WAM Global Limited (WGB.AX)

WAM Global Limited (WGB.AX) — VMCI valuation read

Headline read on WGB.AX: VMCI of 58/100 versus a Financial Services sector median of 50. The 8-point above-median position is what makes WAM Global Limited a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on WGB.AX: 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 WGB.AX: value (WGB.AX trades at 21.0x earnings, 17% above 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 -0.9x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Financial Services 12.0x baseline.

WGB.AX rose 0.5% over the trailing 7 days, with a -22.8% read on a 30-day basis.