` Comparison: ABEV3 vs HEIO - Alpha Spread
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ABEV3
vs
HEIO

Over the past 12 months, ABEV3 has significantly outperformed HEIO, delivering a return of +43% compared to the HEIO's +5% growth.

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ABEV3
HEIO
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Stocks Compared:
ABEV3 HEIO
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Valuation Comparison

ABEV3 Intrinsic Value
12.24 BRL
Overvaluation 23%
Intrinsic Value
Price
HEIO Intrinsic Value
141.97 EUR
Undervaluation 50%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Ambev SA
BOVESPA:ABEV3
15.9 BRL
Heineken Holding NV
AEX:HEIO
71.45 EUR
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Valuation Scenario:
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Growth Comparison

Growth Over Time
ABEV3, HEIO

ABEV3
HEIO
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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
Ambev SA
Revenue
Heineken Holding NV
Revenue

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

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Profitability Comparison

Free Cash Flow
ABEV3, HEIO

ABEV3
HEIO
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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
Ambev SA
BOVESPA:ABEV3
Heineken Holding NV
AEX:HEIO
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What is Free Cash Flow?

Gross Margin

ABEV3
51.4%
HEIO
64.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Ambev SA
Heineken Holding NV

Operating Margin

ABEV3
25.7%
HEIO
11.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Ambev SA
Heineken Holding NV

Net Margin

ABEV3
17.6%
HEIO
3.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Ambev SA
Heineken Holding NV

FCF Margin

ABEV3
22.5%
HEIO
9.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Ambev SA
Heineken Holding NV

ROE

ABEV3
16.6%
HEIO
10.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Ambev SA
Heineken Holding NV

ROA

ABEV3
10.1%
HEIO
1.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Ambev SA
Heineken Holding NV

ROIC

ABEV3
17.9%
HEIO
5.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Ambev SA
Heineken Holding NV

ROCE

ABEV3
21.3%
HEIO
8.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Ambev SA
Heineken Holding NV

Solvency Comparison

Ambev SA
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
Heineken Holding NV
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
ABEV3, HEIO

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ABEV3
HEIO
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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
ABEV3, HEIO

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ABEV3
HEIO
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
ABEV3, HEIO

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HEIO
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