Mangels Industrial S.A. (MGEL4.SA)

Mangels Industrial S.A. (MGEL4.SA) — VMCI valuation read

Headline read on MGEL4.SA: VMCI of 56/100 versus a Basic Materials sector median of 50. The 6-point above-median position is what makes Mangels Industrial S.A. a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on MGEL4.SA: 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 MGEL4.SA: value (MGEL4.SA trades at 15.0x earnings, 17% below 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 1.5x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Basic Materials 12.0x baseline.

MGEL4.SA rose 2.4% over the trailing 7 days, with a -9.4% read on a 30-day basis.