` Comparison: BR vs HEIA - Alpha Spread

BR
vs
HEIA

Over the past 12 months, BR has underperformed HEIA, delivering a return of -30% compared to the HEIA's 3% drop.

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BR
HEIA
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Valuation Comparison

BR Intrinsic Value
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HEIA Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Big Rock Brewery Inc
TSX:BR
0.84 CAD
Heineken NV
AEX:HEIA
77.48 EUR
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
BR, HEIA

BR
HEIA
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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
Big Rock Brewery Inc
Revenue
Heineken NV
Revenue

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

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Profitability Comparison

Free Cash Flow
BR, HEIA

BR
HEIA
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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
Big Rock Brewery Inc
TSX:BR
Heineken NV
AEX:HEIA
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What is Free Cash Flow?

Gross Margin

BR
27.2%
HEIA
48.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Big Rock Brewery Inc
Heineken NV

Operating Margin

BR
-4.1%
HEIA
12.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Big Rock Brewery Inc
Heineken NV

Net Margin

BR
-17.8%
HEIA
6.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Big Rock Brewery Inc
Heineken NV

FCF Margin

BR
-12.6%
HEIA
9.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Big Rock Brewery Inc
Heineken NV

ROE

BR
-42.6%
HEIA
10%
LTM 3Y Avg 5Y Avg 10Y Avg
Big Rock Brewery Inc
Heineken NV

ROA

BR
-20%
HEIA
3.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Big Rock Brewery Inc
Heineken NV

ROIC

BR
-5.1%
HEIA
6.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Big Rock Brewery Inc
Heineken NV

ROCE

BR
-7.3%
HEIA
9.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Big Rock Brewery Inc
Heineken NV

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
BR, HEIA

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Performance Gap
BR, HEIA

Performance Gap Between BR and HEIA
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Performance By Year
BR, HEIA

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BR
HEIA
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HEIO
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