` Comparison: WBR, ABEV3 - Alpha Spread

WBR
vs
ABEV3

Over the past 12 months, WBR has underperformed ABEV3, delivering a return of 0% compared to the ABEV3's +4% growth.

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WBR
ABEV3
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Valuation Comparison

WBR Intrinsic Value
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ABEV3 Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Waterloo Brewing Ltd
TSX:WBR
4.01 CAD
Ambev SA
BOVESPA:ABEV3
13.6 BRL
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
WBR, ABEV3

WBR
ABEV3
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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
Waterloo Brewing Ltd
Revenue
Ambev SA
Revenue

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

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Profitability Comparison

Free Cash Flow
WBR, ABEV3

WBR
ABEV3
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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
Waterloo Brewing Ltd
TSX:WBR
Ambev SA
BOVESPA:ABEV3
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What is Free Cash Flow?

Gross Margin

WBR
21.6%
ABEV3
51.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Waterloo Brewing Ltd
Ambev SA

Operating Margin

WBR
4.6%
ABEV3
25.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Waterloo Brewing Ltd
Ambev SA

Net Margin

WBR
1.8%
ABEV3
16.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Waterloo Brewing Ltd
Ambev SA

FCF Margin

WBR
5.3%
ABEV3
23.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Waterloo Brewing Ltd
Ambev SA

ROE

WBR
5.5%
ABEV3
15.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Waterloo Brewing Ltd
Ambev SA

ROA

WBR
1.5%
ABEV3
10.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Waterloo Brewing Ltd
Ambev SA

ROIC

WBR
2.5%
ABEV3
16.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Waterloo Brewing Ltd
Ambev SA

ROCE

WBR
5.5%
ABEV3
21.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Waterloo Brewing Ltd
Ambev SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
WBR, ABEV3

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Performance Gap
WBR, ABEV3

Performance Gap Between WBR and ABEV3
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Performance By Year
WBR, ABEV3

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WBR
ABEV3
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