` Comparison: NLM vs TBS - Alpha Spread
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F
NLM
vs
T
TBS

Over the past 12 months, NLM has underperformed TBS, delivering a return of +15% compared to the TBS's +28% growth.

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NLM
TBS
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Stocks Compared:
NLM TBS
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Valuation Comparison

F
NLM Intrinsic Value
138.29 EUR
Undervaluation 35%
Intrinsic Value
Price
T
TBS Intrinsic Value
15 265.22 Zac
Overvaluation 56%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
F
FRoSTA AG
F:NLM
90 EUR
T
Tiger Brands Ltd
JSE:TBS
34 718 Zac
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Valuation Scenario:
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Growth Comparison

Growth Over Time
NLM, TBS

NLM
TBS
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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
F
FRoSTA AG
Revenue
T
Tiger Brands Ltd
Revenue

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

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Profitability Comparison

Free Cash Flow
NLM, TBS

NLM
TBS
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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
F
FRoSTA AG
F:NLM
T
Tiger Brands Ltd
JSE:TBS
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What is Free Cash Flow?

Gross Margin

NLM
48.2%
TBS
31.3%
LTM 3Y Avg 5Y Avg 10Y Avg
F
FRoSTA AG
T
Tiger Brands Ltd

Operating Margin

NLM
9.3%
TBS
11.1%
LTM 3Y Avg 5Y Avg 10Y Avg
F
FRoSTA AG
T
Tiger Brands Ltd

Net Margin

NLM
6.6%
TBS
11.1%
LTM 3Y Avg 5Y Avg 10Y Avg
F
FRoSTA AG
T
Tiger Brands Ltd

FCF Margin

NLM
9.4%
TBS
3.2%
LTM 3Y Avg 5Y Avg 10Y Avg
F
FRoSTA AG
T
Tiger Brands Ltd

ROE

NLM
17%
TBS
21.7%
LTM 3Y Avg 5Y Avg 10Y Avg
F
FRoSTA AG
T
Tiger Brands Ltd

ROA

NLM
9.4%
TBS
14.2%
LTM 3Y Avg 5Y Avg 10Y Avg
F
FRoSTA AG
T
Tiger Brands Ltd

ROIC

NLM
16.1%
TBS
14.5%
LTM 3Y Avg 5Y Avg 10Y Avg
F
FRoSTA AG
T
Tiger Brands Ltd

ROCE

NLM
17.8%
TBS
20.4%
LTM 3Y Avg 5Y Avg 10Y Avg
F
FRoSTA AG
T
Tiger Brands Ltd

Solvency Comparison

F
FRoSTA AG
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
T
Tiger Brands Ltd
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
NLM, TBS

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NLM
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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
NLM, TBS

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NLM
TBS
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
NLM, TBS

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NLM
TBS
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