` Comparison: SAP, BN - Alpha Spread

SAP
vs
BN

Over the past 12 months, SAP has underperformed BN, delivering a return of -9% compared to the BN's +15% growth.

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SAP
BN
One-click summary across all key metrics.
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One-click summary across all key metrics.
Ranked results with clear takeaways.
No spreadsheets, no guesswork.
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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

SAP Intrinsic Value
39.85 CAD
Undervaluation 28%
Intrinsic Value
Price
BN Intrinsic Value
84.73 EUR
Undervaluation 21%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Saputo Inc
TSX:SAP
28.88 CAD
Danone SA
PAR:BN
67.16 EUR
Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
SAP, BN

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
Saputo Inc
Revenue
Danone SA
Revenue

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

Profitability Comparison

Free Cash Flow
SAP, BN

Free Cash Flow
www.alphaspread.com
Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Saputo Inc
TSX:SAP
Danone SA
PAR:BN
What is Free Cash Flow?

Gross Margin

SAP
29.9%
BN
49.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Saputo Inc
Danone SA

Operating Margin

SAP
4.3%
BN
13%
LTM 3Y Avg 5Y Avg 10Y Avg
Saputo Inc
Danone SA

Net Margin

SAP
-0.9%
BN
7.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Saputo Inc
Danone SA

FCF Margin

SAP
3.6%
BN
10.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Saputo Inc
Danone SA

ROE

SAP
-2.5%
BN
11.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Saputo Inc
Danone SA

ROA

SAP
-1.3%
BN
4.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Saputo Inc
Danone SA

ROIC

SAP
66.5%
BN
7.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Saputo Inc
Danone SA

ROCE

SAP
7.6%
BN
11.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Saputo Inc
Danone SA

Solvency Comparison

Balance Sheet Comparison

Stocks Performance

Stocks Performance
SAP, BN

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Performance Gap
SAP, BN

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SAP
BN
Difference
www.alphaspread.com

Performance By Year
SAP, BN

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