` Comparison: AIR vs HO - Alpha Spread

AIR
vs
HO

Over the past 12 months, AIR has underperformed HO, delivering a return of +14% compared to the HO's +58% growth.

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AIR
HO
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Valuation Comparison

AIR Intrinsic Value
202.69 EUR
Undervaluation 6%
Intrinsic Value
Price
HO Intrinsic Value
180.29 EUR
Overvaluation 28%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Airbus SE
DUS:AIR
189.74 EUR
Thales SA
PAR:HO
248.7 EUR
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
AIR, HO

Revenue
www.alphaspread.com
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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
Airbus SE
Revenue
Thales SA
Revenue

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

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Profitability Comparison

Free Cash Flow
AIR, HO

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
Airbus SE
DUS:AIR
Thales SA
PAR:HO
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What is Free Cash Flow?

Gross Margin

AIR
15.5%
HO
26.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Airbus SE
Thales SA

Operating Margin

AIR
7.8%
HO
9.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Airbus SE
Thales SA

Net Margin

AIR
7%
HO
5%
LTM 3Y Avg 5Y Avg 10Y Avg
Airbus SE
Thales SA

FCF Margin

AIR
4.9%
HO
11.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Airbus SE
Thales SA

ROE

AIR
23.7%
HO
14.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Airbus SE
Thales SA

ROA

AIR
4%
HO
2.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Airbus SE
Thales SA

ROIC

AIR
4.3%
HO
5.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Airbus SE
Thales SA

ROCE

AIR
8.3%
HO
14.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Airbus SE
Thales SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
AIR, HO

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Performance Gap
AIR, HO

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AIR
HO
Difference
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Performance By Year
AIR, HO

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