` Comparison: TUB vs MT - Alpha Spread

TUB
vs
MT

Over the past 12 months, TUB has underperformed MT, delivering a return of -11% compared to the MT's +88% growth.

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TUB
MT
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Valuation Comparison

TUB Intrinsic Value
6.82 EUR
Undervaluation 49%
Intrinsic Value
Price
MT Intrinsic Value
35.23 EUR
Overvaluation 33%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Tubacex SA
MAD:TUB
3.47 EUR
ArcelorMittal SA
AEX:MT
52.36 EUR
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
TUB, MT

Revenue
www.alphaspread.com
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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
Tubacex SA
Revenue
ArcelorMittal SA
Revenue

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

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Profitability Comparison

Free Cash Flow
TUB, MT

Free Cash Flow
www.alphaspread.com
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Tubacex SA
MAD:TUB
ArcelorMittal SA
AEX:MT
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What is Free Cash Flow?

Gross Margin

TUB
61.9%
MT
0%
LTM 3Y Avg 5Y Avg 10Y Avg
Tubacex SA
ArcelorMittal SA

Operating Margin

TUB
10%
MT
4.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Tubacex SA
ArcelorMittal SA

Net Margin

TUB
4.4%
MT
5.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Tubacex SA
ArcelorMittal SA

FCF Margin

TUB
-16%
MT
0.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Tubacex SA
ArcelorMittal SA

ROE

TUB
11.1%
MT
6.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Tubacex SA
ArcelorMittal SA

ROA

TUB
2.5%
MT
3.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Tubacex SA
ArcelorMittal SA

ROIC

TUB
6.5%
MT
3.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Tubacex SA
ArcelorMittal SA

ROCE

TUB
11.2%
MT
4.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Tubacex SA
ArcelorMittal SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
TUB, MT

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Performance Gap
TUB, MT

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TUB
MT
Difference
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Performance By Year
TUB, MT

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