` Comparison: FEX vs KIO - Alpha Spread

FEX
vs
K
KIO

Over the past 12 months, FEX has significantly outperformed KIO, delivering a return of +35% compared to the KIO's +11% growth.

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FEX
KIO
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Valuation Comparison

FEX Intrinsic Value
0.62 AUD
Undervaluation 35%
Intrinsic Value
Price
K
KIO Intrinsic Value
24 665.69 Zac
Overvaluation 36%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Fenix Resources Ltd
ASX:FEX
0.405 AUD
K
Kumba Iron Ore Ltd
JSE:KIO
38 534 Zac
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Valuation Scenario:
Bear Case
Base Case
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Growth Comparison

Growth Over Time
FEX, KIO

FEX
KIO
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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
Fenix Resources Ltd
Revenue
K
Kumba Iron Ore Ltd
Revenue

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

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Profitability Comparison

Free Cash Flow
FEX, KIO

FEX
KIO
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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
Fenix Resources Ltd
ASX:FEX
K
Kumba Iron Ore Ltd
JSE:KIO
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What is Free Cash Flow?

Gross Margin

FEX
8.8%
KIO
82.3%

Operating Margin

FEX
3.4%
KIO
33%

Net Margin

FEX
1.7%
KIO
21.8%

FCF Margin

FEX
2.4%
KIO
26.8%

ROE

FEX
3.1%
KIO
28.1%

ROA

FEX
1.7%
KIO
15.3%

ROIC

FEX
3.6%
KIO
22.4%

ROCE

FEX
4.6%
KIO
25.9%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
FEX, KIO

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Performance Gap
FEX, KIO

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FEX
KIO
Difference
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Performance By Year
FEX, KIO

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FEX
KIO
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