` Comparison: SAI vs APP - Alpha Spread
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S
SAI
vs
APP

Over the past 12 months, SAI has underperformed APP, delivering a return of -50% compared to the APP's +51% growth.

Valuation Growth Profitability Solvency Stocks Performance
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SAI
APP
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Valuation Comparison

SAI Intrinsic Value
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APP Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Multiples-Based Value Wall St Target
S
Substrate Artificial Inteligence SA
MAD:SAI
0.054 EUR
Applovin Corp
NASDAQ:APP
395.32 USD
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Valuation Scenario:
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Growth Comparison

Growth Over Time
SAI, APP

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APP
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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
S
Substrate Artificial Inteligence SA
Revenue
Applovin Corp
Revenue

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

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Profitability Comparison

Free Cash Flow
SAI, APP

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APP
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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
S
Substrate Artificial Inteligence SA
MAD:SAI
Applovin Corp
NASDAQ:APP
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What is Free Cash Flow?

Gross Margin

SAI
86.1%
APP
87.9%

Operating Margin

SAI
21.3%
APP
75.8%

Net Margin

SAI
40.4%
APP
60.8%

FCF Margin

SAI
10%
APP
73.3%

ROE

SAI
21.8%
APP
206.7%

ROA

SAI
12.9%
APP
50.8%

ROIC

SAI
6.6%
APP
84%

ROCE

SAI
9.2%
APP
77.3%

Solvency Comparison

S
Substrate Artificial Inteligence...
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
Applovin Corp
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
SAI, APP

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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
SAI, APP

Performance Gap Between SAI and APP
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Performance By Year
SAI, APP

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APP
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