AdUX S.A. (ADUX.PA)

AdUX S.A. (ADUX.PA) — VMCI valuation read

Headline read on ADUX.PA: VMCI of 52/100 versus a Communication Services sector median of 50. The 2-point above-median position is what makes AdUX S.A. a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on ADUX.PA: 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 ADUX.PA: value (ADUX.PA trades at 21.0x earnings, 17% above the Communication Services median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Communication Services median (10.0%)), and risk (net debt to EBITDA of 1.0x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Communication Services 12.0x baseline.

ADUX.PA rose 3.0% over the trailing 7 days, with a -7.4% read on a 30-day basis.