` Comparison: X vs VALE3 - Alpha Spread

X
vs
VALE3

Over the past 12 months, X has underperformed VALE3, delivering a return of +31% compared to the VALE3's +61% growth.

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X
VALE3
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Valuation Comparison

X Intrinsic Value
666.27 MXN
Overvaluation 36%
Intrinsic Value
Price
VALE3 Intrinsic Value
71.13 BRL
Overvaluation 20%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
United States Steel Corp
BMV:X
1 046.24 MXN
Vale SA
BOVESPA:VALE3
88.67 BRL
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
X, VALE3

X
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
United States Steel Corp
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
X, VALE3

X
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
United States Steel Corp
BMV:X
Vale SA
BOVESPA:VALE3
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What is Free Cash Flow?

Gross Margin

X
8.7%
VALE3
34.8%
LTM 3Y Avg 5Y Avg 10Y Avg
United States Steel Corp
Vale SA

Operating Margin

X
-0.8%
VALE3
27.7%
LTM 3Y Avg 5Y Avg 10Y Avg
United States Steel Corp
Vale SA

Net Margin

X
0.6%
VALE3
14.1%
LTM 3Y Avg 5Y Avg 10Y Avg
United States Steel Corp
Vale SA

FCF Margin

X
-0.4%
VALE3
7.5%
LTM 3Y Avg 5Y Avg 10Y Avg
United States Steel Corp
Vale SA

ROE

X
0.9%
VALE3
14.1%
LTM 3Y Avg 5Y Avg 10Y Avg
United States Steel Corp
Vale SA

ROA

X
0.5%
VALE3
6.2%
LTM 3Y Avg 5Y Avg 10Y Avg
United States Steel Corp
Vale SA

ROIC

X
-0.9%
VALE3
12.5%
LTM 3Y Avg 5Y Avg 10Y Avg
United States Steel Corp
Vale SA

ROCE

X
-0.7%
VALE3
14.5%
LTM 3Y Avg 5Y Avg 10Y Avg
United States Steel Corp
Vale SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
X, VALE3

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Performance Gap
X, VALE3

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X
VALE3
Difference
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Performance By Year
X, VALE3

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X
VALE3
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