` Comparison: ENCA vs UPM - Alpha Spread
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ENCA
vs
UPM

Over the past 12 months, ENCA has underperformed UPM, delivering a return of -37% compared to the UPM's 13% drop.

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ENCA
UPM
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Stocks Compared:
ENCA UPM
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Valuation Comparison

ENCA Intrinsic Value
2.14 EUR
Overvaluation 2%
Intrinsic Value
Price
UPM Intrinsic Value
24.97 EUR
Fairly Valued
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Ence Energia y Celulosa SA
F:ENCA
2.17 EUR
UPM-Kymmene Oyj
OMXH:UPM
25.01 EUR
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Valuation Scenario:
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Growth Comparison

Growth Over Time
ENCA, UPM

ENCA
UPM
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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
Ence Energia y Celulosa SA
Revenue
UPM-Kymmene Oyj
Revenue

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

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Profitability Comparison

Free Cash Flow
ENCA, UPM

ENCA
UPM
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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
Ence Energia y Celulosa SA
F:ENCA
UPM-Kymmene Oyj
OMXH:UPM
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What is Free Cash Flow?

Gross Margin

ENCA
31.5%
UPM
10.8%

Operating Margin

ENCA
2.7%
UPM
6.3%

Net Margin

ENCA
-1.2%
UPM
1.2%

FCF Margin

ENCA
-4.5%
UPM
14.6%

ROE

ENCA
-2.5%
UPM
1.2%

ROA

ENCA
-0.9%
UPM
0.7%

ROIC

ENCA
2.7%
UPM
3.7%

ROCE

ENCA
2.5%
UPM
4%

Solvency Comparison

Ence Energia y Celulosa SA
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
UPM-Kymmene Oyj
Equity Waterfall
Assets
Liabilities
Equity
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
ENCA, UPM

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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
ENCA, UPM

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ENCA
UPM
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
ENCA, UPM

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