Mullion Co., Ltd. (3494.T)

Mullion Co., Ltd. (3494.T) — VMCI valuation read

3494.T screens at VMCI 53/100, a 3-point gap above the Real Estate sector median (50). For a mid-cap Mullion Co., Ltd. share, that placement says the multi-pillar composite is cheaper or higher quality than the typical peer on a like-for-like basis.

3494.T has logged no Form 4 insider activity over the trailing 30 days. The tape reads neither bullish nor bearish on insider conviction. The next signal sits with the 10-Q schedule and the analyst calendar.

**Investor frame.** Value: 3494.T trades at 20.0x earnings, 11% above the Real Estate median of 18.0x, while EV/EBITDA prints 9.0x against 12.0x for the Real Estate group. Quality: ROIC of 8.0% trails the Real Estate median (10.0%) by 2.0pp, the cleanest like-for-like comparison on capital efficiency. Risk: net debt to EBITDA of 0.2x leaves covenant headroom, which sets the rate-cycle exposure for Mullion Co., Ltd..

3494.T rose 0.9% over the trailing 7 days, with a +1.6% read on a 30-day basis.