Visiativ S.A. (ALVIV.PA)

Visiativ S.A. (ALVIV.PA) — VMCI valuation read

Headline read on ALVIV.PA: VMCI of 51/100 versus a Technology sector median of 50. The 1-point above-median position is what makes Visiativ S.A. a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on ALVIV.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 ALVIV.PA: value (ALVIV.PA trades at 15.0x earnings, 17% below the Technology median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Technology median (10.0%)), and risk (net debt to EBITDA of 3.2x is the binding constraint on the bear case). The value read also implies an EV/EBITDA gap of +4.0x against the Technology 12.0x baseline.

ALVIV.PA fell 0.5% over the trailing 7 days, with a +1.0% read on a 30-day basis.