` Comparison: CARL B, ABEV3 - Alpha Spread

CARL B
vs
ABEV3

Over the past 12 months, CARL B has underperformed ABEV3, delivering a return of +6% compared to the ABEV3's +14% growth.

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CARL B
ABEV3
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Ranked results with clear takeaways.
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Valuation
Growth
Profitability
Solvency
Comparing Valuation
Running a multi-layered valuation analysis to compare how attractive each stock is.
Comparing Growth
Financial growth, forecasts, volatility, and historical drawdowns.
Comparing Profitability
Margins, returns on capital, and the consistency of profitability.
Comparing Solvency
Debt levels, liquidity, interest coverage, and bankruptcy risk.
Summarizing...
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Valuation Comparison

CARL B Intrinsic Value
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ABEV3 Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Carlsberg A/S
CSE:CARL B
898 DKK
Ambev SA
BOVESPA:ABEV3
13.4 BRL
Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
CARL B, ABEV3

CARL B
ABEV3
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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
Carlsberg A/S
Revenue
Ambev SA
Revenue

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

Profitability Comparison

Free Cash Flow
CARL B, ABEV3

CARL B
ABEV3
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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
Carlsberg A/S
CSE:CARL B
Ambev SA
BOVESPA:ABEV3
What is Free Cash Flow?

Gross Margin

CARL B
45.8%
ABEV3
51.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Ambev SA

Operating Margin

CARL B
14.3%
ABEV3
24.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Ambev SA

Net Margin

CARL B
12.2%
ABEV3
15.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Ambev SA

FCF Margin

CARL B
8.4%
ABEV3
24%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Ambev SA

ROE

CARL B
35.8%
ABEV3
15.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Ambev SA

ROA

CARL B
8.1%
ABEV3
10.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Ambev SA

ROIC

CARL B
11.3%
ABEV3
16.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Ambev SA

ROCE

CARL B
16.3%
ABEV3
22%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Ambev SA

Solvency Comparison

Balance Sheet Comparison

Stocks Performance

Stocks Performance
CARL B, ABEV3

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CARL B
ABEV3
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Performance Gap
CARL B, ABEV3

Performance Gap Between CARL B and ABEV3
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Performance By Year
CARL B, ABEV3

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CARL B
ABEV3
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