Vivesto AB (0N4A.L)

Vivesto AB (0N4A.L) — VMCI valuation read

Headline read on 0N4A.L: VMCI of 33/100 versus a Healthcare sector median of 50. The 17-point below-median position is what makes Vivesto AB a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 0N4A.L: 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 0N4A.L: value (0N4A.L trades at 19.0x earnings, 6% above the Healthcare median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Healthcare median (10.0%)), and risk (net debt to EBITDA of 3.5x is the binding constraint on the bear case). The value read also implies an EV/EBITDA gap of +4.0x against the Healthcare 12.0x baseline.

0N4A.L fell 4.0% over the trailing 7 days, with a -12.6% read on a 30-day basis.