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Although Sonae posted lower net income in 9m-23 owing to higher funding costs and tax expenses coupled with an increase in depreciation due to the investment in the expansion and digitalization of its businesses, the company once again demonstrated the resilience of its business model. The Portuguese HoldCo reported a 7% yoy improvement in consolidated EBITDA, with the underlying EBITDA margin up by 20bps. In terms of NAV, too, Sonae was in the green, with an increase of 4% qoq to €4.4bn.
Companies: Sonae SGPS (SON:ELI)Sonae SGPS SA (SON:LIS)
AlphaValue
While Sonae recorded a fall in net income in H1 23, due to higher financing costs, tax charges and increased impairment, as a result of investment in the expansion and digitalisation of its activities, Sonae demonstrated the resilience of its business model with an expanding EBITDA margin. The challenging environment had no impact on the valuation of its businesses, with NAV growth of 4% qoq.
Sonae posted a good set of H1 23 results in terms of operating performance, demonstrating once again the resilience of its business model.
Sonae started the year on the right foot in terms of NAV (+2.6% qoq), top-line growth (+12% yoy) and profitability (fairly stable EBITDA margin) amidst lingering inflationary trends, and increasing interest rates. The story was not all rosy, however, when it came to net income (group share), which fell by 38.3% to €26m on the back of higher depreciation, taxes, financial costs and inflation.
Despite a 28% increase in headline net profit Sonae, owner of Portugal’s largest food retailer, was adversely hit by supply chain disruption, inflation and rising interest rates in 2022. Margin compression in an inflationary environment with soaring energy prices led to a 17% fall in Sonae’s underlying net profit, a decline that was more than offset by €142m of one-off capital gains. The outlook for the coming years remains bleak on the back of high inflation coupled with a projected decline in
Over 9m 22, Sonae demonstrated resilience in the increasingly-challenging environment of rising energy costs and interest rates. However, the first signs of fragility were felt in Q3, as evidenced by the decline in margins, which were under pressure from inflation. Fortunately, the Portuguese HoldCo can boast of a 3% increase in NAV in Q3 to €4bn, which should somewhat reassure investors.
Sonae remains undisturbed by supply chain disruptions, unprecedented inflation and interest rate hikes. For the second quarter in a row, the Portuguese holding company posted promising results in an increasingly challenging environment. Although valuations have not been spared the market turmoil, this is not the case for the revenues and operating performance of the portfolio companies with top-line growth across all the businesses.
Companies: Sonae SGPS SA (0ML0:LON)Sonae SGPS SA (SON:LIS)
Sonae’s reported resilient Q1 2022 results on the back of solid revenue performances from the food and fashion retail divisions. Despite the current challenging market environment with high inflation, supply chain disruption and geopolitical tensions, Sonae was able to increase its top-line performance in almost all of its businesses.
Sonae’s H1 results showed a strong resiliency on the back of the solid sales performance of the food retail and electronics retail divisions. Sonae MC was able to leverage its leading position in Portugal and its broad presence across multiple food retail formats to benefit from the positive dynamic surrounding the market.
Companies: Sonae SGPS SA
The good performance in the food retail and the full consolidation of Sonae Sierra are improving the holding company’s top-line and profitability, the discount to NAV retracted to 18.9% but remains attractive.
The holding company’s achievements in 2018 marginally exceeded our expectations revenue-wise, while its bottom line was largely more fuelled by Sonae Sierra’s capital gains and Sonae RP’s sale and leaseback transactions.
Sonae reported an increase in turnover thanks to the positive contribution from all businesses, particularly food retail.
The holding company’s achievements over Q1 18 exceeded the management’s targets for FY18 with all businesses reporting increased turnover and an improved underlying EBITDA in comparison with Q1 17.
The company’s achievements in 2017 exceeded our expectations revenue-wise, while its bottom line was lower than our expectations due to the impact of non-recurrent effects in 2016.
Sonae’s 9M17 revenues grew by 6.9% to €4,115m on a yoy basis, fuelled by the positive performance of all businesses: Sonae Retail, Sonae FS and Sonae IM. Sonae’s underlying EBITDA grew by €9.6% to €221m in 9M17. The underlying EBITDA margin added 10bp to 5.4%. However, the holding’s EBITDA declined by 8.1% on a yoy basis to €273m, impacted by the non-recurrent items registered last year (benefiting mostly from the capital gains arising from the sale and leaseback transactions completed by Sonae
Research Tree provides access to ongoing research coverage, media content and regulatory news on Sonae SGPS SA. We currently have 0 research reports from 1 professional analysts.
