Maq Administracion Urbanas Socimi, S.A., Acciones Fund (MLMAQ.PA)

Maq Administracion Urbanas Socimi, S.A., Acciones Fund (MLMAQ.PA) — VMCI valuation read

Headline read on MLMAQ.PA: VMCI of 61/100 versus a Real Estate sector median of 50. The 11-point above-median position is what makes Maq Administracion Urbanas Socimi, S.A., Acciones Fund a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on MLMAQ.PA: 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 MLMAQ.PA: value (MLMAQ.PA trades at 25.0x earnings, 39% above the Real Estate median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Real Estate median (10.0%)), and risk (net debt to EBITDA of -0.7x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Real Estate 12.0x baseline.

MLMAQ.PA fell 3.7% over the trailing 7 days, with a +4.5% read on a 30-day basis.