` Comparison: IMA vs RIO - Alpha Spread

IMA
vs
RIO

Over the past 12 months, IMA has underperformed RIO, delivering a return of -53% compared to the RIO's +68% growth.

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IMA
RIO
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Valuation Comparison

IMA Intrinsic Value
0.438 AUD
Undervaluation 91%
Intrinsic Value
Price AU$0.041
RIO Intrinsic Value
5 110.15 GBX
Overvaluation 28%
Intrinsic Value
Price GBX7 102
Company Last Price Intrinsic Value DCF Value Multiples-Based Value Wall St Target
Image Resources NL
ASX:IMA
0.041 AUD
Rio Tinto PLC
LSE:RIO
7 102 GBX
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
IMA, RIO

IMA
RIO
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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
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Revenue
Rio Tinto PLC
Revenue

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

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Profitability Comparison

Free Cash Flow
IMA, RIO

IMA
RIO
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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
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ASX:IMA
Rio Tinto PLC
LSE:RIO
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What is Free Cash Flow?

Gross Margin

IMA
-9.1%
RIO
49.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Image Resources NL
Rio Tinto PLC

Operating Margin

IMA
-58.3%
RIO
30.4%
LTM 3Y Avg 5Y Avg 10Y Avg
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Rio Tinto PLC

Net Margin

IMA
-57.3%
RIO
17.3%
LTM 3Y Avg 5Y Avg 10Y Avg
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Rio Tinto PLC

FCF Margin

IMA
-156.1%
RIO
7.8%
LTM 3Y Avg 5Y Avg 10Y Avg
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Rio Tinto PLC

ROE

IMA
-13%
RIO
17.6%
LTM 3Y Avg 5Y Avg 10Y Avg
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Rio Tinto PLC

ROA

IMA
-6.8%
RIO
8.9%
LTM 3Y Avg 5Y Avg 10Y Avg
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Rio Tinto PLC

ROIC

IMA
-6.1%
RIO
11.9%
LTM 3Y Avg 5Y Avg 10Y Avg
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Rio Tinto PLC

ROCE

IMA
-8.1%
RIO
17.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Image Resources NL
Rio Tinto PLC

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
IMA, RIO

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Performance Gap
IMA, RIO

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IMA
RIO
Difference
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Performance By Year
IMA, RIO

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IMA
RIO
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Compare IMA to other stocks
RIO
Rio Tinto Ltd
More expensive
vs IMA
BHP
BHP Group Ltd
More expensive
vs IMA
GLEN
Glencore PLC
More expensive
vs IMA
GMEXICOB
Grupo Mexico SAB de CV
More expensive
vs IMA
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Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.

Warren Buffett