` Comparison: RACE vs RNO - Alpha Spread

RACE
vs
RNO

Over the past 12 months, RACE has outperformed RNO, delivering a return of -34% compared to the RNO's 35% drop.

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RACE
RNO
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Valuation Comparison

RACE Intrinsic Value
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RNO Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Ferrari NV
MIL:RACE
319.2 EUR
Renault SA
PAR:RNO
32.49 EUR
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
RACE, RNO

RACE
RNO
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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
Ferrari NV
Revenue
Renault SA
Revenue

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

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Profitability Comparison

Free Cash Flow
RACE, RNO

RACE
RNO
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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
Ferrari NV
MIL:RACE
Renault SA
PAR:RNO
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What is Free Cash Flow?

Gross Margin

RACE
51.3%
RNO
19.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Ferrari NV
Renault SA

Operating Margin

RACE
29%
RNO
6.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Ferrari NV
Renault SA

Net Margin

RACE
22.6%
RNO
-18.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Ferrari NV
Renault SA

FCF Margin

RACE
19.1%
RNO
-1.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Ferrari NV
Renault SA

ROE

RACE
45%
RNO
-42.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Ferrari NV
Renault SA

ROA

RACE
17.3%
RNO
-8.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Ferrari NV
Renault SA

ROIC

RACE
23.5%
RNO
4.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Ferrari NV
Renault SA

ROCE

RACE
29%
RNO
9.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Ferrari NV
Renault SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
RACE, RNO

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Performance Gap
RACE, RNO

Performance Gap Between RACE and RNO
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Performance By Year
RACE, RNO

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RACE
RNO
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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