` Comparison: LIF, VALE3 - Alpha Spread

LIF
vs
VALE3

Over the past 12 months, LIF has underperformed VALE3, delivering a return of +1% compared to the VALE3's +25% growth.

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LIF
VALE3
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Valuation Comparison

LIF Intrinsic Value
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VALE3 Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Labrador Iron Ore Royalty Corp
TSX:LIF
30.5 CAD
Vale SA
BOVESPA:VALE3
71.06 BRL
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Valuation Scenario:
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Base Case
Bull Case

Growth Comparison

Growth Over Time
LIF, VALE3

LIF
VALE3
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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
Labrador Iron Ore Royalty Corp
Revenue
Vale SA
Revenue

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

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Profitability Comparison

Free Cash Flow
LIF, VALE3

LIF
VALE3
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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
Labrador Iron Ore Royalty Corp
TSX:LIF
Vale SA
BOVESPA:VALE3
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What is Free Cash Flow?

Gross Margin

LIF
80.3%
VALE3
34.8%

Operating Margin

LIF
75%
VALE3
27.7%

Net Margin

LIF
60.1%
VALE3
14.2%

FCF Margin

LIF
66.5%
VALE3
7.5%

ROE

LIF
16.9%
VALE3
14.2%

ROA

LIF
13.3%
VALE3
6.2%

ROIC

LIF
12.8%
VALE3
12.5%

ROCE

LIF
17.5%
VALE3
14.5%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
LIF, VALE3

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Performance Gap
LIF, VALE3

Performance Gap Between LIF and VALE3
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Performance By Year
LIF, VALE3

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LIF
VALE3
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