Compagnie des Tramways de Rouen (MLTRA.PA)

Compagnie des Tramways de Rouen (MLTRA.PA) — VMCI valuation read

Headline read on MLTRA.PA: VMCI of 42/100 versus a Financial Services sector median of 50. The 9-point below-median position is what makes Compagnie des Tramways de Rouen a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on MLTRA.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 MLTRA.PA: value (MLTRA.PA trades at 15.0x earnings, 17% below the Financial Services median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Financial Services 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 Financial Services 12.0x baseline.

MLTRA.PA rose 0.8% over the trailing 7 days, with a -7.3% read on a 30-day basis.