` Comparison: HEINY vs ABEV3 - Alpha Spread

HEINY
vs
ABEV3

Over the past 12 months, HEINY has underperformed ABEV3, delivering a return of +23% compared to the ABEV3's +40% growth.

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HEINY
ABEV3
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Valuation Comparison

HEINY Intrinsic Value
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ABEV3 Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Heineken NV
OTC:HEINY
43.55 USD
Ambev SA
BOVESPA:ABEV3
15.4 BRL
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Valuation Scenario:
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Bull Case

Growth Comparison

Growth Over Time
HEINY, ABEV3

HEINY
ABEV3
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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
Heineken NV
Revenue
Ambev SA
Revenue

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

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Profitability Comparison

Free Cash Flow
HEINY, ABEV3

HEINY
ABEV3
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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
Heineken NV
OTC:HEINY
Ambev SA
BOVESPA:ABEV3
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What is Free Cash Flow?

Gross Margin

HEINY
20.2%
ABEV3
51.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Heineken NV
Ambev SA

Operating Margin

HEINY
13.6%
ABEV3
25.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Heineken NV
Ambev SA

Net Margin

HEINY
6.2%
ABEV3
16.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Heineken NV
Ambev SA

FCF Margin

HEINY
9.2%
ABEV3
23.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Heineken NV
Ambev SA

ROE

HEINY
9.8%
ABEV3
15.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Heineken NV
Ambev SA

ROA

HEINY
3.4%
ABEV3
10.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Heineken NV
Ambev SA

ROIC

HEINY
6.8%
ABEV3
16.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Heineken NV
Ambev SA

ROCE

HEINY
10.4%
ABEV3
21.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Heineken NV
Ambev SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
HEINY, ABEV3

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HEINY
ABEV3
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Performance Gap
HEINY, ABEV3

Performance Gap Between HEINY and ABEV3
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Performance By Year
HEINY, ABEV3

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HEINY
ABEV3
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