Samuel Heath & Sons plc (HSM.L)

Samuel Heath & Sons plc (HSM.L) — VMCI valuation read

Samuel Heath & Sons plc sits at VMCI 63/100, with the Industrials sector median at 50. That 13-point spread is the first thing to note on HSM.L: it tells the reader the composite is favorable before any single ratio is examined, and the mid-cap tier sets the comparison set.

Form 4 disclosures on HSM.L 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 HSM.L: HSM.L trades at 14.0x earnings, 22% below the Industrials median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 12.0% sits 2.0pp above the Industrials median (10.0%). The Risk read: net debt to EBITDA of 0.3x leaves covenant headroom, anchoring the bear scenario on a measurable balance-sheet metric.

HSM.L fell 3.1% over the trailing 7 days, with a -1.4% read on a 30-day basis.