` Comparison: FIC vs BAM - Alpha Spread

FIC
vs
B
BAM

Over the past 12 months, FIC has significantly outperformed BAM, delivering a return of +18% compared to the BAM's 21% drop.

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FIC
BAM
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Valuation Comparison

FIC Intrinsic Value
Not Available
B
BAM Intrinsic Value
47.25 CAD
Overvaluation 26%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
First Capital SpA
MIL:FIC
19.2 EUR
B
BROOKFIELD ASSET MANAGEMENT LTD
TSX:BAM
63.54 CAD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
FIC, BAM

FIC
BAM
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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
First Capital SpA
Revenue
B
BROOKFIELD ASSET MANAGEMENT LTD
Revenue

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

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Profitability Comparison

Free Cash Flow
FIC, BAM

FIC
BAM
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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
First Capital SpA
MIL:FIC
FCF is not applicable for financial companies
B
BROOKFIELD ASSET MANAGEMENT LTD
TSX:BAM
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What is Free Cash Flow?

Gross Margin

FIC
BAM
0%
LTM 3Y Avg 5Y Avg 10Y Avg
First Capital SpA
Not applicable for financial companies
B
BROOKFIELD ASSET MANAGEMENT LTD

Operating Margin

FIC
BAM
57.8%
LTM 3Y Avg 5Y Avg 10Y Avg
First Capital SpA
Not applicable for financial companies
B
BROOKFIELD ASSET MANAGEMENT LTD

Net Margin

FIC
70.2%
BAM
51.6%

FCF Margin

FIC
BAM
31.9%
LTM 3Y Avg 5Y Avg 10Y Avg
First Capital SpA
Not applicable for financial companies
B
BROOKFIELD ASSET MANAGEMENT LTD

ROE

FIC
15.2%
BAM
36.7%

ROA

FIC
11.1%
BAM
23.2%

ROIC

FIC
BAM
28.4%
LTM 3Y Avg 5Y Avg 10Y Avg
First Capital SpA
Not applicable for financial companies
B
BROOKFIELD ASSET MANAGEMENT LTD

ROCE

FIC
BAM
33.3%
LTM 3Y Avg 5Y Avg 10Y Avg
First Capital SpA
Not applicable for financial companies
B
BROOKFIELD ASSET MANAGEMENT LTD

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
FIC, BAM

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Performance Gap
FIC, BAM

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FIC
BAM
Difference
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Performance By Year
FIC, BAM

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FIC
BAM
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Compare FIC to other stocks
BLK
BlackRock Inc
Cheaper
vs FIC
BX
Blackstone Inc
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vs FIC
BN
Brookfield Corp
Cheaper
vs FIC
NY1
Ninety One Ltd
N
Cheaper
vs FIC
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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