` Comparison: SPNO, MTB - Alpha Spread

SPNO
vs
MTB

Over the past 12 months, SPNO has underperformed MTB, delivering a return of +1% compared to the MTB's +2% growth.

Valuation Growth Profitability Solvency Stocks Performance
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SPNO
MTB
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Stocks Compared:
SPNO MTB
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Valuation Comparison

SPNO Intrinsic Value
241.8 DKK
Undervaluation 13%
Intrinsic Value
Price
MTB Intrinsic Value
254.71 USD
Undervaluation 20%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Spar Nord Bank A/S
CSE:SPNO
209.6 DKK
M&T Bank Corp
NYSE:MTB
203.84 USD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
SPNO, MTB

SPNO
MTB
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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
Spar Nord Bank A/S
Revenue
M&T Bank Corp
Revenue

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

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Profitability Comparison

Free Cash Flow
SPNO, MTB

SPNO
MTB
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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
Spar Nord Bank A/S
CSE:SPNO
FCF is not applicable for financial companies
M&T Bank Corp
NYSE:MTB
FCF is not applicable for financial companies
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What is Free Cash Flow?

Gross Margin

SPNO
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
Spar Nord Bank A/S
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

Operating Margin

SPNO
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
Spar Nord Bank A/S
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

Net Margin

SPNO
34.7%
MTB
27.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Spar Nord Bank A/S
M&T Bank Corp

FCF Margin

SPNO
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
Spar Nord Bank A/S
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

ROE

SPNO
14%
MTB
9.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Spar Nord Bank A/S
M&T Bank Corp

ROA

SPNO
1.4%
MTB
1.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Spar Nord Bank A/S
M&T Bank Corp

ROIC

SPNO
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
Spar Nord Bank A/S
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

ROCE

SPNO
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
Spar Nord Bank A/S
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
SPNO, MTB

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SPNO
MTB
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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
SPNO, MTB

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SPNO
MTB
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
SPNO, MTB

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SPNO
MTB
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