` Comparison: BIS vs VALE3 - Alpha Spread

BIS
vs
VALE3

Over the past 12 months, BIS has significantly outperformed VALE3, delivering a return of +90% compared to the VALE3's +45% growth.

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BIS
VALE3
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Valuation Comparison

BIS Intrinsic Value
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VALE3 Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Bisalloy Steel Group Ltd
ASX:BIS
6.08 AUD
Vale SA
BOVESPA:VALE3
84.17 BRL
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Valuation Scenario:
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Base Case
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Growth Comparison

Growth Over Time
BIS, VALE3

BIS
VALE3
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Bisalloy Steel Group Ltd
Revenue
Vale SA
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
BIS, VALE3

BIS
VALE3
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Bisalloy Steel Group Ltd
ASX:BIS
Vale SA
BOVESPA:VALE3
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What is Free Cash Flow?

Gross Margin

BIS
28.8%
VALE3
35%
LTM 3Y Avg 5Y Avg 10Y Avg
Bisalloy Steel Group Ltd
Vale SA

Operating Margin

BIS
17%
VALE3
28.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Bisalloy Steel Group Ltd
Vale SA

Net Margin

BIS
12.8%
VALE3
6.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Bisalloy Steel Group Ltd
Vale SA

FCF Margin

BIS
8%
VALE3
7.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Bisalloy Steel Group Ltd
Vale SA

ROE

BIS
25.5%
VALE3
7.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Bisalloy Steel Group Ltd
Vale SA

ROA

BIS
15.5%
VALE3
2.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Bisalloy Steel Group Ltd
Vale SA

ROIC

BIS
20%
VALE3
6.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Bisalloy Steel Group Ltd
Vale SA

ROCE

BIS
29.1%
VALE3
15.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Bisalloy Steel Group Ltd
Vale SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
BIS, VALE3

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Performance Gap
BIS, VALE3

Performance Gap Between BIS and VALE3
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Performance By Year
BIS, VALE3

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BIS
VALE3
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