` Comparison: FT2 vs MTB - Alpha Spread

FT2
vs
MTB

Over the past 12 months, FT2 has underperformed MTB, delivering a return of +6% compared to the MTB's +6% growth.

Valuation Growth Profitability Solvency Stocks Performance
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FT2
MTB
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Stocks Compared:
FT2 MTB
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Valuation Comparison

FT2 Intrinsic Value
23.56 EUR
Undervaluation 13%
Intrinsic Value
Price
MTB Intrinsic Value
239.13 USD
Undervaluation 11%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
First Horizon Corp
F:FT2
20.6 EUR
M&T Bank Corp
NYSE:MTB
213.85 USD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
FT2, MTB

FT2
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
First Horizon Corp
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
FT2, MTB

FT2
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
First Horizon Corp
F:FT2
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

FT2
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
First Horizon Corp
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

Operating Margin

FT2
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
First Horizon Corp
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

Net Margin

FT2
28%
MTB
27.9%
LTM 3Y Avg 5Y Avg 10Y Avg
First Horizon Corp
M&T Bank Corp

FCF Margin

FT2
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
First Horizon Corp
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

ROE

FT2
10.8%
MTB
9.3%
LTM 3Y Avg 5Y Avg 10Y Avg
First Horizon Corp
M&T Bank Corp

ROA

FT2
1.2%
MTB
1.3%
LTM 3Y Avg 5Y Avg 10Y Avg
First Horizon Corp
M&T Bank Corp

ROIC

FT2
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
First Horizon Corp
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

ROCE

FT2
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
First Horizon Corp
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
FT2, MTB

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FT2
MTB
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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
FT2, MTB

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FT2
MTB
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
FT2, MTB

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FT2
MTB
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