Orell Füssli AG (OFN.SW)

Orell Füssli AG (OFN.SW) — VMCI valuation read

Headline read on OFN.SW: VMCI of 69/100 versus a Industrials sector median of 50. The 19-point above-median position is what makes Orell Füssli AG a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on OFN.SW: 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 OFN.SW: value (OFN.SW trades at 23.0x earnings, 28% above the Industrials median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Industrials median (10.0%)), and risk (net debt to EBITDA of 3.2x is the binding constraint on the bear case). The value read also implies an EV/EBITDA gap of +4.0x against the Industrials 12.0x baseline.

OFN.SW fell 3.4% over the trailing 7 days, with a -5.4% read on a 30-day basis.