` Comparison: WARN vs VNA - Alpha Spread

WARN
vs
VNA

Over the past 12 months, WARN has significantly outperformed VNA, delivering a return of +2% compared to the VNA's 18% drop.

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WARN
VNA
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Valuation Comparison

WARN Intrinsic Value
2 138.1 CHF
Undervaluation 7%
Intrinsic Value
Price
VNA Intrinsic Value
45.94 EUR
Undervaluation 46%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Warteck Invest AG
SIX:WARN
1 985 CHF
Vonovia SE
XETRA:VNA
24.91 EUR
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
WARN, VNA

WARN
VNA
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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
Warteck Invest AG
Revenue
Vonovia SE
Revenue

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

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Profitability Comparison

Free Cash Flow
WARN, VNA

WARN
VNA
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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
Warteck Invest AG
SIX:WARN
Vonovia SE
XETRA:VNA
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What is Free Cash Flow?

Gross Margin

WARN
85.2%
VNA
68.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Warteck Invest AG
Vonovia SE

Operating Margin

WARN
77.9%
VNA
39.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Warteck Invest AG
Vonovia SE

Net Margin

WARN
78.4%
VNA
53.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Warteck Invest AG
Vonovia SE

FCF Margin

WARN
48%
VNA
38.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Warteck Invest AG
Vonovia SE

ROE

WARN
6.8%
VNA
11.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Warteck Invest AG
Vonovia SE

ROA

WARN
3.2%
VNA
3.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Warteck Invest AG
Vonovia SE

ROIC

WARN
2.8%
VNA
6%
LTM 3Y Avg 5Y Avg 10Y Avg
Warteck Invest AG
Vonovia SE

ROCE

WARN
3.8%
VNA
2.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Warteck Invest AG
Vonovia SE

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
WARN, VNA

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Performance Gap
WARN, VNA

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WARN
VNA
Difference
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Performance By Year
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WARN
VNA
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