` Comparison: 12F vs IBE - Alpha Spread

12F
vs
IBE

Over the past 12 months, 12F has underperformed IBE, delivering a return of +10% compared to the IBE's +37% growth.

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12F
IBE
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Valuation Comparison

12F Intrinsic Value
58.97 EUR
Undervaluation 24%
Intrinsic Value
Price
IBE Intrinsic Value
13.45 EUR
Overvaluation 28%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Fortis Inc
F:12F
44.6 EUR
Iberdrola SA
MAD:IBE
18.72 EUR
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Valuation Scenario:
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Base Case
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Growth Comparison

Growth Over Time
12F, IBE

12F
IBE
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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
Fortis Inc
Revenue
Iberdrola SA
Revenue

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

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Profitability Comparison

Free Cash Flow
12F, IBE

12F
IBE
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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
Fortis Inc
F:12F
Iberdrola SA
MAD:IBE
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What is Free Cash Flow?

Gross Margin

12F
72.6%
IBE
47.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Fortis Inc
Iberdrola SA

Operating Margin

12F
29%
IBE
19.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Fortis Inc
Iberdrola SA

Net Margin

12F
14%
IBE
12%
LTM 3Y Avg 5Y Avg 10Y Avg
Fortis Inc
Iberdrola SA

FCF Margin

12F
-18.5%
IBE
9.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Fortis Inc
Iberdrola SA

ROE

12F
7.2%
IBE
9.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Fortis Inc
Iberdrola SA

ROA

12F
2.3%
IBE
3.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Fortis Inc
Iberdrola SA

ROIC

12F
4.2%
IBE
5%
LTM 3Y Avg 5Y Avg 10Y Avg
Fortis Inc
Iberdrola SA

ROCE

12F
5.2%
IBE
6.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Fortis Inc
Iberdrola SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
12F, IBE

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Performance Gap
12F, IBE

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12F
IBE
Difference
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Performance By Year
12F, IBE

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12F
IBE
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