` Comparison: CZ2, SPG - Alpha Spread

N
CZ2
vs
SPG

Over the past 12 months, CZ2 has underperformed SPG, delivering a return of -10% compared to the SPG's +8% growth.

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CZ2
SPG
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Valuation Comparison

N
CZ2 Intrinsic Value
43.35 EUR
Undervaluation 20%
Intrinsic Value
Price
SPG Intrinsic Value
144.03 USD
Overvaluation 22%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
N
NNN REIT Inc
SWB:CZ2
34.53 EUR
Simon Property Group Inc
NYSE:SPG
185.07 USD
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Valuation Scenario:
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Base Case
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Growth Comparison

Growth Over Time
CZ2, SPG

CZ2
SPG
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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
N
NNN REIT Inc
Revenue
Simon Property Group Inc
Revenue

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

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Profitability Comparison

Free Cash Flow
CZ2, SPG

CZ2
SPG
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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
N
NNN REIT Inc
SWB:CZ2
Simon Property Group Inc
NYSE:SPG
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What is Free Cash Flow?

Gross Margin

CZ2
95.8%
SPG
82%
LTM 3Y Avg 5Y Avg 10Y Avg
N
NNN REIT Inc
Simon Property Group Inc

Operating Margin

CZ2
61.8%
SPG
50.7%
LTM 3Y Avg 5Y Avg 10Y Avg
N
NNN REIT Inc
Simon Property Group Inc

Net Margin

CZ2
43.1%
SPG
36.4%
LTM 3Y Avg 5Y Avg 10Y Avg
N
NNN REIT Inc
Simon Property Group Inc

FCF Margin

CZ2
-33.7%
SPG
50.7%
LTM 3Y Avg 5Y Avg 10Y Avg
N
NNN REIT Inc
Simon Property Group Inc

ROE

CZ2
8.9%
SPG
88.6%
LTM 3Y Avg 5Y Avg 10Y Avg
N
NNN REIT Inc
Simon Property Group Inc

ROA

CZ2
4.3%
SPG
6.7%
LTM 3Y Avg 5Y Avg 10Y Avg
N
NNN REIT Inc
Simon Property Group Inc

ROIC

CZ2
6.2%
SPG
10.4%
LTM 3Y Avg 5Y Avg 10Y Avg
N
NNN REIT Inc
Simon Property Group Inc

ROCE

CZ2
6.1%
SPG
10.6%
LTM 3Y Avg 5Y Avg 10Y Avg
N
NNN REIT Inc
Simon Property Group Inc

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
CZ2, SPG

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Performance Gap
CZ2, SPG

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CZ2
SPG
Difference
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Performance By Year
CZ2, SPG

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CZ2
SPG
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