` Comparison: H, IBE - Alpha Spread

H
vs
IBE

Over the past 12 months, H has underperformed IBE, delivering a return of +17% compared to the IBE's +27% growth.

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H
IBE
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One-click summary across all key metrics.
Ranked results with clear takeaways.
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Valuation
Growth
Profitability
Solvency
Comparing Valuation
Running a multi-layered valuation analysis to compare how attractive each stock is.
Comparing Growth
Financial growth, forecasts, volatility, and historical drawdowns.
Comparing Profitability
Margins, returns on capital, and the consistency of profitability.
Comparing Solvency
Debt levels, liquidity, interest coverage, and bankruptcy risk.
Summarizing...
We need a little more time to summarize the results

Valuation Comparison

H Intrinsic Value
52.58 CAD
Undervaluation 8%
Intrinsic Value
Price
IBE Intrinsic Value
15.35 EUR
Undervaluation 1%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Hydro One Ltd
TSX:H
48.54 CAD
Iberdrola SA
MAD:IBE
15.2 EUR
Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
H, IBE

Revenue
www.alphaspread.com
Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Hydro One Ltd
Revenue
Iberdrola SA
Revenue

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

Profitability Comparison

Free Cash Flow
H, IBE

Free Cash Flow
www.alphaspread.com
Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Hydro One Ltd
TSX:H
Iberdrola SA
MAD:IBE
What is Free Cash Flow?

Gross Margin

H
51.1%
IBE
47.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Hydro One Ltd
Iberdrola SA

Operating Margin

H
23.7%
IBE
18.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Hydro One Ltd
Iberdrola SA

Net Margin

H
14%
IBE
10.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Hydro One Ltd
Iberdrola SA

FCF Margin

H
-2.3%
IBE
7.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Hydro One Ltd
Iberdrola SA

ROE

H
10.2%
IBE
10.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Hydro One Ltd
Iberdrola SA

ROA

H
3.4%
IBE
3.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Hydro One Ltd
Iberdrola SA

ROIC

H
5.1%
IBE
4.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Hydro One Ltd
Iberdrola SA

ROCE

H
6.5%
IBE
6.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Hydro One Ltd
Iberdrola SA

Solvency Comparison

Balance Sheet Comparison

Stocks Performance

Stocks Performance
H, IBE

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Performance Gap
H, IBE

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H
IBE
Difference
www.alphaspread.com

Performance By Year
H, IBE

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