` Comparison: CNQ vs COP - Alpha Spread

CNQ
vs
COP

Over the past 12 months, CNQ has significantly outperformed COP, delivering a return of +46% compared to the COP's +14% growth.

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CNQ
COP
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Valuation Comparison

CNQ Intrinsic Value
53.01 CAD
Overvaluation 11%
Intrinsic Value
Price
COP Intrinsic Value
98.7 USD
Overvaluation 13%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Canadian Natural Resources Ltd
TSX:CNQ
59.76 CAD
Conocophillips
NYSE:COP
113.26 USD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
CNQ, COP

CNQ
COP
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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
Canadian Natural Resources Ltd
Revenue
Conocophillips
Revenue

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

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Profitability Comparison

Free Cash Flow
CNQ, COP

CNQ
COP
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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
Canadian Natural Resources Ltd
TSX:CNQ
Conocophillips
NYSE:COP
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What is Free Cash Flow?

Gross Margin

CNQ
48.8%
COP
46.1%

Operating Margin

CNQ
26.6%
COP
21.1%

Net Margin

CNQ
17.2%
COP
14.8%

FCF Margin

CNQ
-2.7%
COP
11.9%

ROE

CNQ
16.6%
COP
15.4%

ROA

CNQ
8.3%
COP
8.1%

ROIC

CNQ
10.9%
COP
8.6%

ROCE

CNQ
14.2%
COP
12.8%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
CNQ, COP

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Performance Gap
CNQ, COP

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CNQ
COP
Difference
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Performance By Year
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CNQ
COP
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Compare CNQ to other stocks
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Cheaper
vs CNQ
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Cheaper
vs CNQ
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More expensive
vs CNQ
DVN
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vs CNQ
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Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.

Warren Buffett