` Comparison: RASP vs VALE3 - Alpha Spread

R
RASP
vs
VALE3

Over the past 12 months, RASP has underperformed VALE3, delivering a return of -39% compared to the VALE3's +56% growth.

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RASP
VALE3
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Valuation Comparison

R
RASP Intrinsic Value
Not Available
VALE3 Intrinsic Value
66.13 BRL
Overvaluation 24%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
R
Raspadskaya PAO
MOEX:RASP
169.55 RUB
Vale SA
BOVESPA:VALE3
87.03 BRL
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Valuation Scenario:
Bear Case
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Growth Comparison

Growth Over Time
RASP, VALE3

RASP
VALE3
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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
R
Raspadskaya PAO
Revenue
Vale SA
Revenue

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

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Profitability Comparison

Free Cash Flow
RASP, VALE3

RASP
VALE3
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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
R
Raspadskaya PAO
MOEX:RASP
Vale SA
BOVESPA:VALE3
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What is Free Cash Flow?

Gross Margin

RASP
30.6%
VALE3
34.8%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Raspadskaya PAO
Vale SA

Operating Margin

RASP
-16.5%
VALE3
27.7%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Raspadskaya PAO
Vale SA

Net Margin

RASP
-15.4%
VALE3
14.1%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Raspadskaya PAO
Vale SA

FCF Margin

RASP
-18.1%
VALE3
7.5%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Raspadskaya PAO
Vale SA

ROE

RASP
-11%
VALE3
14.1%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Raspadskaya PAO
Vale SA

ROA

RASP
-8.3%
VALE3
6.2%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Raspadskaya PAO
Vale SA

ROIC

RASP
-8.8%
VALE3
12.5%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Raspadskaya PAO
Vale SA

ROCE

RASP
-10.3%
VALE3
14.5%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Raspadskaya PAO
Vale SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
RASP, VALE3

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Performance Gap
RASP, VALE3

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RASP
VALE3
Difference
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Performance By Year
RASP, VALE3

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RASP
VALE3
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