303.81
2012-06-30 1,631.65 2,459.32 204.66
  • Sonae SGPS's level of debt (75.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (115.7% vs 75.1% today).
  • Debt is not well covered by operating cash flow (15.7%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.8x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Sonae SGPS's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Sonae SGPS has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Sonae SGPS's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.98%
Current annual income from Sonae SGPS dividends. Estimated to be 5.55% next year.
If you bought €2,000 of Sonae SGPS shares you are expected to receive €100 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Sonae SGPS's pays a higher dividend yield than the bottom 25% of dividend payers in Portugal (3%).
  • Sonae SGPS's dividend is below the markets top 25% of dividend payers in Portugal (6.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTLS:SON Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Europe Consumer Retailing Industry Average Dividend Yield Market Cap Weighted Average of 33 Stocks 3.8%
Portugal Market Average Dividend Yield Market Cap Weighted Average of 22 Stocks 4.2%
Portugal Minimum Threshold Dividend Yield 10th Percentile 1.3%
Portugal Bottom 25% Dividend Yield 25th Percentile 3%
Portugal Top 25% Dividend Yield 75th Percentile 7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTLS:SON Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.05 1.00
2021-12-31 0.05 3.00
2020-12-31 0.05 5.00
2019-12-31 0.04 1.00
ENXTLS:SON Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-28 0.044 4.730
2019-03-21 0.044 4.730
2018-03-29 0.042 4.440
2018-03-15 0.042 3.695
2017-03-29 0.040 3.916
2017-03-16 0.040 4.532
2016-03-29 0.039 4.888
2016-03-16 0.039 3.714
2015-03-30 0.037 3.256
2015-03-11 0.037 2.619
2014-05-06 0.035 3.039
2013-05-20 0.033 3.366
2012-03-30 0.033 6.173
2012-03-14 0.033 7.298
2011-03-28 0.033 5.965
2011-03-16 0.033 4.071
2010-03-26 0.032 3.885
2010-03-17 0.032 3.557

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Sonae SGPS has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Sonae SGPS only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Sonae SGPS's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2x coverage).
X
Income/ dividend checks
We assess Sonae SGPS's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Sonae SGPS afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sonae SGPS has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Sonae SGPS's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Maria Cláudia de Azevedo
TENURE AS CEO 0.4 years
CEO Bio

Ms. Maria Cláudia Teixeira de Azevedo serves as the Chief Executive Officer and Director at Sonae, SGPS, S.A. She served as Chief Executive Officer of Sonae IM at Sonae SGPS SA and Sonae Investment Management - Software And Technology, Sgps, S.A. until January 1, 2019. Ms. de Azevedo served as an Executive Director at Sonaecom SI. She served as Group Senior Executive of Sonae SGPS SA and served as its Senior Executive. She served as Chief Executive Officer at Sonae Investment Management till 2018. She has been Non-Executive Director of Sonae Sierra, S.G.P.S., S.A. since 2018.

CEO Compensation
  • Insufficient data for Maria Cláudia to compare compensation growth.
  • Insufficient data for Maria Cláudia to establish whether their remuneration is reasonable compared to companies of similar size in Portugal.
Management Team Tenure

Average tenure of the Sonae SGPS management team in years:

0.4
Average Tenure
  • The average tenure for the Sonae SGPS management team is less than 2 years, this suggests a new team.
Management Team

Maria Cláudia de Azevedo

TITLE
CEO & Director
TENURE
0.4 yrs

João Pedro Magalhaes Da Silva Dolores

TITLE
CFO & Director
TENURE
0.4 yrs

Patrícia Pinto

TITLE
Head of Investor Relations

Luzia Leonor Gomes e Ferreira

TITLE
Head of General Counsel & Corporate Governance and Company Secretary

Catarina Fernandes

TITLE
Head of Communication

José Côrte-Real

TITLE
Head of Human Resources

David Parente Ferreira Alves

TITLE
Senior Executive and Head of Tax Management

Nuno Gama

TITLE
Head of Innovation & Future Tech

João Amaral

TITLE
Chief Development Officer
TENURE
0.4 yrs

Luis Miguel Mesquita Moutinho

TITLE
Sonae MC CEO & Director
Board of Directors Tenure

Average tenure and age of the Sonae SGPS board of directors in years:

