Miquel y Costas & Miquel, S.A. (MCM.MC)

Miquel y Costas & Miquel, S.A. (MCM.MC) — VMCI valuation read

Headline read on MCM.MC: VMCI of 58/100 versus a Basic Materials sector median of 50. The 8-point above-median position is what makes Miquel y Costas & Miquel, S.A. a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on MCM.MC: 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 MCM.MC: value (MCM.MC trades at 23.0x earnings, 28% 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 0.1x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Basic Materials 12.0x baseline.

MCM.MC rose 3.7% over the trailing 7 days, with a -14.4% read on a 30-day basis.