` Comparison: INVP, BPAC5 - Alpha Spread

INVP
vs
BPAC5

Over the past 12 months, INVP has underperformed BPAC5, delivering a return of -5% compared to the BPAC5's +71% growth.

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INVP
BPAC5
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Valuation Comparison

INVP Intrinsic Value
1 017.5 GBX
Undervaluation 48%
Intrinsic Value
Price
BPAC5 Intrinsic Value
14.89 BRL
Undervaluation 22%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Investec PLC
LSE:INVP
533.5 GBX
Banco BTG Pactual SA
BOVESPA:BPAC5
11.56 BRL
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Valuation Scenario:
Bear Case
Base Case
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Growth Comparison

Growth Over Time
INVP, BPAC5

INVP
BPAC5
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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
Investec PLC
Revenue
Banco BTG Pactual SA
Revenue

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

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Profitability Comparison

Free Cash Flow
INVP, BPAC5

INVP
BPAC5
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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
Investec PLC
LSE:INVP
FCF is not applicable for financial companies
Banco BTG Pactual SA
BOVESPA:BPAC5
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What is Free Cash Flow?

Gross Margin

INVP
BPAC5
50.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Investec PLC
Not applicable for financial companies
Banco BTG Pactual SA

Operating Margin

INVP
BPAC5
22.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Investec PLC
Not applicable for financial companies
Banco BTG Pactual SA

Net Margin

INVP
27.7%
BPAC5
16.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Investec PLC
Banco BTG Pactual SA

FCF Margin

INVP
BPAC5
-24.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Investec PLC
Not applicable for financial companies
Banco BTG Pactual SA

ROE

INVP
11.2%
BPAC5
23%
LTM 3Y Avg 5Y Avg 10Y Avg
Investec PLC
Banco BTG Pactual SA

ROA

INVP
1.1%
BPAC5
2.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Investec PLC
Banco BTG Pactual SA

ROIC

INVP
BPAC5
2.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Investec PLC
Not applicable for financial companies
Banco BTG Pactual SA

ROCE

INVP
BPAC5
7.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Investec PLC
Not applicable for financial companies
Banco BTG Pactual SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
INVP, BPAC5

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Performance Gap
INVP, BPAC5

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INVP
BPAC5
Difference
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Performance By Year
INVP, BPAC5

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INVP
BPAC5
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