` Comparison: SHL, FRE - Alpha Spread

SHL
vs
FRE

Over the past 12 months, SHL has underperformed FRE, delivering a return of -19% compared to the FRE's +38% growth.

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SHL
FRE
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Valuation Comparison

SHL Intrinsic Value
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FRE Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Sonic Healthcare Ltd
ASX:SHL
22.875 AUD
Fresenius SE & Co KGaA
XETRA:FRE
48.03 EUR
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Valuation Scenario:
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Base Case
Bull Case

Growth Comparison

Growth Over Time
SHL, FRE

SHL
FRE
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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
Sonic Healthcare Ltd
Revenue
Fresenius SE & Co KGaA
Revenue

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

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Profitability Comparison

Free Cash Flow
SHL, FRE

SHL
FRE
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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
Sonic Healthcare Ltd
ASX:SHL
Fresenius SE & Co KGaA
XETRA:FRE
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What is Free Cash Flow?

Gross Margin

SHL
83.8%
FRE
25%

Operating Margin

SHL
9.7%
FRE
9.8%

Net Margin

SHL
5.3%
FRE
5.1%

FCF Margin

SHL
8.7%
FRE
5.4%

ROE

SHL
6.3%
FRE
6.1%

ROA

SHL
3.3%
FRE
2.7%

ROIC

SHL
5.2%
FRE
4.2%

ROCE

SHL
7.1%
FRE
6.5%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
SHL, FRE

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Performance Gap
SHL, FRE

Performance Gap Between SHL and FRE
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Performance By Year
SHL, FRE

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SHL
FRE
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