` Comparison: PSI vs HAL - Alpha Spread

PSI
vs
HAL

Over the past 12 months, PSI has underperformed HAL, delivering a return of +8% compared to the HAL's +45% growth.

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PSI
HAL
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Valuation Comparison

PSI Intrinsic Value
12.77 CAD
Overvaluation 2%
Intrinsic Value
Price
HAL Intrinsic Value
37.21 USD
Undervaluation 3%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Pason Systems Inc
TSX:PSI
12.98 CAD
Halliburton Co
NYSE:HAL
36.06 USD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
PSI, HAL

PSI
HAL
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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
Pason Systems Inc
Revenue
Halliburton Co
Revenue

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

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Profitability Comparison

Free Cash Flow
PSI, HAL

PSI
HAL
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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
Pason Systems Inc
TSX:PSI
Halliburton Co
NYSE:HAL
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What is Free Cash Flow?

Gross Margin

PSI
46.2%
HAL
15.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Pason Systems Inc
Halliburton Co

Operating Margin

PSI
21.1%
HAL
13.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Pason Systems Inc
Halliburton Co

Net Margin

PSI
14.9%
HAL
5.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Pason Systems Inc
Halliburton Co

FCF Margin

PSI
15%
HAL
7.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Pason Systems Inc
Halliburton Co

ROE

PSI
12.7%
HAL
12.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Pason Systems Inc
Halliburton Co

ROA

PSI
10.5%
HAL
5.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Pason Systems Inc
Halliburton Co

ROIC

PSI
14.4%
HAL
11.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Pason Systems Inc
Halliburton Co

ROCE

PSI
17.1%
HAL
15.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Pason Systems Inc
Halliburton Co

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
PSI, HAL

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Performance Gap
PSI, HAL

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PSI
HAL
Difference
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Performance By Year
PSI, HAL

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PSI
HAL
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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