PYC Therapeutics Limited (PYC.AX)

PYC Therapeutics Limited (PYC.AX) — VMCI valuation read

Headline read on PYC.AX: VMCI of 42/100 versus a Healthcare sector median of 50. The 8-point below-median position is what makes PYC Therapeutics Limited a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on PYC.AX: 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 PYC.AX: value (PYC.AX trades at 21.0x earnings, 17% above the Healthcare median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Healthcare median (10.0%)), and risk (net debt to EBITDA of 1.7x is the rate-sensitivity line to watch). The value read also implies an EV/EBITDA gap of +4.0x against the Healthcare 12.0x baseline.

PYC.AX rose 2.1% over the trailing 7 days, with a +1.7% read on a 30-day basis.