` Comparison: CSU, SAP - Alpha Spread

CSU
vs
SAP

Over the past 12 months, CSU has underperformed SAP, delivering a return of -29% compared to the SAP's 13% drop.

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CSU
SAP
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Valuation Comparison

CSU Intrinsic Value
4 083.08 CAD
Undervaluation 20%
Intrinsic Value
Price
SAP Intrinsic Value
192.28 EUR
Overvaluation 8%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Constellation Software Inc
TSX:CSU
3 285.39 CAD
SAP SE
XETRA:SAP
208.2 EUR
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
CSU, SAP

CSU
SAP
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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
Constellation Software Inc
Revenue
SAP SE
Revenue

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

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Profitability Comparison

Free Cash Flow
CSU, SAP

CSU
SAP
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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
Constellation Software Inc
TSX:CSU
SAP SE
XETRA:SAP
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What is Free Cash Flow?

Gross Margin

CSU
98.3%
SAP
73.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Constellation Software Inc
SAP SE

Operating Margin

CSU
16.2%
SAP
27.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Constellation Software Inc
SAP SE

Net Margin

CSU
6%
SAP
19.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Constellation Software Inc
SAP SE

FCF Margin

CSU
22.9%
SAP
17.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Constellation Software Inc
SAP SE

ROE

CSU
21.7%
SAP
16.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Constellation Software Inc
SAP SE

ROA

CSU
4.8%
SAP
10.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Constellation Software Inc
SAP SE

ROIC

CSU
12.7%
SAP
13%
LTM 3Y Avg 5Y Avg 10Y Avg
Constellation Software Inc
SAP SE

ROCE

CSU
20.6%
SAP
19.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Constellation Software Inc
SAP SE

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
CSU, SAP

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Performance Gap
CSU, SAP

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CSU
SAP
Difference
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Performance By Year
CSU, SAP

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CSU
SAP
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