Salter Brothers Emerging Companies Limited (SB2.AX)

Salter Brothers Emerging Companies Limited (SB2.AX) — VMCI valuation read

Salter Brothers Emerging Companies Limited sits at VMCI 64/100, with the Financial Services sector median at 50. That 14-point spread is the first thing to note on SB2.AX: it tells the reader the composite is favorable before any single ratio is examined, and the mid-cap tier sets the comparison set.

Form 4 disclosures on SB2.AX are blank for the trailing 30 days. With the insider channel offline, the EV/EBITDA delta, free-cash-flow trajectory, and the next earnings print do the talking.

**Investor frame.** The Value read on SB2.AX: SB2.AX trades at 22.0x earnings, 22% above the Financial Services median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 8.0% trails the Financial Services median (10.0%) by 2.0pp. The Risk read: net debt to EBITDA of -0.5x leaves covenant headroom, anchoring the bear scenario on a measurable balance-sheet metric.

SB2.AX rose 3.0% over the trailing 7 days, with a -6.3% read on a 30-day basis.