` Comparison: TBORG.E vs HEIO - Alpha Spread
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TBORG.E
vs
HEIO

Over the past 12 months, TBORG.E has significantly outperformed HEIO, delivering a return of +42% compared to the HEIO's +4% growth.

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TBORG.E
HEIO
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Stocks Compared:
TBORG.E HEIO
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Valuation Comparison

TBORG.E Intrinsic Value
126.94 TRY
Overvaluation 29%
Intrinsic Value
Price
HEIO Intrinsic Value
122.22 EUR
Undervaluation 41%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Turk Tuborg Bira ve Malt Sanayii AS
IST:TBORG.E
178.4 TRY
Heineken Holding NV
AEX:HEIO
71.7 EUR
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Valuation Scenario:
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Growth Comparison

Growth Over Time
TBORG.E, HEIO

TBORG.E
HEIO
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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
Turk Tuborg Bira ve Malt Sanayii AS
Revenue
Heineken Holding NV
Revenue

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

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Profitability Comparison

Free Cash Flow
TBORG.E, HEIO

TBORG.E
HEIO
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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
Turk Tuborg Bira ve Malt Sanayii AS
IST:TBORG.E
Heineken Holding NV
AEX:HEIO
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What is Free Cash Flow?

Gross Margin

TBORG.E
55.5%
HEIO
35.1%

Operating Margin

TBORG.E
19.5%
HEIO
11.4%

Net Margin

TBORG.E
12.4%
HEIO
3.2%

FCF Margin

TBORG.E
-10.9%
HEIO
9.2%

ROE

TBORG.E
23.5%
HEIO
10.3%

ROA

TBORG.E
13%
HEIO
1.8%

ROIC

TBORG.E
20.4%
HEIO
5.8%

ROCE

TBORG.E
35.8%
HEIO
8.8%

Solvency Comparison

Turk Tuborg Bira ve Malt Sanayii...
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
Heineken Holding NV
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
TBORG.E, HEIO

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HEIO
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Performance Gap
TBORG.E, HEIO

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TBORG.E
HEIO
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
TBORG.E, HEIO

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