` Comparison: CSNA3 vs FMG - Alpha Spread

CSNA3
vs
FMG

Over the past 12 months, CSNA3 has underperformed FMG, delivering a return of -17% compared to the FMG's +23% growth.

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CSNA3
FMG
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Valuation Comparison

CSNA3 Intrinsic Value
30.98 BRL
Undervaluation 77%
Intrinsic Value
Price
FMG Intrinsic Value
16.81 AUD
Overvaluation 13%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Companhia Siderurgica Nacional SA
BOVESPA:CSNA3
7.23 BRL
Fortescue Metals Group Ltd
ASX:FMG
19.25 AUD
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Valuation Scenario:
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Growth Comparison

Growth Over Time
CSNA3, FMG

CSNA3
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
Companhia Siderurgica Nacional 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
CSNA3, FMG

CSNA3
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
Companhia Siderurgica Nacional SA
BOVESPA:CSNA3
Fortescue Metals Group Ltd
ASX:FMG
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What is Free Cash Flow?

Gross Margin

CSNA3
26.3%
FMG
41.9%

Operating Margin

CSNA3
11.4%
FMG
34.6%

Net Margin

CSNA3
-5.1%
FMG
22.8%

FCF Margin

CSNA3
-0.5%
FMG
23.7%

ROE

CSNA3
-16.2%
FMG
18.7%

ROA

CSNA3
-2.3%
FMG
12.3%

ROIC

CSNA3
5.4%
FMG
15.4%

ROCE

CSNA3
7.1%
FMG
20.2%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
CSNA3, FMG

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Performance Gap
CSNA3, FMG

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CSNA3
FMG
Difference
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Performance By Year
CSNA3, FMG

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CSNA3
FMG
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FVJ
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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