Jumbo S.A. (BELA.AT)

Jumbo S.A. (BELA.AT) — VMCI valuation read

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

Form 4 filings on BELA.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 BELA.AT: value (BELA.AT trades at 21.0x earnings, 17% above the Consumer Cyclical median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Consumer Cyclical median (10.0%)), and risk (net debt to EBITDA of 3.4x is the binding constraint on the bear case). The value read also implies an EV/EBITDA gap of +4.0x against the Consumer Cyclical 12.0x baseline.

BELA.AT fell 3.7% over the trailing 7 days, with a +3.7% read on a 30-day basis.