` Comparison: SMB vs ABEV3 - Alpha Spread

S
SMB
vs
ABEV3

Over the past 12 months, SMB has underperformed ABEV3, delivering a return of -5% compared to the ABEV3's +23% growth.

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SMB
ABEV3
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Valuation Comparison

SMB 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
S
Sai Gon Mien Trung Beer JSC
VN:SMB
38 900 VND
Ambev SA
BOVESPA:ABEV3
15.64 BRL
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Valuation Scenario:
Bear Case
Base Case
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Growth Comparison

Growth Over Time
SMB, ABEV3

SMB
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
S
Sai Gon Mien Trung Beer JSC
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
SMB, ABEV3

SMB
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
S
Sai Gon Mien Trung Beer JSC
VN:SMB
Ambev SA
BOVESPA:ABEV3
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What is Free Cash Flow?

Gross Margin

SMB
31.5%
ABEV3
51.4%
LTM 3Y Avg 5Y Avg 10Y Avg
S
Sai Gon Mien Trung Beer JSC
Ambev SA

Operating Margin

SMB
15.1%
ABEV3
25.6%
LTM 3Y Avg 5Y Avg 10Y Avg
S
Sai Gon Mien Trung Beer JSC
Ambev SA

Net Margin

SMB
13%
ABEV3
17.6%
LTM 3Y Avg 5Y Avg 10Y Avg
S
Sai Gon Mien Trung Beer JSC
Ambev SA

FCF Margin

SMB
13.3%
ABEV3
22.5%
LTM 3Y Avg 5Y Avg 10Y Avg
S
Sai Gon Mien Trung Beer JSC
Ambev SA

ROE

SMB
28.8%
ABEV3
16.6%
LTM 3Y Avg 5Y Avg 10Y Avg
S
Sai Gon Mien Trung Beer JSC
Ambev SA

ROA

SMB
17%
ABEV3
10.1%
LTM 3Y Avg 5Y Avg 10Y Avg
S
Sai Gon Mien Trung Beer JSC
Ambev SA

ROIC

SMB
27.7%
ABEV3
17.8%
LTM 3Y Avg 5Y Avg 10Y Avg
S
Sai Gon Mien Trung Beer JSC
Ambev SA

ROCE

SMB
32.7%
ABEV3
21.3%
LTM 3Y Avg 5Y Avg 10Y Avg
S
Sai Gon Mien Trung Beer JSC
Ambev SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
SMB, ABEV3

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Performance Gap
SMB, ABEV3

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

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SMB
ABEV3
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Compare SMB to other stocks
1NBA
Anheuser Busch Inbev SA
More expensive
vs SMB
ABI
Anheuser-Busch Inbev SA
More expensive
vs SMB
HEIA
Heineken NV
More expensive
vs SMB
HEIO
Heineken Holding NV
Cheaper
vs SMB
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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