` Comparison: VAC vs RCL - Alpha Spread

VAC
vs
RCL

Over the past 12 months, VAC has underperformed RCL, delivering a return of +19% compared to the RCL's +32% growth.

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VAC
RCL
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Valuation Comparison

VAC Intrinsic Value
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RCL Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Pierre et Vacances SA
PAR:VAC
1.73 EUR
Royal Caribbean Cruises Ltd
NYSE:RCL
274.12 USD
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Valuation Scenario:
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Base Case
Bull Case

Growth Comparison

Growth Over Time
VAC, RCL

VAC
RCL
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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
Pierre et Vacances SA
Revenue
Royal Caribbean Cruises Ltd
Revenue

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

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Profitability Comparison

Free Cash Flow
VAC, RCL

VAC
RCL
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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
Pierre et Vacances SA
PAR:VAC
Royal Caribbean Cruises Ltd
NYSE:RCL
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What is Free Cash Flow?

Gross Margin

VAC
70.8%
RCL
50.6%

Operating Margin

VAC
13.6%
RCL
27.4%

Net Margin

VAC
1.8%
RCL
23.8%

FCF Margin

VAC
12.1%
RCL
6.9%

ROE

VAC
-9.3%
RCL
48.5%

ROA

VAC
0.9%
RCL
10.8%

ROIC

VAC
4.6%
RCL
12.8%

ROCE

VAC
9.5%
RCL
17.3%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
VAC, RCL

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Performance Gap
VAC, RCL

Performance Gap Between VAC and RCL
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Performance By Year
VAC, RCL

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VAC
RCL
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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