Manufatura de Brinquedos Estrela S.A. (ESTR4.SA)

Manufatura de Brinquedos Estrela S.A. (ESTR4.SA) — VMCI valuation read

Manufatura de Brinquedos Estrela S.A. sits at VMCI 42/100, with the Consumer Cyclical sector median at 50. That 8-point spread is the first thing to note on ESTR4.SA: it tells the reader the composite is unfavorable before any single ratio is examined, and the mid-cap tier sets the comparison set.

Form 4 disclosures on ESTR4.SA are blank for the trailing 30 days. With the insider channel offline, the EV/EBITDA delta, free-cash-flow trajectory, and the next earnings print do the talking.

**Investor frame.** The Value read on ESTR4.SA: ESTR4.SA trades at 20.0x earnings, 11% above the Consumer Cyclical median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 8.0% trails the Consumer Cyclical median (10.0%) by 2.0pp. The Risk read: net debt to EBITDA of -0.7x leaves covenant headroom, anchoring the bear scenario on a measurable balance-sheet metric.

ESTR4.SA rose 2.0% over the trailing 7 days, with a -4.8% read on a 30-day basis.