First Baking Co., Ltd. (2215.T)

First Baking Co., Ltd. (2215.T) — VMCI valuation read

First Baking Co., Ltd. sits at VMCI 56/100, with the Consumer Defensive sector median at 50. That 6-point spread is the first thing to note on 2215.T: it tells the reader the composite is favorable before any single ratio is examined, and the mid-cap tier sets the comparison set.

Form 4 disclosures on 2215.T are blank for the trailing 30 days. With the insider channel offline, the EV/EBITDA delta, free-cash-flow trajectory, and the next earnings print do the talking.

**Investor frame.** The Value read on 2215.T: 2215.T trades at 20.0x earnings, 11% above the Consumer Defensive median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 16.0% sits 6.0pp above the Consumer Defensive median (10.0%). The Risk read: net debt to EBITDA of 1.7x is the rate-sensitivity line to watch, anchoring the bear scenario on a measurable balance-sheet metric.

2215.T fell 0.2% over the trailing 7 days, with a -21.5% read on a 30-day basis.