` Comparison: AQUA vs TBS - Alpha Spread

AQUA
vs
T
TBS

Over the past 12 months, AQUA has underperformed TBS, delivering a return of -32% compared to the TBS's +26% growth.

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AQUA
TBS
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Valuation Comparison

AQUA Intrinsic Value
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TBS Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Inarktika PAO
MOEX:AQUA
490.2 RUB
T
Tiger Brands Ltd
JSE:TBS
33 578 Zac
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Valuation Scenario:
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Growth Comparison

Growth Over Time
AQUA, TBS

AQUA
TBS
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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
Inarktika PAO
Revenue
T
Tiger Brands Ltd
Revenue

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

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Profitability Comparison

Free Cash Flow
AQUA, TBS

AQUA
TBS
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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
Inarktika PAO
MOEX:AQUA
T
Tiger Brands Ltd
JSE:TBS
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What is Free Cash Flow?

Gross Margin

AQUA
38.6%
TBS
31.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Inarktika PAO
T
Tiger Brands Ltd

Operating Margin

AQUA
30%
TBS
11.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Inarktika PAO
T
Tiger Brands Ltd

Net Margin

AQUA
-74.3%
TBS
11.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Inarktika PAO
T
Tiger Brands Ltd

FCF Margin

AQUA
-11%
TBS
3.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Inarktika PAO
T
Tiger Brands Ltd

ROE

AQUA
-20.1%
TBS
21.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Inarktika PAO
T
Tiger Brands Ltd

ROA

AQUA
-13.1%
TBS
14.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Inarktika PAO
T
Tiger Brands Ltd

ROIC

AQUA
5.6%
TBS
14.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Inarktika PAO
T
Tiger Brands Ltd

ROCE

AQUA
6.6%
TBS
20.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Inarktika PAO
T
Tiger Brands Ltd

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
AQUA, TBS

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Performance Gap
AQUA, TBS

Performance Gap Between AQUA and TBS
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Performance By Year
AQUA, TBS

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AQUA
TBS
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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