Bull-Dog Sauce Co., Ltd. (2804.T)

Bull-Dog Sauce Co., Ltd. (2804.T) — VMCI valuation read

Bull-Dog Sauce Co., Ltd. sits at VMCI 44/100, with the Consumer Defensive sector median at 50. That 6-point spread is the first thing to note on 2804.T: it tells the reader the composite is unfavorable before any single ratio is examined, and the mid-cap tier sets the comparison set.

Form 4 disclosures on 2804.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 2804.T: 2804.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 8.0% trails the Consumer Defensive median (10.0%) by 2.0pp. The Risk read: net debt to EBITDA of 0.8x leaves covenant headroom, anchoring the bear scenario on a measurable balance-sheet metric.

2804.T rose 0.8% over the trailing 7 days, with a -14.8% read on a 30-day basis.