Union Electric Company (UEPCP)

Union Electric Company (UEPCP) — VMCI valuation read

Headline read on UEPCP: VMCI of 50/100 versus a Utilities sector median of 50. The 0-point above-median position is what makes Union Electric Company a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on UEPCP: 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 UEPCP: value (UEPCP trades at 27.0x earnings, 50% above the Utilities median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Utilities median (10.0%)), and risk (net debt to EBITDA of 0.2x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Utilities 12.0x baseline.

UEPCP fell 2.1% over the trailing 7 days, with a -13.0% read on a 30-day basis.