` Comparison: NG, SO - Alpha Spread

NG
vs
SO

Over the past 12 months, NG has underperformed SO, delivering a return of +13% compared to the SO's +15% growth.

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NG
SO
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One-click summary across all key metrics.
Ranked results with clear takeaways.
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Valuation
Growth
Profitability
Solvency
Comparing Valuation
Running a multi-layered valuation analysis to compare how attractive each stock is.
Comparing Growth
Financial growth, forecasts, volatility, and historical drawdowns.
Comparing Profitability
Margins, returns on capital, and the consistency of profitability.
Comparing Solvency
Debt levels, liquidity, interest coverage, and bankruptcy risk.
Summarizing...
We need a little more time to summarize the results

Valuation Comparison

NG Intrinsic Value
1 162.59 GBX
Undervaluation 9%
Intrinsic Value
Price
SO Intrinsic Value
88.52 USD
Overvaluation 6%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
National Grid PLC
LSE:NG
1 054.5 GBX
Southern Co
NYSE:SO
94.3 USD
Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
NG, SO

Revenue
www.alphaspread.com
Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
National Grid PLC
Revenue
Southern Co
Revenue

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

Profitability Comparison

Free Cash Flow
NG, SO

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
National Grid PLC
LSE:NG
Southern Co
NYSE:SO
What is Free Cash Flow?

Gross Margin

NG
83.6%
SO
89.5%
LTM 3Y Avg 5Y Avg 10Y Avg
National Grid PLC
Southern Co

Operating Margin

NG
28.4%
SO
26.5%
LTM 3Y Avg 5Y Avg 10Y Avg
National Grid PLC
Southern Co

Net Margin

NG
15.8%
SO
16.5%
LTM 3Y Avg 5Y Avg 10Y Avg
National Grid PLC
Southern Co

FCF Margin

NG
-14.3%
SO
0.4%
LTM 3Y Avg 5Y Avg 10Y Avg
National Grid PLC
Southern Co

ROE

NG
8.6%
SO
14%
LTM 3Y Avg 5Y Avg 10Y Avg
National Grid PLC
Southern Co

ROA

NG
2.8%
SO
3.2%
LTM 3Y Avg 5Y Avg 10Y Avg
National Grid PLC
Southern Co

ROIC

NG
4.4%
SO
4.3%
LTM 3Y Avg 5Y Avg 10Y Avg
National Grid PLC
Southern Co

ROCE

NG
5.7%
SO
5.6%
LTM 3Y Avg 5Y Avg 10Y Avg
National Grid PLC
Southern Co

Solvency Comparison

Balance Sheet Comparison

Stocks Performance

Stocks Performance
NG, SO

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Performance Gap
NG, SO

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NG
SO
Difference
www.alphaspread.com

Performance By Year
NG, SO

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