` Comparison: INOX, VALE3 - Alpha Spread

P
INOX
vs
VALE3

Over the past 12 months, INOX has underperformed VALE3, delivering a return of -23% compared to the VALE3's +26% growth.

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INOX
VALE3
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Valuation Comparison

P
INOX Intrinsic Value
1.08 THB
Undervaluation 67%
Intrinsic Value
Price
VALE3 Intrinsic Value
77.4 BRL
Undervaluation 10%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
P
POSCO Thainox PCL
SET:INOX
0.36 THB
Vale SA
BOVESPA:VALE3
69.29 BRL
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Valuation Scenario:
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Growth Comparison

Growth Over Time
INOX, VALE3

INOX
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
P
POSCO Thainox PCL
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
INOX, VALE3

INOX
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
P
POSCO Thainox PCL
SET:INOX
Vale SA
BOVESPA:VALE3
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What is Free Cash Flow?

Gross Margin

INOX
5.7%
VALE3
34.8%
LTM 3Y Avg 5Y Avg 10Y Avg
P
POSCO Thainox PCL
Vale SA

Operating Margin

INOX
1.5%
VALE3
27.7%
LTM 3Y Avg 5Y Avg 10Y Avg
P
POSCO Thainox PCL
Vale SA

Net Margin

INOX
0.4%
VALE3
14.2%
LTM 3Y Avg 5Y Avg 10Y Avg
P
POSCO Thainox PCL
Vale SA

FCF Margin

INOX
1.6%
VALE3
7.5%
LTM 3Y Avg 5Y Avg 10Y Avg
P
POSCO Thainox PCL
Vale SA

ROE

INOX
0.6%
VALE3
14.2%
LTM 3Y Avg 5Y Avg 10Y Avg
P
POSCO Thainox PCL
Vale SA

ROA

INOX
0.5%
VALE3
6.2%
LTM 3Y Avg 5Y Avg 10Y Avg
P
POSCO Thainox PCL
Vale SA

ROIC

INOX
0.7%
VALE3
12.5%
LTM 3Y Avg 5Y Avg 10Y Avg
P
POSCO Thainox PCL
Vale SA

ROCE

INOX
2.3%
VALE3
14.5%
LTM 3Y Avg 5Y Avg 10Y Avg
P
POSCO Thainox PCL
Vale SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
INOX, VALE3

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Performance Gap
INOX, VALE3

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INOX
VALE3
Difference
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Performance By Year
INOX, VALE3

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INOX
VALE3
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