What is the expected impact of the disciplined cost base and improved operating cash usage on the company's cash flow outlook and valuation multiples?

Fundamental view

The press release stresses that Sono’s “disciplined cost base and improved operating‑cash usage” underpinned the €8 m H1 net income, which was still largely a fair‑value effect. By tightening SG&A and holding down working‑capital outlays, management is converting a larger share of earnings into free cash flow (FCF). Analysts will now model a step‑up in cash‑flow generation for the second half of the year and into 2026, assuming the same cost discipline continues and the OEM partnership pipeline turns into billable projects. The higher FCF improves the company’s cash‑flow outlook and reduces the discount rate applied in DCF models, which in turn supports a re‑rating of valuation multiples – especially EV/EBITDA and EV/FCF – that have been compressed by the previous cash‑burn concerns.

Trading implications

• Short‑term catalyst: The upgraded cash‑flow outlook should lift the stock on the next earnings call or any update on OEM deals. Expect a modest price‑reaction (≈ 5‑8 % upside) if the market digests the improved cash conversion without a major revenue lift.
  
• Technical bias: Sono has been trading in a tight 20‑day range around €1.10–€1.20, with the 20‑day SMA still below the 50‑day SMA (a mild bullish bias). A breakout above €1.20 on volume could signal the market’s acceptance of the cash‑flow upgrade and trigger a short‑term rally.
  
• Positioning: For investors already long, consider adding on dips near the lower end of the range (≈ €1.12) with a stop just below the 20‑day SMA (~ €1.08). If you are neutral, a buy‑the‑dip strategy on a pull‑back after the next earnings release could capture upside from the anticipated multiple expansion.
  

In short, the disciplined cost structure and better cash‑usage are expected to tighten the cash‑flow forecast, lower perceived risk, and pave the way for a valuation multiple uplift. The market is likely to price in this improvement gradually, offering a short‑to‑medium‑term buying opportunity on any corrective pull‑backs.