` Comparison: AD2, DAL - Alpha Spread

AD2
vs
DAL

Over the past 12 months, AD2 has outperformed DAL, delivering a return of +30% compared to the DAL's +20% growth.

Valuation Growth Profitability Solvency Stocks Performance
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AD2
DAL
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Stocks Compared:
AD2 DAL
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Valuation Comparison

AD2 Intrinsic Value
0.639 EUR
Overvaluation 16%
Intrinsic Value
Price
DAL Intrinsic Value
91.2 USD
Undervaluation 21%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Air China Ltd
SWB:AD2
0.764 EUR
Delta Air Lines Inc
NYSE:DAL
72.07 USD
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Valuation Scenario:
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Growth Comparison

Growth Over Time
AD2, DAL

AD2
DAL
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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
Air China Ltd
Revenue
Delta Air Lines Inc
Revenue

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

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Profitability Comparison

Free Cash Flow
AD2, DAL

AD2
DAL
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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
Air China Ltd
SWB:AD2
Delta Air Lines Inc
NYSE:DAL
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What is Free Cash Flow?

Gross Margin

AD2
5.3%
DAL
50.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Air China Ltd
Delta Air Lines Inc

Operating Margin

AD2
0%
DAL
9.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Air China Ltd
Delta Air Lines Inc

Net Margin

AD2
0.2%
DAL
7.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Air China Ltd
Delta Air Lines Inc

FCF Margin

AD2
11%
DAL
4.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Air China Ltd
Delta Air Lines Inc

ROE

AD2
0.6%
DAL
28.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Air China Ltd
Delta Air Lines Inc

ROA

AD2
0.1%
DAL
6%
LTM 3Y Avg 5Y Avg 10Y Avg
Air China Ltd
Delta Air Lines Inc

ROIC

AD2
0%
DAL
7%
LTM 3Y Avg 5Y Avg 10Y Avg
Air China Ltd
Delta Air Lines Inc

ROCE

AD2
0%
DAL
12.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Air China Ltd
Delta Air Lines Inc

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
AD2, DAL

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AD2
DAL
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Performance Gap
AD2, DAL

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AD2
DAL
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
AD2, DAL

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DAL
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