Li Ning Company Limited (LNNGF)

Li Ning Company Limited (LNNGF) — VMCI valuation read

Headline read on LNNGF: VMCI of 66/100 versus a Consumer Cyclical sector median of 50. The 16-point above-median position is what makes Li Ning Company Limited a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on LNNGF: 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 LNNGF: value (LNNGF trades at 27.0x earnings, 50% 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 -1.7x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Consumer Cyclical 12.0x baseline.

LNNGF fell 1.1% over the trailing 7 days, with a -22.2% read on a 30-day basis.