United Super Markets Holdings Inc. (3222.T)

United Super Markets Holdings Inc. (3222.T) — VMCI valuation read

Headline read on 3222.T: VMCI of 48/100 versus a Consumer Cyclical sector median of 50. The 2-point below-median position is what makes United Super Markets Holdings Inc. a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 3222.T: 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 3222.T: value (3222.T trades at 27.0x earnings, 50% above the Consumer Cyclical median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Consumer Cyclical median (10.0%)), and risk (net debt to EBITDA of -0.1x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Consumer Cyclical 12.0x baseline.

3222.T rose 1.8% over the trailing 7 days, with a -20.6% read on a 30-day basis.