JSC National Atomic Company Kazatomprom (0ZQ.F)

JSC National Atomic Company Kazatomprom (0ZQ.F) — VMCI valuation read

Headline read on 0ZQ.F: VMCI of 69/100 versus a Energy sector median of 50. The 19-point above-median position is what makes JSC National Atomic Company Kazatomprom a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 0ZQ.F: 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 0ZQ.F: value (0ZQ.F trades at 25.0x earnings, 39% above the Energy median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Energy median (10.0%)), and risk (net debt to EBITDA of 0.8x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Energy 12.0x baseline.

0ZQ.F rose 3.0% over the trailing 7 days, with a +5.1% read on a 30-day basis.