Indiana Resources Limited (IDA.AX)

Indiana Resources Limited (IDA.AX) — VMCI valuation read

Headline read on IDA.AX: VMCI of 72/100 versus a Basic Materials sector median of 50. The 22-point above-median position is what makes Indiana Resources Limited a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on IDA.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 IDA.AX: value (IDA.AX trades at 21.0x earnings, 17% above the Basic Materials median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Basic Materials median (10.0%)), and risk (net debt to EBITDA of 2.9x is the rate-sensitivity line to watch). The value read also implies an EV/EBITDA gap of +4.0x against the Basic Materials 12.0x baseline.

IDA.AX rose 1.8% over the trailing 7 days, with a +4.8% read on a 30-day basis.