Plaza S.A. (MALLPLAZA.SN)

Plaza S.A. (MALLPLAZA.SN) — VMCI valuation read

Headline read on MALLPLAZA.SN: VMCI of 63/100 versus a Real Estate sector median of 50. The 13-point above-median position is what makes Plaza S.A. a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on MALLPLAZA.SN: 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 MALLPLAZA.SN: value (MALLPLAZA.SN trades at 21.0x earnings, 17% above the Real Estate median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Real Estate median (10.0%)), and risk (net debt to EBITDA of -2.2x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Real Estate 12.0x baseline.

MALLPLAZA.SN fell 1.1% over the trailing 7 days, with a -4.4% read on a 30-day basis.