` Comparison: CMIN3 vs FMG - Alpha Spread

CMIN3
vs
FMG

Over the past 12 months, CMIN3 has underperformed FMG, delivering a return of -6% compared to the FMG's +23% growth.

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CMIN3
FMG
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Valuation Comparison

CMIN3 Intrinsic Value
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FMG Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
CSN Mineracao SA
BOVESPA:CMIN3
5.1 BRL
Fortescue Metals Group Ltd
ASX:FMG
19.25 AUD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
CMIN3, FMG

CMIN3
FMG
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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
CSN Mineracao SA
Revenue
Fortescue Metals Group Ltd
Revenue

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

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Profitability Comparison

Free Cash Flow
CMIN3, FMG

CMIN3
FMG
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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
CSN Mineracao SA
BOVESPA:CMIN3
Fortescue Metals Group Ltd
ASX:FMG
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What is Free Cash Flow?

Gross Margin

CMIN3
47.5%
FMG
41.9%

Operating Margin

CMIN3
28.3%
FMG
34.6%

Net Margin

CMIN3
13.8%
FMG
22.8%

FCF Margin

CMIN3
17.2%
FMG
23.7%

ROE

CMIN3
26%
FMG
18.7%

ROA

CMIN3
7%
FMG
12.3%

ROIC

CMIN3
19%
FMG
15.4%

ROCE

CMIN3
19.1%
FMG
20.2%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
CMIN3, FMG

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Performance Gap
CMIN3, FMG

Performance Gap Between CMIN3 and FMG
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Performance By Year
CMIN3, FMG

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CMIN3
FMG
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Compare CMIN3 to other stocks
KIO
Kumba Iron Ore Ltd
K
Cheaper
vs CMIN3
VALE3
Vale SA
More expensive
vs CMIN3
MT
ArcelorMittal SA
More expensive
vs CMIN3
FVJ
Fortescue Ltd
F
More expensive
vs CMIN3
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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