` Comparison: 40T, NTC - Alpha Spread

I
40T
vs
N
NTC

Over the past 12 months, 40T has underperformed NTC, delivering a return of -19% compared to the NTC's +3% growth.

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40T
NTC
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Stocks Compared:
40T NTC
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Valuation Comparison

40T Intrinsic Value
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NTC Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
I
ISEC Healthcare Ltd
SGX:40T
0.325 SGD
N
Netcare Ltd
JSE:NTC
1 560 Zac
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Valuation Scenario:
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Growth Comparison

Growth Over Time
40T, NTC

40T
NTC
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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
I
ISEC Healthcare Ltd
Revenue
N
Netcare Ltd
Revenue

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

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Profitability Comparison

Free Cash Flow
40T, NTC

40T
NTC
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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
I
ISEC Healthcare Ltd
SGX:40T
N
Netcare Ltd
JSE:NTC
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What is Free Cash Flow?

Gross Margin

40T
44.5%
NTC
49.7%
LTM 3Y Avg 5Y Avg 10Y Avg
I
ISEC Healthcare Ltd
N
Netcare Ltd

Operating Margin

40T
24.9%
NTC
13.6%
LTM 3Y Avg 5Y Avg 10Y Avg
I
ISEC Healthcare Ltd
N
Netcare Ltd

Net Margin

40T
16.2%
NTC
6.4%
LTM 3Y Avg 5Y Avg 10Y Avg
I
ISEC Healthcare Ltd
N
Netcare Ltd

FCF Margin

40T
-0.9%
NTC
3.1%
LTM 3Y Avg 5Y Avg 10Y Avg
I
ISEC Healthcare Ltd
N
Netcare Ltd

ROE

40T
13.6%
NTC
15.4%
LTM 3Y Avg 5Y Avg 10Y Avg
I
ISEC Healthcare Ltd
N
Netcare Ltd

ROA

40T
10%
NTC
5.8%
LTM 3Y Avg 5Y Avg 10Y Avg
I
ISEC Healthcare Ltd
N
Netcare Ltd

ROIC

40T
13.5%
NTC
11.2%
LTM 3Y Avg 5Y Avg 10Y Avg
I
ISEC Healthcare Ltd
N
Netcare Ltd

ROCE

40T
17.7%
NTC
15.6%
LTM 3Y Avg 5Y Avg 10Y Avg
I
ISEC Healthcare Ltd
N
Netcare Ltd

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
40T, NTC

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40T
NTC
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Performance Gap
40T, NTC

Performance Gap Between 40T and NTC
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Performance By Year
40T, NTC

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40T
NTC
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