SON.LS
Second WindSonae, SGPS, S.A. · Consumer Defensive · Portugal · $4.7B cap · $4.6M/day traded
EUR 2.29 +0.9% · close 12 Nov · scored 13 Nov
Second Wind: Cheap with strong momentum, but the business does not earn the optimism.
Results expected 18 Nov. Analysts cut next year's EPS estimate 6.6% over 13 weeks.
As of 13 Nov 2026, the MoatMap Score for Sonae, SGPS, S.A. (SON.LS) is 61/100, ranked against 25,000+ stocks in 38 markets (Quality 37, Value 55, Momentum 64, each scored against its sector).
Does the score work? Each tenth of the ranking, tracked monthly. See the record →
ABOUT SONAE, SGPS, S.A.
Read
Sonae, SGPS, S.A. operates a portfolio of businesses in retail, real estate, telecommunications, technology, and financial services in Portugal and internationally. The company operates through six segments: MC, Worten, Musti, Sierra, Bright Pixel, and NOS.
FINANCIAL SUMMARY (EUR)
| Year | 2022 | 2023 | 2024 | 2025 | CAGR | TTM | 2026E | 2027E | Fwd CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7.7B | 8.4B | 9.9B | 11.4B | 13.9% | 12.0B | 12.1B | 12.9B | 6.4% |
| EPS (EUR) | 0.17 | 0.19 | 0.12 | 0.13 | -10.1% | 0.19 | 0.11 | 0.14 | 4.4% |
| Shares | 1.9B | 1.9B | 1.9B | 1.9B | +1.3% | 1.9B | — | — | — |
| Debt | 2.6B | 2.7B | 3.9B | 3.8B | 13.8% | 4.2B | — | — | — |
| Equity | 2.8B | 3.0B | 3.1B | 3.2B | 4.5% | — | — | — | — |
| Op CF | 623.6M | 652.2M | 911.1M | 1.1B | 20.6% | 1.1B | — | — | — |
| Inv CF | -220.0M | -189.6M | -1.2B | -386.6M | — | — | — | — | — |
| Fin CF | -435.3M | -543.7M | 208.6M | -720.8M | — | — | — | — | — |
Above its 200-day average and 1% below its 52-week high.
Calmer than 89% of stocks we rank over the past year (volatility 21% a year).
How this is worked out
The Price check reads only the chart, the price side of the Momentum score in words; it is not the MoatMap Score.
- Still falling: It set a new 52-week low in the last two weeks, after a deep fall.
- Finding a floor: It fell hard, but has set no new low for more than two weeks.
- Turning up: It has climbed off its low and is back above a rising 50-day average.
- In an uptrend (this stock): It is near its 52-week high and above its 200-day average.
- No clear trend: None of the above: no recent deep fall and no steady climb.
- No read yet: Not enough price history yet: it needs a year of trading.
In past US falls, waiting for Turning up cut the chance of another 20% drop from 42% to 33%. Returns were no better, and 33% of turns failed.
The exact rules
Still falling is a new 52-week low in the last two weeks, at least 25% below the high, with the low set after the high. Finding a floor is the same fall with no new low in the last two weeks. Turning up is 20 or more trading days without a new low, at least 10% off it, and back above a rising 50-day average. In an uptrend is above the 200-day average, with the 50-day average above the 200-day, and within 15% of the high. No clear trend is everything else. No read yet is under 252 trading days of history, or missing data. A new state shows once it has held for three trading days.
In 2,112 US drawdowns since 2001, buying while the price was still falling was followed by a further 20% drop 42% of the time. Waiting for a turn (the Turning up rule above) cut that to 33%, at about 7% higher prices and with no better returns. Part of that cut is simply not buying: 13% of falls never turned, and waiting kept those out. Among turns that were bought, 38% still fell another 20%, and 33% of turns were followed by a new low within six months. The benefit was largest in crashes such as 2008 and 2020.
What it measures: how much the price moved day to day over the past year, scaled to a yearly figure (annualised volatility) and ranked against every stock we cover. Very calm under 20% a year, Calm 20 to 30%, Average 30 to 40%, Bumpy 40 to 55%, Very bumpy above that.
What we found: across about 13,500 stocks in 34 markets (2002 to 2025), past swings were a good guide to the next year's, and bumpier stocks fell further. How much further changed too much between eras to put a number on it.
Calm is not safe: a calm stock can still slide steadily.
Rules fixed before any data was fetched. Describes the chart, not a recommendation.
SCORE BREAKDOWN
FUNDAMENTALS
SECTOR PEERS
Closest peers in Consumer Defensive, ranked by industry match, size, and score similarity. Cross-listings of SON.LS are excluded.
| Ticker | Company | Mkt Cap | Score |
|---|---|---|---|
| SON.LS | Sonae, SGPS, S.A.(you) | $4.7B | 61 |
| JMT.LS | Jerónimo Martins, SGPS, S.A. | $12.9B | 59 |
Peer medians: ROE 17.2% · P/E 19.3x · Gross margin 20.9%
Company Deep Dive
A 10,000-word report: the business and its segments, what management promised on earnings calls and whether it delivered, the competition, and how things could turn out.