NOS S.G.P.S. S.A. (NOS) Fair Value & Analysis
Communication Services · PT · Market cap €2.6B · ISIN PTZON0AM0006
What is NOS S.G.P.S. S.A. really worth?
A solid business, trading 48% below our fair value of €9.49.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 25 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from €10.11 to €9.49 (−6.1%) since Jul 25, 2026.
What runs behind every stock
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What matters now
- The price is below even our cautious bear case (€5.91). The market is more pessimistic than our downside scenario.
- Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (€5.91 to €13.19) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range €2.27 – €5.56 · fair‑value band €5.91 – €13.19 · the €4.94 price screens below the €9.49 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
NOS S.G.P.S. S.A. (NOS) currently trades at €4.94, while our model-based Fair Value estimate is €9.49, implying the stock looks roughly 48.0% undervalued today. The Quality Score stands at 62/100 (solid quality), in the Communication Services sector. Bull case: the Growth DCF group reads highest at a median of €9.65 per share, and 21 of the 25 models we run sit above the €4.94 price. Bear case: the Asset-Based group reads lowest at €1.46, and 4 of the 25 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, NOS S.G.P.S. S.A. generated revenue of €1.9B at a net margin of 13.4%. Revenue grew 9.2% year over year. It earns a return on equity of 21.3%. Net debt stands at €1.0B. Fundamentals as of Aug 13, 2026
Our scenario range runs from €5.91 (bear case) to €13.19 (bull case); at €4.94, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 43% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at 92%, NOS screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.2582 per share, which is 2.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 25 models by family
Widest divergence: Growth DCF (€9.65) versus Asset-Based (€1.46). Highest evidence: FCF DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 59 · Market factors (momentum, volatility) 71
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
NOS, S.G.P.S., S.A. together with its subsidiaries, engages in the telecommunications and entertainment business. The company offers cable and satellite television, voice and internet access, mobile broadband internet access and mobile voice; and voice over internet protocol services.
Full company description
NOS, S.G.P.S., S.A. together with its subsidiaries, engages in the telecommunications and entertainment business. The company offers cable and satellite television, voice and internet access, mobile broadband internet access and mobile voice; and voice over internet protocol services. It is involved in publishing and sale of video grams; advertising on pay-TV channels; operation of cinemas and mobile communications network; distribution of films; production of pay-TV channels; data center management; licensing; and provision of engineering and consultancy services in information systems. In addition, the company engages in the negotiation, acquisition, purchase, and distribution of content rights and other multimedia products; distributing films; acquiring/negotiating rights for pay-TV and video-on-demand; cinema exhibition and distribution; sale of DVDs and insurance; and provision of security solutions. Further, it invests in and supports the development of companies that commercialize technologies and products; ownership, management, and operation of intellectual property; supply and marketing of electronic communications products and equipment; distribution of television and radio program; and provision of accounting, logistical, administrative, financial, tax, human resources and any other services. Additionally, the company is involved in demonstration, dissemination, and technology transfer and training activities; import, distribution, exploitation, commercialization, and production of audiovisual products; design, construction, management, and operation of electronic communications networks, and related equipment and infrastructures; buying and selling, renting, operating, purchase, and sale of property and commercial establishments; development and construction of buildings, planning, urban management, studies, construction and property management. The company was incorporated in 1999 and is headquartered in Lisbon, Portugal.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
NOS S.G.P.S. S.A. reported revenue of €1.8B in FY2025 versus €1.4B in FY2021, a compound +6.3%/yr. Reported net income was €246M in FY2025, compounding +14.3%/yr from FY2021.
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Nos Sgps SA (ZONNF) Q2 2026 Earnings Call Highlights: Solid EBITDA Growth Amidst Flat Revenue
- Nos Sgps SA (STU:PMV) Q1 2026 Earnings Call Highlights: Strong IT Growth and Improved Financial ...
- Nos Sgps SA (ZONNF) Q4 2025 Earnings Call Highlights: Strong Cash Flow and Operational ...
- NOS S G P S Balances Earnings Growth With Heavy 5G And AI Investment
Peer Group
Telecom Services · 248 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Telecom Services median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Mobile Limited 600941 | ¥96.11 | ¥109.88 | +14% |
| T-Mobile US, Inc TMUS | $177.75 | $172.67 | −3% |
| Verizon Communications Inc VZ | $49.43 | $64.43 | +30% |
| AT&T Inc T | $26.01 | $43.97 | +69% |
| Bharti Airtel Limited BHARTIARTL | ₹1,935 | ₹941.48 | −51% |
| Comcast Corporation CMCSA | $26.41 | $95.42 | +261% |
| China Telecom Corporation 601728 | ¥6.43 | ¥8.36 | +30% |
| América Móvil, S.A. AMX | $23.50 | $39.45 | +68% |
| Singapore Telecommunications Limited Z77 | 4.29 SGD | 3.03 SGD | −29% |
| Swisscom AG SCMN | CHF 627.50 | CHF 463.92 | −26% |
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