` Comparison: HEIM vs ABEV3 - Alpha Spread

H
HEIM
vs
ABEV3

Over the past 12 months, HEIM has underperformed ABEV3, delivering a return of -10% compared to the ABEV3's +47% growth.

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HEIM
ABEV3
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Valuation Comparison

HEIM 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
H
Heineken Malaysia Bhd
KLSE:HEIM
24.54 MYR
Ambev SA
BOVESPA:ABEV3
16.32 BRL
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Valuation Scenario:
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Growth Comparison

Growth Over Time
HEIM, ABEV3

HEIM
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
H
Heineken Malaysia Bhd
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
HEIM, ABEV3

HEIM
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
H
Heineken Malaysia Bhd
KLSE:HEIM
Ambev SA
BOVESPA:ABEV3
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What is Free Cash Flow?

Gross Margin

HEIM
0%
ABEV3
51.4%
LTM 3Y Avg 5Y Avg 10Y Avg
H
Heineken Malaysia Bhd
Ambev SA

Operating Margin

HEIM
22.1%
ABEV3
25.7%
LTM 3Y Avg 5Y Avg 10Y Avg
H
Heineken Malaysia Bhd
Ambev SA

Net Margin

HEIM
16.4%
ABEV3
17.6%
LTM 3Y Avg 5Y Avg 10Y Avg
H
Heineken Malaysia Bhd
Ambev SA

FCF Margin

HEIM
13.8%
ABEV3
22.5%
LTM 3Y Avg 5Y Avg 10Y Avg
H
Heineken Malaysia Bhd
Ambev SA

ROE

HEIM
85.8%
ABEV3
16.6%
LTM 3Y Avg 5Y Avg 10Y Avg
H
Heineken Malaysia Bhd
Ambev SA

ROA

HEIM
35%
ABEV3
10.1%
LTM 3Y Avg 5Y Avg 10Y Avg
H
Heineken Malaysia Bhd
Ambev SA

ROIC

HEIM
71.3%
ABEV3
17.9%
LTM 3Y Avg 5Y Avg 10Y Avg
H
Heineken Malaysia Bhd
Ambev SA

ROCE

HEIM
110.9%
ABEV3
21.3%
LTM 3Y Avg 5Y Avg 10Y Avg
H
Heineken Malaysia Bhd
Ambev SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
HEIM, ABEV3

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Performance Gap
HEIM, ABEV3

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

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HEIM
ABEV3
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