` Comparison: TIMS3, MTN - Alpha Spread

TIMS3
vs
M
MTN

Over the past 12 months, TIMS3 has underperformed MTN, delivering a return of -98% compared to the MTN's +86% growth.

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TIMS3
MTN
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Valuation Comparison

TIMS3 Intrinsic Value
33.79 BRL
Undervaluation 31%
Intrinsic Value
Price
M
MTN Intrinsic Value
Not Available
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Tim SA
BOVESPA:TIMS3
23.42 BRL
M
MTN Group Ltd
JSE:MTN
15 623 Zac
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Valuation Scenario:
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Base Case
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Growth Comparison

Growth Over Time
TIMS3, MTN

TIMS3
MTN
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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
Tim SA
Revenue
M
MTN Group Ltd
Revenue

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

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Profitability Comparison

Free Cash Flow
TIMS3, MTN

TIMS3
MTN
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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
Tim SA
BOVESPA:TIMS3
M
MTN Group Ltd
JSE:MTN
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What is Free Cash Flow?

Gross Margin

TIMS3
42.4%
MTN
73.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Tim SA
M
MTN Group Ltd

Operating Margin

TIMS3
23.2%
MTN
23.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Tim SA
M
MTN Group Ltd

Net Margin

TIMS3
13.9%
MTN
3.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Tim SA
M
MTN Group Ltd

FCF Margin

TIMS3
33.9%
MTN
10.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Tim SA
M
MTN Group Ltd

ROE

TIMS3
14.3%
MTN
5.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Tim SA
M
MTN Group Ltd

ROA

TIMS3
6.5%
MTN
1.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Tim SA
M
MTN Group Ltd

ROIC

TIMS3
11.7%
MTN
7.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Tim SA
M
MTN Group Ltd

ROCE

TIMS3
14.3%
MTN
17.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Tim SA
M
MTN Group Ltd

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
TIMS3, MTN

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Performance Gap
TIMS3, MTN

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TIMS3
MTN
Difference
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Performance By Year
TIMS3, MTN

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TIMS3
MTN
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