Tetragon Financial Group Limited (TFG.AS)
ValueMarkers Composite Index
98% below intrinsic value ($677)
Tetragon Financial Group Limited (TFG.AS) — VMCI valuation read
Headline read on TFG.AS: VMCI of 68/100 versus a Financial Services sector median of 50. The 18-point above-median position is what makes Tetragon Financial Group Limited a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on TFG.AS: 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 TFG.AS: value (TFG.AS trades at 15.0x earnings, 17% below the Financial Services median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Financial Services median (10.0%)), and risk (net debt to EBITDA of 2.2x is the rate-sensitivity line to watch). The value read also implies an EV/EBITDA gap of +4.0x against the Financial Services 12.0x baseline.
TFG.AS rose 0.2% over the trailing 7 days, with a -17.9% read on a 30-day basis.
Tetragon Financial Group Limited is a close ended feeder fund launched and managed by Tetragon Financial Management LP. The fund invests its entire corpus in Tetragon Financial Group Master Fund Limited. It was formerly known as Tetragon Credit Income Fund Limited. Tetragon Financial Group Limited was formed on June 23, 2005 and is domiciled in the Guernsey, Channel Islands.
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