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Sonae: Well-Run, Owner-Operated Holding Company at Deep Discount

Presentation at European Investing Summit 2024

Alirio Sendrea of Invexcel presented his investment thesis on Sonae SGPS (Portugal: SON) at European Investing Summit 2024, held on October 29-31.

Thesis Summary

Sonae, a family-controlled Portuguese holding company, has interests prmarily in the retail sector and, to a lesser extent, telecom and real estate.

As a small cap that operates in unfashionable geographies and businesses, albeit with strong competitive dynamics, the market has turned its back on Sonae, causing the shares to trade at a large discount to NAV.

Meanwhile, according to Alirio, the company has been improving returns on capital, strengthening the market position of its core operations, and remunerating shareholders with an attractive dividend.

Slides

Sonae Presentation
1.18MB ∙ PDF file
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Let’s listen to the full session and look over the transcript, which has been augmented with key figures and tables by our research team.

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