Artemis Resources Limited (ARV.L)

Artemis Resources Limited (ARV.L) — VMCI valuation read

Headline read on ARV.L: VMCI of 39/100 versus a Basic Materials sector median of 50. The 11-point below-median position is what makes Artemis Resources Limited a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on ARV.L: 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 ARV.L: value (ARV.L trades at 23.0x earnings, 28% above the Basic Materials median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Basic Materials median (10.0%)), and risk (net debt to EBITDA of 0.2x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Basic Materials 12.0x baseline.

ARV.L fell 3.7% over the trailing 7 days, with a +4.2% read on a 30-day basis.