Shaw Communications Inc. (SJR)

Shaw Communications Inc. (SJR) — VMCI valuation read

Headline read on SJR: VMCI of 52/100 versus a Communication Services sector median of 50. The 2-point above-median position is what makes Shaw Communications Inc. a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on SJR: 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 SJR: value (SJR trades at 17.0x earnings, 6% below the Communication Services median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Communication Services median (10.0%)), and risk (net debt to EBITDA of 3.3x is the binding constraint on the bear case). The value read also implies an EV/EBITDA gap of +4.0x against the Communication Services 12.0x baseline.

SJR rose 2.7% over the trailing 7 days, with a -14.6% read on a 30-day basis.