` Comparison: ZP7 vs MS - Alpha Spread

D
ZP7
vs
MS

Over the past 12 months, ZP7 has underperformed MS, delivering a return of +7% compared to the MS's +28% growth.

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ZP7
MS
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Valuation Comparison

D
ZP7 Intrinsic Value
8.45 EUR
Undervaluation 47%
Intrinsic Value
Price
MS Intrinsic Value
317.855 USD
Undervaluation 43%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
D
Directa SIM SpA
F:ZP7
4.5 EUR
Morgan Stanley
NYSE:MS
181.095 USD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
ZP7, MS

Revenue
www.alphaspread.com
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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
D
Directa SIM SpA
Revenue
Morgan Stanley
Revenue

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

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Profitability Comparison

Free Cash Flow
ZP7, MS

Free Cash Flow
www.alphaspread.com
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
D
Directa SIM SpA
F:ZP7
Morgan Stanley
NYSE:MS
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What is Free Cash Flow?

Gross Margin

ZP7
85.6%
MS
55.1%
LTM 3Y Avg 5Y Avg 10Y Avg
D
Directa SIM SpA
Morgan Stanley

Operating Margin

ZP7
43.8%
MS
18.3%
LTM 3Y Avg 5Y Avg 10Y Avg
D
Directa SIM SpA
Morgan Stanley

Net Margin

ZP7
26.7%
MS
13.6%
LTM 3Y Avg 5Y Avg 10Y Avg
D
Directa SIM SpA
Morgan Stanley

FCF Margin

ZP7
-17.5%
MS
-5.6%
LTM 3Y Avg 5Y Avg 10Y Avg
D
Directa SIM SpA
Morgan Stanley

ROE

ZP7
26.7%
MS
15.2%
LTM 3Y Avg 5Y Avg 10Y Avg
D
Directa SIM SpA
Morgan Stanley

ROA

ZP7
10.4%
MS
1.3%
LTM 3Y Avg 5Y Avg 10Y Avg
D
Directa SIM SpA
Morgan Stanley

ROIC

ZP7
13.4%
MS
1.7%
LTM 3Y Avg 5Y Avg 10Y Avg
D
Directa SIM SpA
Morgan Stanley

ROCE

ZP7
17.9%
MS
3.6%
LTM 3Y Avg 5Y Avg 10Y Avg
D
Directa SIM SpA
Morgan Stanley

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
ZP7, MS

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Performance Gap
ZP7, MS

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ZP7
MS
Difference
www.alphaspread.com

Performance By Year
ZP7, MS

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