Jerónimo Martins, SGPS, S.A. (0EXG.IL)

Jerónimo Martins, SGPS, S.A. (0EXG.IL) — VMCI valuation read

Headline read on 0EXG.IL: VMCI of 53/100 versus a Consumer Defensive sector median of 50. The 3-point above-median position is what makes Jerónimo Martins, SGPS, S.A. a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 0EXG.IL: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on 0EXG.IL: value (0EXG.IL trades at 27.0x earnings, 50% above the Consumer Defensive median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Consumer Defensive median (10.0%)), and risk (net debt to EBITDA of -1.1x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Consumer Defensive 12.0x baseline.

0EXG.IL fell 3.7% over the trailing 7 days, with a +4.0% read on a 30-day basis.