1.8
Average Tenure
60
Average Age
  • The average tenure for the Sonae SGPS board of directors is less than 3 years, this suggests a new board.
Board of Directors

Duarte Paulo de Azevedo

TITLE
Chairman
COMPENSATION
€660K
AGE
53
TENURE
0.1 yrs

Maria Cláudia de Azevedo

TITLE
CEO & Director

João Pedro Magalhaes Da Silva Dolores

TITLE
CFO & Director

Luis Miguel Mesquita Moutinho

TITLE
Sonae MC CEO & Director

José Manuel Tromdade Adelino

TITLE
Non-Executive Director
COMPENSATION
€67K
AGE
64
TENURE
12.4 yrs

Margaret Trainer

TITLE
Non-Executive Director
COMPENSATION
€55K
AGE
66
TENURE
3.5 yrs

Maria José Martins Lourenço Fonseca

TITLE
Chair of Statutory Audit Board
AGE
61
TENURE
0.1 yrs

Ângelo Gabriel Dos Santos Paupério

TITLE
Non-Executive Director
COMPENSATION
€725K
AGE
59
TENURE
19.4 yrs

José Manuel Fortunato

TITLE
Director

Marcelo Faria Lima

TITLE
Non-Executive Director
COMPENSATION
€51K
AGE
57
TENURE
0.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Sonae SGPS's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Sonae SGPS has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is There An Opportunity With Sonae, SGPS, S.A.'s (ELI:SON) 26% Undervaluation?

We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (€, Millions) €180.00 €182.75 €234.50 €245.31 €254.56 €262.68 €269.97 €276.70 €283.05 €289.14 Growth Rate Estimate Source Analyst x4 Analyst x4 Analyst x2 Est @ 4.61% Est @ 3.77% Est @ 3.19% Est @ 2.78% Est @ 2.49% Est @ 2.29% Est @ 2.15% Present Value (€, Millions) Discounted @ 12.01% €160.70 €145.66 €166.87 €155.85 €144.39 €133.02 €122.06 €111.69 €102.00 €93.02 Present Value of 10-year Cash Flow (PVCF)= €1.34b "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … ENXTLS:SON Intrinsic value, June 3rd 2019 The assumptions Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows.

Simply Wall St -

What You Must Know About Sonae, SGPS, S.A.'s (ELI:SON) Beta Value

A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … This means that -- if history is a guide -- buying the stock would reduce the impact of overall market volatility in many portfolios (depending on the beta of the portfolio, of course). … What this means for you: One potential advantage of owning low beta stocks like Sonae SGPS is that your overall portfolio won't be too sensitive to overall market movements.

Simply Wall St -

Shareholders Should Look Hard At Sonae, SGPS, S.A.’s (ELI:SON) 2.0% Return On Capital

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Return On Capital Employed (ROCE): What is it? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

What Should We Expect From Sonae, SGPS, S.A.'s (ELI:SON) Earnings Over The Next Few Years?

Sonae, SGPS, S.A.'s (ELI:SON) announced its latest earnings update in December 2018, whicha

Simply Wall St -

The Sonae SGPS (ELI:SON) Share Price Is Down 29% So Some Shareholders Are Getting Worried

One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Most would consider that to be a good thing, so it's counter-intuitive to see the share price declining. … It's not immediately clear to us why the stock price is down but further research might provide some answers.

Simply Wall St -

Interested In Sonae, SGPS, S.A. (ELI:SON)? Here's What Its Recent Performance Looks Like

Today I will take a look at Sonae, SGPS, S.A.'s (ELI:SON) most recent earnings update (31 December 2018) and compare these latest figures against its performance over the past few years, as well as how the rest of the consumer retailing industry performed. … How Did SON's Recent Performance Stack Up Against Its Past. … SON's trailing twelve-month earnings (from 31 December 2018) of €227m has.

