` Comparison: WAVE, IBM - Alpha Spread

WAVE
vs
IBM

Over the past 12 months, WAVE has outperformed IBM, delivering a return of +35% compared to the IBM's +35% growth.

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WAVE
IBM
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Stocks Compared:
WAVE IBM
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Valuation Comparison

WAVE Intrinsic Value
69.44 EUR
Undervaluation 17%
Intrinsic Value
Price
IBM Intrinsic Value
218.84 USD
Overvaluation 30%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Wavestone SA
PAR:WAVE
57.3 EUR
International Business Machines Corp
NYSE:IBM
310.74 USD
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Valuation Scenario:
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Growth Comparison

Growth Over Time
WAVE, IBM

WAVE
IBM
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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
Wavestone SA
Revenue
International Business Machines Corp
Revenue

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

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Profitability Comparison

Free Cash Flow
WAVE, IBM

WAVE
IBM
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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
Wavestone SA
PAR:WAVE
International Business Machines Corp
NYSE:IBM
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What is Free Cash Flow?

Gross Margin

WAVE
85.4%
IBM
57.8%

Operating Margin

WAVE
11.8%
IBM
16.1%

Net Margin

WAVE
8.3%
IBM
12.1%

FCF Margin

WAVE
11.1%
IBM
18.3%

ROE

WAVE
12.8%
IBM
30.2%

ROA

WAVE
8.3%
IBM
5.6%

ROIC

WAVE
9.4%
IBM
6.9%

ROCE

WAVE
15.7%
IBM
9.7%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
WAVE, IBM

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WAVE
IBM
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Performance Gap
WAVE, IBM

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WAVE
IBM
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
WAVE, IBM

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WAVE
IBM
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