Alpha Real Estate S.a. (ASTAK.AT)

Alpha Real Estate S.a. (ASTAK.AT) — VMCI valuation read

Headline read on ASTAK.AT: VMCI of 65/100 versus a Real Estate sector median of 50. The 15-point above-median position is what makes Alpha Real Estate S.a. a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on ASTAK.AT: 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 ASTAK.AT: value (ASTAK.AT trades at 25.0x earnings, 39% above the Real Estate median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Real Estate median (10.0%)), and risk (net debt to EBITDA of 1.6x is the rate-sensitivity line to watch). The value read also implies an EV/EBITDA gap of +4.0x against the Real Estate 12.0x baseline.

ASTAK.AT fell 0.8% over the trailing 7 days, with a -2.4% read on a 30-day basis.