` Comparison: BSL, VALE3 - Alpha Spread

BSL
vs
VALE3

Over the past 12 months, BSL has underperformed VALE3, delivering a return of +17% compared to the VALE3's +23% growth.

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BSL
VALE3
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Valuation Comparison

BSL Intrinsic Value
40.5 AUD
Undervaluation 41%
Intrinsic Value
Price
VALE3 Intrinsic Value
77.37 BRL
Undervaluation 11%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
BlueScope Steel Ltd
ASX:BSL
23.97 AUD
Vale SA
BOVESPA:VALE3
68.61 BRL
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
BSL, VALE3

BSL
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
BlueScope Steel 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
BSL, VALE3

BSL
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
BlueScope Steel Ltd
ASX:BSL
Vale SA
BOVESPA:VALE3
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What is Free Cash Flow?

Gross Margin

BSL
21.9%
VALE3
34.8%
LTM 3Y Avg 5Y Avg 10Y Avg
BlueScope Steel Ltd
Vale SA

Operating Margin

BSL
3.8%
VALE3
27.7%
LTM 3Y Avg 5Y Avg 10Y Avg
BlueScope Steel Ltd
Vale SA

Net Margin

BSL
0.5%
VALE3
14.2%
LTM 3Y Avg 5Y Avg 10Y Avg
BlueScope Steel Ltd
Vale SA

FCF Margin

BSL
1.1%
VALE3
7.5%
LTM 3Y Avg 5Y Avg 10Y Avg
BlueScope Steel Ltd
Vale SA

ROE

BSL
0.8%
VALE3
14.2%
LTM 3Y Avg 5Y Avg 10Y Avg
BlueScope Steel Ltd
Vale SA

ROA

BSL
0.5%
VALE3
6.2%
LTM 3Y Avg 5Y Avg 10Y Avg
BlueScope Steel Ltd
Vale SA

ROIC

BSL
3.5%
VALE3
12.5%
LTM 3Y Avg 5Y Avg 10Y Avg
BlueScope Steel Ltd
Vale SA

ROCE

BSL
4.9%
VALE3
14.5%
LTM 3Y Avg 5Y Avg 10Y Avg
BlueScope Steel Ltd
Vale SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
BSL, VALE3

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Performance Gap
BSL, VALE3

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BSL
VALE3
Difference
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Performance By Year
BSL, VALE3

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BSL
VALE3
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