Sofina SA
Sofina Société Anonyme is a private equity and venture capital firm specializing in direct and fund of funds investments. Within direct investments, it specializes in growth capital, early, startup, later stages, mature, emerging growth, mid venture, late venture and LBO investments. The firm prima…
Sofina Société Anonyme is a private equity and venture capital firm specializing in direct and fund of funds investments. Within direct investments, it specializes in growth capital, early, startup, later stages, mature, emerging growth, mid venture, late venture and LBO investments. The firm primarily invests in portfolio of companies that engage in digital transformation, consumer & retail, education, healthcare, life sciences, sustainable supply chains, energy and services, e-commerce, consumer goods, digital, satellite operations, industry, finance companies, and financial services worldwide. It also invests in the media, communications, insurance, and property development sectors. The firm typically invests in European based companies with a global exposure, and it also has a particular focus on companies based in Western Europe and Asia such as in India, China and Southeast Asia and in the United States. It invests in minority investments between "100 million ($103.08 million) and "300 million ($309.25 million). The firm seeks to invest between "20 million ($20.62million) and "100 million ($103.08 million) in fast-growing business. It seeks equity investment between "5 million ($5.35million) and "50 million (54.18 million) in venture and growth capital funds. It invests in privately owned and listed companies. It invests in private companies to support growth, finance acquisitions, give liquidity to existing shareholders/families, support sales processes, and make minority investment alongside shareholders controlling shareholders and in listed companies for replacement of existing shareholders, long term support of controlling shareholders, and delisting. Within fund of funds, the firm focuses on private equity, venture capital and growth equity funds, and selected relationships in buyout and special situations. It also manages funds in the fields of private equity funds. It typically invests in North America, US, Europe and Asia, and concentrates on emerging markets. The firm prefers to hold a minority owPriced within the modelled range
5-year outlook: Not shown because confidence is low: Earnings-based DCF disagrees strongly.
Other models: EUR 43.71–181.87 (median 51.62). The recommended value is 445% above that median, so treat the upside with extra caution.
Why: Investment holding companies earn mostly market gains on the stakes they own, so earnings and cash flow say little. Their value is the net assets (book equity, where stakes are carried at …
Details and the full model are below.
Market price within modeled range
Net asset value (book) from Fiscal year 2025: book equity of EUR 312.53 per share, less a 10% holding-company discount (range 0% to 20%). Book equity approximates the market value of the stakes only where they are carried at fair value, so treat it as a rough guide, not a forecast or investment advice.
Assumptions: growth 2%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 2.0% (sector default 5.4%, own revenue history -10.0%).
Adjust assumptions
Why this model: Investment holding companies earn mostly market gains on the stakes they own, so earnings and cash flow say little. Their value is the net assets (book equity, where stakes are carried at market value) less the discount at which such companies usually trade.
Compare models- Recommended: Net asset value (book) — EUR 281.28 (+5.7%)
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EPS-based Gordon proxy
— EUR 43.71 (-83.6%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— EUR 178.93 (-32.7%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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FCFF (steady state)
— EUR 181.87 (-31.6%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/EBITDA (12x)
— EUR 51.62 (-80.6%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— EUR 179.04 (-32.7%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/Sales (Rule of 40)
— EUR 64.72 (-75.7%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 250.02 | -6.4% |
| Base EUR 281.28 | 5.4% |
| Bull EUR 312.53 | 14.9% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 68 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 3 of 5 years profitable | 12 / 20 |
| Cash generation | free cash flow positive in 3 of 5 years | 12 / 20 |
| Growth | revenue -53.0% a year | 4 / 20 |
| Balance sheet | net cash | 20 / 20 |
| Margins | EBITDA margin 96% | 20 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| SOF.BR (this company) | EUR 266.00 | 5.4% | 81.7 | 0.9 | 1.3% | 68 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.44 | 68.5% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.88 | 45.6% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.73 | 36.6% | 6.7 | 0.7 | 7.0% | 78 |
| V Visa Inc. | USD 414.00 | 34.6% | 8.7 | – | 0.2% | 100 |
| PRU.L Prudential plc | GBP 9.24 | 34.2% | 8.0 | 1.6 | 1.9% | 78 |
| AGS.BR ageas SA/NV | EUR 76.95 | 33.0% | 8.1 | 1.5 | 5.0% | 76 |
| NWG.L NatWest Group plc | GBP 5.86 | 30.3% | 8.2 | 1.3 | 5.0% | 88 |
| ACGL Arch Capital Group | USD 108.49 | 30.3% | 8.5 | 1.6 | 0.1% | 100 |
| Peer median | 8.1 | 1.5 | ||||
Dividends
Paid in the last 12 months: EUR 3.66 per share · yield 1.38% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 3.660 |
| 2025 | 3.473 |
| 2024 | 3.324 |
| 2023 | 3.215 |
| 2022 | 3.105 |
| 2021 | 2.987 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025
| Revenue | EUR 129,326,000 |
|---|---|
| EBITDA | EUR 123,791,000 |
| EBIT | EUR 123,791,000 |
| Net income | EUR 113,001,000 |
| Free cash flow | EUR 422,186,000 |
| Capital expenditures | EUR 23,000 |
| Debt | EUR 1,298,709,000 |
| Cash | EUR 1,604,049,000 |
| Working capital | EUR 2,108,920,000 |
| Shares outstanding | 34,693,760 |
| Reported dividends per share | EUR 3.3375 |