` Comparison: FN4 vs 388 - Alpha Spread
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I
FN4
vs
388

Over the past 12 months, FN4 has significantly outperformed Hong Kong Exchanges and Clearing Ltd, delivering a return of +429% compared to the Hong Kong Exchanges and Clearing Ltd's +16% growth.

Valuation Growth Profitability Solvency Stocks Performance
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FN4
388
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FN4 388
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Valuation Comparison

I
FN4 Intrinsic Value
0.12 EUR
Undervaluation 26%
Intrinsic Value
Price
Intrinsic Value
202.52 HKD
Overvaluation 50%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
I
INX Digital Company Inc
F:FN4
0.09 EUR
Hong Kong Exchanges and Clearing Ltd
HKEX:388
407.4 HKD
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Valuation Scenario:
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Growth Comparison

Growth Over Time
FN4, 388

FN4
388
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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
I
INX Digital Company Inc
Revenue
Hong Kong Exchanges and Clearing Ltd
Revenue

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

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Profitability Comparison

Free Cash Flow
FN4, 388

FN4
388
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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
I
INX Digital Company Inc
F:FN4
Hong Kong Exchanges and Clearing Ltd
HKEX:388
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What is Free Cash Flow?

Gross Margin

FN4
46%
Hong Kong Exchanges and Clearing Ltd
0%

Operating Margin

FN4
-1 259.9%
Hong Kong Exchanges and Clearing Ltd
66.8%

Net Margin

FN4
-259.8%
Hong Kong Exchanges and Clearing Ltd
75.1%

FCF Margin

FN4
-1 011%
Hong Kong Exchanges and Clearing Ltd
75%

ROE

FN4
-26.8%
Hong Kong Exchanges and Clearing Ltd
32.9%

ROA

FN4
-4.6%
Hong Kong Exchanges and Clearing Ltd
3.6%

ROIC

FN4
-30.7%
Hong Kong Exchanges and Clearing Ltd
12.9%

ROCE

FN4
-127.9%
Hong Kong Exchanges and Clearing Ltd
27.5%

Solvency Comparison

I
INX Digital Company Inc
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
Hong Kong Exchanges and Clearing...
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
FN4, 388

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FN4
388
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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
FN4, 388

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FN4
388
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
FN4, 388

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FN4
388
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