` Comparison: CALT vs HEI - Alpha Spread

CALT
vs
HEI

Over the past 12 months, CALT has outperformed HEI, delivering a return of +35% compared to the HEI's +15% growth.

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CALT
HEI
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Valuation Comparison

CALT Intrinsic Value
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HEI Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Multiples-Based Value Wall St Target
Caltagirone SpA
MIL:CALT
9.2 EUR
HeidelbergCement AG
XETRA:HEI
190.45 EUR
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
CALT, HEI

CALT
HEI
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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
Caltagirone SpA
Revenue
HeidelbergCement AG
Revenue

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

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Profitability Comparison

Free Cash Flow
CALT, HEI

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HEI
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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
Caltagirone SpA
MIL:CALT
HeidelbergCement AG
XETRA:HEI
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What is Free Cash Flow?

Gross Margin

CALT
69.5%
HEI
64.2%

Operating Margin

CALT
13.9%
HEI
14.4%

Net Margin

CALT
6.4%
HEI
9%

FCF Margin

CALT
11%
HEI
8.6%

ROE

CALT
7.7%
HEI
10.5%

ROA

CALT
3.1%
HEI
5.3%

ROIC

CALT
6.9%
HEI
7.5%

ROCE

CALT
8.4%
HEI
10.4%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
CALT, HEI

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Performance Gap
CALT, HEI

Performance Gap Between CALT and HEI
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Performance By Year
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CALT
HEI
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Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.

Warren Buffett