Anoto Group AB (publ) (ANOT.ST)

Anoto Group AB (publ) (ANOT.ST) — VMCI valuation read

Headline read on ANOT.ST: VMCI of 25/100 versus a Technology sector median of 50. The 25-point below-median position is what makes Anoto Group AB (publ) a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on ANOT.ST: 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 ANOT.ST: value (ANOT.ST trades at 19.0x earnings, 6% above 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 -0.3x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Technology 12.0x baseline.

ANOT.ST fell 2.7% over the trailing 7 days, with a +5.0% read on a 30-day basis.