SPEAR Investments I B.V. (QEV.AS)

SPEAR Investments I B.V. (QEV.AS) — VMCI valuation read

SPEAR Investments I B.V. (QEV.AS) carries a VMCI composite of 47/100, 3 points below the Consumer Cyclical sector median of 50. Among mid-cap names, that gap places QEV.AS in the bottom third on the five-pillar weighting (Value 35%, Quality 30%, Integrity 15%, Growth 12%, Risk 8%).

The QEV.AS insider tape has been silent for the past 30 days on Form 4. Where executives neither buy nor sell, the bull and bear cases lean harder on filings cadence and the next earnings line.

**Investor frame.** Value reads QEV.AS trades at 20.0x earnings, 11% above the Consumer Cyclical median of 18.0x, which compresses or extends through the 11.0x EV/EBITDA versus a Consumer Cyclical 12.0x. Quality: ROIC of 10.0% sits 0.0pp above the Consumer Cyclical median (10.0%). Risk: net debt to EBITDA of 0.5x leaves covenant headroom, the line to track on SPEAR Investments I B.V.'s next 10-Q.

QEV.AS fell 2.8% over the trailing 7 days, with a +5.9% read on a 30-day basis.