` Comparison: NOTE, CLS - Alpha Spread

NOTE
vs
CLS

Over the past 12 months, NOTE has underperformed CLS, delivering a return of +21% compared to the CLS's +199% growth.

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Stocks Compared:
NOTE CLS
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Valuation Comparison

NOTE Intrinsic Value
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CLS Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Note AB (publ)
STO:NOTE
177.7 SEK
Celestica Inc
TSX:CLS
421.77 CAD
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Valuation Scenario:
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Growth Comparison

Growth Over Time
NOTE, CLS

NOTE
CLS
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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
Note AB (publ)
Revenue
Celestica Inc
Revenue

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

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Profitability Comparison

Free Cash Flow
NOTE, CLS

NOTE
CLS
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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
Note AB (publ)
STO:NOTE
Celestica Inc
TSX:CLS
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What is Free Cash Flow?

Gross Margin

NOTE
13.6%
CLS
12%
LTM 3Y Avg 5Y Avg 10Y Avg
Note AB (publ)
Celestica Inc

Operating Margin

NOTE
9.5%
CLS
7.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Note AB (publ)
Celestica Inc

Net Margin

NOTE
7%
CLS
6.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Note AB (publ)
Celestica Inc

FCF Margin

NOTE
15.4%
CLS
3.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Note AB (publ)
Celestica Inc

ROE

NOTE
17.2%
CLS
37.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Note AB (publ)
Celestica Inc

ROA

NOTE
8.5%
CLS
11.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Note AB (publ)
Celestica Inc

ROIC

NOTE
13.2%
CLS
15.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Note AB (publ)
Celestica Inc

ROCE

NOTE
19.6%
CLS
27.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Note AB (publ)
Celestica Inc

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
NOTE, CLS

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CLS
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Performance Gap
NOTE, CLS

Performance Gap Between NOTE and CLS
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Performance By Year
NOTE, CLS

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CLS
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