Altitude’s FY24 results, flagged in a trading update last week, confirmed strong growth in revenue, adjusted EBITDA and adjusted EPS. We remain confident in the Group continuing its fast growth, based on strong momentum seen in Merchanting in Q1 FY25. Reflective of the evolving business profile, we have updated our model assumptions, adjusting revenue slightly, improving margins and lowering tax charges, which leaves adjusted EBITDA unchanged and, importantly for investors, increases adjusted EP
Companies: Altitude Group plc
Zeus Capital
The UK AIM market has three quoted commercial vehicle tracking businesses: Microlise Group (SAAS), Quartix Technologies (QTX); and Trakm8 Holdings (TRAK). This note focusses on the larger two, Microlise and Quartix, initiating research coverage on each and comparing respective business models, strategy, growth opportunities and valuation. Whilst the businesses generally target different parts of the market, our conclusion is that Quartix offers better near-term value, cash returns and ROCE, whil
Companies: Microlise Group plc (SAAS:LON)Quartix Technologies PLC (QTX:LON)
Feature article: Labour’s first Budget - Investors in their sights? Summary ► Budgets are always important for investors. ► The imminent Budget, at the end of October, will be doubly so, because it is the first from the new Labour government, and it has already signalled the need to fill an alleged £22bn black hole, while ruling out changes to more than half the tax base. That implies a lot of the pain will be felt by investors. ► This paper considers the impact of increases in rates for th
Companies: NBPE ACSO ICGT ARBB CSN RECI HAT STX VTA APAX DUKE
Hardman & Co
Companies: OHT CNC SCE IGP FEN TAST HVO VLG PIER XSG SEA MPL DUKE XLM
Cavendish
Pinewood Technologies’ H1 results, its first as a standalone SaaS business, show that the Group is putting the building blocks in place for its accelerated growth plan. New UK Lithia sites are being added, product and sales team investment is being made, and the discovery and planning stages of the US rollout are underway. Management is confident in meeting full year market expectations (£7.8m underlying PBT for the 11 month FY24 period), so our underlying P&L estimates are unchanged. We reiter
Companies: Pinewood Technologies Group PLC
This report looks at the neuromorphic computing industry. Neuromorphic Computing systems are designed to specifically mimic the human brain. The report talks about the overall market size, expected growth rates as well current trends driving the growth in the industry. Companies can also be categorized as core and non-core, the former being those that exclusively engage in neuromorphic computing solutions and those for which neuromorphic computing is just one part of their overall product or ser
Companies: BRN INTC AL2SI INTC 005930 IBM
GSBR Research
Companies: HSP VLG EXR
Crossword Cybersecurity announced today that it is issuing 7,749,226 new ordinary shares in respect of the second anniversary deferred acquisition of £450k for the acquisition of Threat Status (announcement dated 14 March 2022). The consideration shares, which are subject to a 12 month lock-in, have been issued at the preceding three-month average price of 5.81 pence per share. In addition, £125k consideration is payable in cash. Total consideration payable on the second anniversary following co
Companies: Crossword Cybersecurity Plc
Hybridan
Companies: dotDigital Group plc
Canaccord Genuity
Good Morning, Crossword Cybersecurity plc this week announced a trading update for the six months to 30 June 2022 and the extension and increase of several Convertible Loan Notes issued in December 2019. We have published research on this which is attached and a snapshot of the research is below. The cybersecurity solutions company has this week announced a trading update for the six months to 30 June 2022 and the extension and increase of several Convertible Loan Notes issued in December 2019
The cybersecurity solutions company focused on cyber strategy and risk, announces today that it has completed an oversubscribed fundraising of approximately £3.6m (gross) through a placing of 16,761,407 ordinary shares at a price of 21.7p per share. The placing price represents a 10% discount to the closing bid-price on 22 September 2022. Crossword intends to use the proceeds from new and existing institutional shareholders for sales and marketing, product development and support, geographical
About one week after the closing of a successful equity raise for £3.6m, Crossword today announces its unaudited interim results for the six months ended 30 June 2022. 1H22 revenue totalled £1,525k, up 85% year-on-year and achieving 38% of its annual target. The loss before tax was £2,273k for the period. Management reiterates its guidance for growing revenues by circa 75% to £4m in 2022 and by a further 50% to £6m in 2023. Crossword indicates that its ARR (Annual Recurring Revenue) grew 48% s
Good Morning, Crossword Cybersecurity plc, last week announced, the launch of its new Ransomware Readiness Assessment service. We have published research on this which is attached and a snapshot of the research is below. Crossword Cybersecurity announces the launch of its new Ransomware Readiness Assessment service, as part of its managed services Nightingale. The service helps organisations reduce exposure to ransomware attacks and is expected to attract business for Crossword’s Consulting pr
Crossword Cybersecurity today announces its audited results for the year ended on 31 December 2022. Revenue was £3.65m, up 68% year-on-year. Organic growth was 55% in 2022. Meanwhile, Crossword crystalised the synergies among its home-grown and acquired offerings by adding approx. 20 clients to a total of 120+ and increasing revenue per client by 40% to £28,700 per client, up from £20,500 in 2021. Cost structure and bottom line: Total cost of sales and administrative expenses increased by £2.6
Crossword Cybersecurity provided a trading update on 01/09/2023 for the six months to 30 June 2023: unaudited revenue of £1.9m, up 27% year-on-year. Growth was experienced across all revenue lines and ARR at the end of H1 2023 was £2.7m, up 35% from H1 2022. The Company indicates that it is on track to achieve circa £6m revenue for 2023. Meanwhile, Crossword has issued £2.015m new Convertible Loan Notes to fund its growth. The Company aims to deliver 30% growth and £8m revenue in 2024, with EBIT