` Comparison: ENEV3, VST - Alpha Spread

ENEV3
vs
VST

Over the past 12 months, ENEV3 has significantly outperformed VST, delivering a return of +85% compared to the VST's +16% growth.

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ENEV3
VST
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Valuation Comparison

ENEV3 Intrinsic Value
19.3 BRL
Overvaluation 3%
Intrinsic Value
Price
VST Intrinsic Value
206.41 USD
Undervaluation 21%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Eneva SA
BOVESPA:ENEV3
19.92 BRL
Vistra Corp
NYSE:VST
163.03 USD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
ENEV3, VST

ENEV3
VST
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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
Eneva SA
Revenue
Vistra Corp
Revenue

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

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Profitability Comparison

Free Cash Flow
ENEV3, VST

ENEV3
VST
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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
Eneva SA
BOVESPA:ENEV3
Vistra Corp
NYSE:VST
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What is Free Cash Flow?

Gross Margin

ENEV3
31%
VST
97.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Eneva SA
Vistra Corp

Operating Margin

ENEV3
17.7%
VST
12.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Eneva SA
Vistra Corp

Net Margin

ENEV3
-1.4%
VST
5.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Eneva SA
Vistra Corp

FCF Margin

ENEV3
2.9%
VST
2.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Eneva SA
Vistra Corp

ROE

ENEV3
-1.3%
VST
18%
LTM 3Y Avg 5Y Avg 10Y Avg
Eneva SA
Vistra Corp

ROA

ENEV3
-0.4%
VST
2.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Eneva SA
Vistra Corp

ROIC

ENEV3
5.3%
VST
5.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Eneva SA
Vistra Corp

ROCE

ENEV3
6.2%
VST
7%
LTM 3Y Avg 5Y Avg 10Y Avg
Eneva SA
Vistra Corp

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
ENEV3, VST

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Performance Gap
ENEV3, VST

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ENEV3
VST
Difference
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Performance By Year
ENEV3, VST

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ENEV3
VST
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