Codere Online Luxembourg, S.A. (CDROW)

Codere Online Luxembourg, S.A. (CDROW) — VMCI valuation read

Headline read on CDROW: VMCI of 55/100 versus a Consumer Cyclical sector median of 50. The 5-point above-median position is what makes Codere Online Luxembourg, S.A. a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on CDROW: 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 CDROW: value (CDROW trades at 21.0x earnings, 17% above the Consumer Cyclical median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Consumer Cyclical median (10.0%)), and risk (net debt to EBITDA of -2.0x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Consumer Cyclical 12.0x baseline.

CDROW rose 0.5% over the trailing 7 days, with a +3.6% read on a 30-day basis.