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

Alirio Sendrea of Invexcel presented his investment thesis on Sonae SGPS (Portugal: SON) at European Investing Summit 2024.

Thesis summary:

Sonae, a family-controlled Portuguese holding company, is mainly exposed to retail businesses and, to a lesser extent, telecommunications and real estate. As a small cap that operates in unfashionable geographies and businesses, however with strong competitive dynamics, the market has turned its back on Sonae, causing the shares to trade at a large discount to NAV. Meanwhile, the company has been improving returns on capital, strengthening the market position of its core operations, and remunerating shareholders with an attractive dividend.

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About the instructor:

Alirio Sendrea, CFA is Head of Research at Invexcel, a multi‐family office based in Spain. He is a generalist investor in European Equities with two decades of experience in Financial Services, Shipping, Information Services, Alcoholic Beverages and Business Services, working with entrepreneurial families and leading global companies.