` Comparison: WFC vs C - Alpha Spread

WFC
vs
C

Over the past 12 months, WFC has underperformed C, delivering a return of -2% compared to the C's +52% growth.

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WFC
C
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Valuation Comparison

WFC Intrinsic Value
1 818.75 MXN
Undervaluation 12%
Intrinsic Value
Price
C Intrinsic Value
114.66 USD
Overvaluation 6%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Wells Fargo & Co
BMV:WFC
1 605 MXN
Citigroup Inc
NYSE:C
122.33 USD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
WFC, C

Revenue
www.alphaspread.com
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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
Wells Fargo & Co
Revenue
Citigroup Inc
Revenue

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

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Profitability Comparison

Free Cash Flow
WFC, C

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
Wells Fargo & Co
BMV:WFC
FCF is not applicable for financial companies
Citigroup Inc
NYSE:C
FCF is not applicable for financial companies
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What is Free Cash Flow?

Gross Margin

WFC
C
LTM 3Y Avg 5Y Avg 10Y Avg
Wells Fargo & Co
Not applicable for financial companies
Citigroup Inc
Not applicable for financial companies

Operating Margin

WFC
C
LTM 3Y Avg 5Y Avg 10Y Avg
Wells Fargo & Co
Not applicable for financial companies
Citigroup Inc
Not applicable for financial companies

Net Margin

WFC
24.2%
C
15.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Wells Fargo & Co
Citigroup Inc

FCF Margin

WFC
C
LTM 3Y Avg 5Y Avg 10Y Avg
Wells Fargo & Co
Not applicable for financial companies
Citigroup Inc
Not applicable for financial companies

ROE

WFC
11.3%
C
6.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Wells Fargo & Co
Citigroup Inc

ROA

WFC
1%
C
0.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Wells Fargo & Co
Citigroup Inc

ROIC

WFC
C
LTM 3Y Avg 5Y Avg 10Y Avg
Wells Fargo & Co
Not applicable for financial companies
Citigroup Inc
Not applicable for financial companies

ROCE

WFC
C
LTM 3Y Avg 5Y Avg 10Y Avg
Wells Fargo & Co
Not applicable for financial companies
Citigroup Inc
Not applicable for financial companies

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
WFC, C

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Performance Gap
WFC, C

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WFC
C
Difference
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Performance By Year
WFC, C

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