` Comparison: ACX vs VALE3 - Alpha Spread

ACX
vs
VALE3

Over the past 12 months, ACX has underperformed VALE3, delivering a return of +18% compared to the VALE3's +56% growth.

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ACX
VALE3
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Valuation Comparison

ACX Intrinsic Value
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VALE3 Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Acerinox SA
MAD:ACX
13.14 EUR
Vale SA
BOVESPA:VALE3
87.03 BRL
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
ACX, VALE3

ACX
VALE3
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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
Acerinox SA
Revenue
Vale SA
Revenue

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

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Profitability Comparison

Free Cash Flow
ACX, VALE3

ACX
VALE3
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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
Acerinox SA
MAD:ACX
Vale SA
BOVESPA:VALE3
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What is Free Cash Flow?

Gross Margin

ACX
29%
VALE3
34.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Acerinox SA
Vale SA

Operating Margin

ACX
20.4%
VALE3
27.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Acerinox SA
Vale SA

Net Margin

ACX
19.5%
VALE3
14.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Acerinox SA
Vale SA

FCF Margin

ACX
-2.2%
VALE3
7.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Acerinox SA
Vale SA

ROE

ACX
58.2%
VALE3
14.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Acerinox SA
Vale SA

ROA

ACX
21.8%
VALE3
6.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Acerinox SA
Vale SA

ROIC

ACX
34.3%
VALE3
12.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Acerinox SA
Vale SA

ROCE

ACX
33.8%
VALE3
14.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Acerinox SA
Vale SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
ACX, VALE3

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Performance Gap
ACX, VALE3

Performance Gap Between ACX and VALE3
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Performance By Year
ACX, VALE3

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ACX
VALE3
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