Stenocare A/S (STENO.CO)

Stenocare A/S (STENO.CO) — VMCI valuation read

Headline read on STENO.CO: VMCI of 38/100 versus a Healthcare sector median of 50. The 12-point below-median position is what makes Stenocare A/S a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on STENO.CO: 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 STENO.CO: value (STENO.CO trades at 27.0x earnings, 50% above the Healthcare median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Healthcare median (10.0%)), and risk (net debt to EBITDA of 3.5x is the binding constraint on the bear case). The value read also implies an EV/EBITDA gap of +4.0x against the Healthcare 12.0x baseline.

STENO.CO rose 3.4% over the trailing 7 days, with a -11.2% read on a 30-day basis.