` Comparison: NAUK vs AIR - Alpha Spread

NAUK
vs
AIR

Over the past 12 months, NAUK has underperformed AIR, delivering a return of -4% compared to the AIR's +6% growth.

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NAUK
AIR
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Valuation Comparison

NAUK Intrinsic Value
533.1 RUB
Fairly Valued
Intrinsic Value
Price
AIR Intrinsic Value
163.44 EUR
Overvaluation 5%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
NPO Nauka PAO
MOEX:NAUK
531 RUB
Airbus SE
PAR:AIR
172.18 EUR
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
NAUK, AIR

NAUK
AIR
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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
NPO Nauka PAO
Revenue
Airbus SE
Revenue

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

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Profitability Comparison

Free Cash Flow
NAUK, AIR

NAUK
AIR
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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
NPO Nauka PAO
MOEX:NAUK
Airbus SE
PAR:AIR
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What is Free Cash Flow?

Gross Margin

NAUK
34.3%
AIR
14.9%
LTM 3Y Avg 5Y Avg 10Y Avg
NPO Nauka PAO
Airbus SE

Operating Margin

NAUK
17.8%
AIR
7.9%
LTM 3Y Avg 5Y Avg 10Y Avg
NPO Nauka PAO
Airbus SE

Net Margin

NAUK
17%
AIR
7.1%
LTM 3Y Avg 5Y Avg 10Y Avg
NPO Nauka PAO
Airbus SE

FCF Margin

NAUK
12.8%
AIR
5.5%
LTM 3Y Avg 5Y Avg 10Y Avg
NPO Nauka PAO
Airbus SE

ROE

NAUK
27.7%
AIR
22.8%
LTM 3Y Avg 5Y Avg 10Y Avg
NPO Nauka PAO
Airbus SE

ROA

NAUK
8.6%
AIR
4%
LTM 3Y Avg 5Y Avg 10Y Avg
NPO Nauka PAO
Airbus SE

ROIC

NAUK
8.4%
AIR
4.5%
LTM 3Y Avg 5Y Avg 10Y Avg
NPO Nauka PAO
Airbus SE

ROCE

NAUK
20.4%
AIR
8.2%
LTM 3Y Avg 5Y Avg 10Y Avg
NPO Nauka PAO
Airbus SE

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
NAUK, AIR

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Performance Gap
NAUK, AIR

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NAUK
AIR
Difference
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Performance By Year
NAUK, AIR

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NAUK
AIR
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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