Sonae - SGPS SA
ELI:SON
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Sonae - SGPS SA
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Sonae - SGPS SA
Sonae - SGPS SA is an intriguing narrative of diversification and adaptability in the contemporary business landscape. Emerging from Portugal, Sonae has built an impressive portfolio that spans various sectors, showcasing a robust strategy of diversification. Its foundations lie in retail, with Continente, one of its flagship brands, dominating the Portuguese supermarket scene. This retail juggernaut caters to the everyday needs of countless consumers, forming a reliable revenue stream through consistent foot traffic and consumer loyalty. Beyond its supermarket realm, Sonae has woven itself into the fabric of many sectors including technology, where its subsidiary, Worten, stands as a leader in electronics retail, offering a seamless blend of in-store and digital shopping experiences.
Furthermore, Sonae ventures boldly into the realms of real estate and telecommunications, demonstrating an acute understanding of nurturing synergies across different business units. The company has taken strategic stakes in real estate development and management through Sonae Sierra, capitalizing on booming property markets and urban development trends. Additionally, in the telecommunications sector, Sonae's impact is felt through its involvement in mobile and internet services, positioning it well to leverage the evolving digital era. This multifaceted approach not only buffers Sonae against market volatility but also positions it to capture growth opportunities across diverse sectors, with its financial architecture supported by a mixture of steady cash flow from retail operations and investment expansion in high-potential areas.
Sonae - SGPS SA is an intriguing narrative of diversification and adaptability in the contemporary business landscape. Emerging from Portugal, Sonae has built an impressive portfolio that spans various sectors, showcasing a robust strategy of diversification. Its foundations lie in retail, with Continente, one of its flagship brands, dominating the Portuguese supermarket scene. This retail juggernaut caters to the everyday needs of countless consumers, forming a reliable revenue stream through consistent foot traffic and consumer loyalty. Beyond its supermarket realm, Sonae has woven itself into the fabric of many sectors including technology, where its subsidiary, Worten, stands as a leader in electronics retail, offering a seamless blend of in-store and digital shopping experiences.
Furthermore, Sonae ventures boldly into the realms of real estate and telecommunications, demonstrating an acute understanding of nurturing synergies across different business units. The company has taken strategic stakes in real estate development and management through Sonae Sierra, capitalizing on booming property markets and urban development trends. Additionally, in the telecommunications sector, Sonae's impact is felt through its involvement in mobile and internet services, positioning it well to leverage the evolving digital era. This multifaceted approach not only buffers Sonae against market volatility but also positions it to capture growth opportunities across diverse sectors, with its financial architecture supported by a mixture of steady cash flow from retail operations and investment expansion in high-potential areas.
Revenue: Consolidated turnover rose 14% to EUR 11.4 billion, driven by strong retail performance.
MC outperformance: MC delivered strong growth — revenue around EUR 8.9 billion, like‑for‑like +8%, grocery turnover +10% and grocery EBITDA margin up to 10.2%.
Profitability: Consolidated EBITDA increased 18% year‑on‑year; underlying EBITDA grew 24% and group margin rose to 9.9% (up 75 bps).
Deleveraging: Operational free cash flow was EUR 265 million and net debt fell by more than EUR 100 million; loan‑to‑value down to 13.7%.
Portfolio moves: Several acquisitions and disposals (Claranet PT, REM in Germany, Musti purchase and other sales) highlighted active portfolio management and capital recycling.
Dividend: Board proposed a dividend of [ 6.2 ] per share (management said this is a 5% increase).
Near‑term outlook: Management sees like‑for‑like grocery growth moderating toward low single digits in the medium term despite a stronger recent run; confident on 2026 start.