` Comparison: 291, ABEV3 - Alpha Spread

291
vs
ABEV3

Over the past 12 months, China Resources Beer Holdings Co Ltd has underperformed ABEV3, delivering a return of +2% compared to the ABEV3's +7% growth.

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291
ABEV3
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Valuation Comparison

China Resources Beer Holdings Co Ltd Intrinsic Value
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ABEV3 Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
China Resources Beer Holdings Co Ltd
HKEX:291
26.94 HKD
Ambev SA
BOVESPA:ABEV3
14.02 BRL
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Valuation Scenario:
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Growth Comparison

Growth Over Time
291, ABEV3

291
ABEV3
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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
China Resources Beer Holdings Co Ltd
Revenue
Ambev SA
Revenue

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

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Profitability Comparison

Free Cash Flow
291, ABEV3

291
ABEV3
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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
China Resources Beer Holdings Co Ltd
HKEX:291
Ambev SA
BOVESPA:ABEV3
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What is Free Cash Flow?

Gross Margin

China Resources Beer Holdings Co Ltd
43.9%
ABEV3
51.5%

Operating Margin

China Resources Beer Holdings Co Ltd
18%
ABEV3
25.2%

Net Margin

China Resources Beer Holdings Co Ltd
15%
ABEV3
16.1%

FCF Margin

China Resources Beer Holdings Co Ltd
12.9%
ABEV3
23.6%

ROE

China Resources Beer Holdings Co Ltd
16.9%
ABEV3
15.7%

ROA

China Resources Beer Holdings Co Ltd
8.1%
ABEV3
10.3%

ROIC

China Resources Beer Holdings Co Ltd
13.2%
ABEV3
16.7%

ROCE

China Resources Beer Holdings Co Ltd
15%
ABEV3
21.6%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
291, ABEV3

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Performance Gap
291, ABEV3

Performance Gap Between 291 and ABEV3
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Performance By Year
291, ABEV3

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291
ABEV3
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