Chorus Limited (CNU.AX)

Chorus Limited (CNU.AX) — VMCI valuation read

Headline read on CNU.AX: VMCI of 43/100 versus a Communication Services sector median of 50. The 7-point below-median position is what makes Chorus Limited a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on CNU.AX: 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 CNU.AX: value (CNU.AX trades at 17.0x earnings, 6% below the Communication Services median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Communication Services 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 Communication Services 12.0x baseline.

CNU.AX fell 0.5% over the trailing 7 days, with a +6.7% read on a 30-day basis.