Simply Wall St -

Is Sonae, SGPS, S.A. (ELI:SON) Potentially Underrated?

Looking at the company as a whole, as a potential stock investment, I believe SON has a lot to offer. … dividend-paying company … that has been a rockstar for income investors, currently trading at an attractive share price

Simply Wall St -

What Can We Expect From Sonae, SGPS, S.A.'s (ELI:SON) Earnings In Next 12 Months?

After Sonae, SGPS, S.A.'s (ELI:SON) recent earnings announcement in September 2018, … as a -2.7% fall in profits is expected in the upcoming year

Simply Wall St -

What You Must Know About Sonae, SGPS, S.A.'s (ELI:SON) Financial Strength

Small-cap and large-cap companies receive a lot of attention from investors, but mid-cap stocks like Sonae, SGPS, S.A. … Let’s take a look at SON’s debt concentration and assess their financial liquidity to get an idea of their ability to fund strategic acquisitions and grow through cyclical pressures. … Note that this commentary is very high-level and solely focused on financial health, so I suggest you dig deeper yourself.

Simply Wall St -

Sonae, SGPS, S.A. (ELI:SON) Is An Attractive Dividend Stock, Here's Why

There is a lot to be liked about Sonae, SGPS, S.A. … The stock currently pays out a dividend yield of 4.5%, and has a market cap of €1.7b. … Let's take a look at Sonae SGPS in more detail.

Simply Wall St -

Company Info

Description

Sonae, SGPS, S.A. engages in retail, financial services, technology, shopping center, and telecommunication businesses. The company operates hypermarkets under the Continente brand; convenience supermarkets under the Continente Modelo and Continente Bom Dia brands; franchised supermarkets under the Meu Super brand; cafeteria/restaurants under the Bom Bocado and Bagga brands; healthy food supermarkets and restaurants under the Go Natural brand; book shops and stationery under the Make Notes and Note! brands; health, well-being, and eye care centers under the Well´s brand; and dental and aesthetic medicine clinics under the Dr. Well’s brand, as well as provides dog and cat products and services under the ZU brand. It also sells sportswear apparel and footwear under the Sprinter brand; clothing, footwear, and accessories under the MO brands; baby and children clothing, footwear, and accessories, as well as childcare products under the Zippy and Losan brands; and jeans, clothing, and accessories under the Salsa brand. In addition, the company sells consumer electronics and entertainment products under the Worten brand; and mobile telecommunications products under the Worten Mobile brand, as well as manages a portfolio of retail real estate properties. Further, it engages in the investment management activities; and the provision of financial services, including money transfer, store credit, and insurance brokerage services, as well as various cards. Further, it owns, manages, and leases shopping centers; and provides telecommunication services to residential, personal, corporate, and wholesale markets. The company operates in Portugal, Spain, France, the United Kingdom, Germany, Italy, Romania, Brazil, Mexico, the Netherlands, and internationally. Sonae, SGPS, S.A. was founded in 1959 and is headquartered in Maia, Portugal.

Details
Name: Sonae, SGPS, S.A.
SON
Exchange: ENXTLS
Founded: 1959
€1,661,731,593
1,877,662,817
Website: http://www.sonae.pt
Address: Sonae, SGPS, S.A.
Lugar do Espido,
Via Norte,
Maia,
Norte, 4471-909,
Portugal
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTLS SON Ordinary Shares Euronext Lisbon PT EUR 02. Jan 1992
DB YSON Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0ML0 Ordinary Shares London Stock Exchange GB EUR 02. Jan 1992
BATS-CHIXE SONU Ordinary Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
43,854
Sonae SGPS employees.
Industry
Food Retail
Consumer Retailing
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/15 20:44
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/03
Last earnings filing: 2019/05/31
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.