B.V. Delftsch Aardewerkfabriek "De Porceleyne Fles Anno 1653" (PORF.AS)

B.V. Delftsch Aardewerkfabriek "De Porceleyne Fles Anno 1653" (PORF.AS) — VMCI valuation read

Headline read on PORF.AS: VMCI of 44/100 versus a Consumer Defensive sector median of 50. The 6-point below-median position is what makes B.V. Delftsch Aardewerkfabriek "De Porceleyne Fles Anno 1653" a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on PORF.AS: 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 PORF.AS: value (PORF.AS trades at 17.0x earnings, 6% below the Consumer Defensive median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Consumer Defensive median (10.0%)), and risk (net debt to EBITDA of 2.0x is the rate-sensitivity line to watch). The value read also implies an EV/EBITDA gap of +4.0x against the Consumer Defensive 12.0x baseline.

PORF.AS rose 3.4% over the trailing 7 days, with a +5.1% read on a 30-day basis.