` Comparison: HAD vs HEIO - Alpha Spread
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H
HAD
vs
HEIO

Over the past 12 months, HAD has underperformed HEIO, delivering a return of -7% compared to the HEIO's +11% growth.

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Valuation Comparison

HAD Intrinsic Value
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HEIO Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
H
Hanoi Haiduong Beer JSC
VN:HAD
14 300 VND
Heineken Holding NV
AEX:HEIO
66.25 EUR
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Valuation Scenario:
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Growth Comparison

Growth Over Time
HAD, HEIO

HAD
HEIO
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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
H
Hanoi Haiduong Beer JSC
Revenue
Heineken Holding NV
Revenue

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

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Profitability Comparison

Free Cash Flow
HAD, HEIO

HAD
HEIO
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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
H
Hanoi Haiduong Beer JSC
VN:HAD
Heineken Holding NV
AEX:HEIO
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What is Free Cash Flow?

Gross Margin

HAD
24.8%
HEIO
35.1%

Operating Margin

HAD
3.3%
HEIO
11.4%

Net Margin

HAD
4.3%
HEIO
3.2%

FCF Margin

HAD
-3.9%
HEIO
9.2%

ROE

HAD
9.4%
HEIO
10.3%

ROA

HAD
7.2%
HEIO
1.8%

ROIC

HAD
9.2%
HEIO
5.8%

ROCE

HAD
7.4%
HEIO
8.8%

Solvency Comparison

H
Hanoi Haiduong Beer JSC
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
Heineken Holding NV
Equity Waterfall
Assets
Liabilities
Equity
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
HAD, HEIO

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Performance Gap
HAD, HEIO

Performance Gap Between HAD and HEIO
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Performance By Year
HAD, HEIO

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HEIO
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