Saraiva Livreiros S.A. - em Recuperação Judicial (SLED3.SA)

Saraiva Livreiros S.A. - em Recuperação Judicial (SLED3.SA) — VMCI valuation read

Headline read on SLED3.SA: VMCI of 48/100 versus a Consumer Cyclical sector median of 50. The 2-point below-median position is what makes Saraiva Livreiros S.A. - em Recuperação Judicial a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on SLED3.SA: 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 SLED3.SA: value (SLED3.SA trades at 25.0x earnings, 39% above the Consumer Cyclical median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Consumer Cyclical 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 Consumer Cyclical 12.0x baseline.

SLED3.SA fell 1.1% over the trailing 7 days, with a -13.0% read on a 30-day basis.