` Comparison: TPB vs CPI - Alpha Spread

T
TPB
vs
C
CPI

Over the past 12 months, TPB has underperformed CPI, delivering a return of +16% compared to the CPI's +54% growth.

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TPB
CPI
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Valuation Comparison

T
TPB Intrinsic Value
38 668.54 VND
Undervaluation 54%
Intrinsic Value
Price
C
CPI Intrinsic Value
119 257.29 Zac
Overvaluation 75%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
T
Tien Phong Commercial Joint Stock Bank
VN:TPB
17 600 VND
C
Capitec Bank Holdings Ltd
JSE:CPI
475 013 Zac
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Valuation Scenario:
Bear Case
Base Case
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Growth Comparison

Growth Over Time
TPB, CPI

TPB
CPI
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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
T
Tien Phong Commercial Joint Stock Bank
Revenue
C
Capitec Bank Holdings Ltd
Revenue

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

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Profitability Comparison

Free Cash Flow
TPB, CPI

TPB
CPI
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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
T
Tien Phong Commercial Joint Stock Bank
VN:TPB
FCF is not applicable for financial companies
C
Capitec Bank Holdings Ltd
JSE:CPI
FCF is not applicable for financial companies
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What is Free Cash Flow?

Gross Margin

TPB
CPI
LTM 3Y Avg 5Y Avg 10Y Avg
T
Tien Phong Commercial Joint Stock Bank
Not applicable for financial companies
C
Capitec Bank Holdings Ltd
Not applicable for financial companies

Operating Margin

TPB
CPI
LTM 3Y Avg 5Y Avg 10Y Avg
T
Tien Phong Commercial Joint Stock Bank
Not applicable for financial companies
C
Capitec Bank Holdings Ltd
Not applicable for financial companies

Net Margin

TPB
35.1%
CPI
24.6%

FCF Margin

TPB
CPI
LTM 3Y Avg 5Y Avg 10Y Avg
T
Tien Phong Commercial Joint Stock Bank
Not applicable for financial companies
C
Capitec Bank Holdings Ltd
Not applicable for financial companies

ROE

TPB
18.5%
CPI
30.7%

ROA

TPB
1.6%
CPI
6.5%

ROIC

TPB
CPI
LTM 3Y Avg 5Y Avg 10Y Avg
T
Tien Phong Commercial Joint Stock Bank
Not applicable for financial companies
C
Capitec Bank Holdings Ltd
Not applicable for financial companies

ROCE

TPB
CPI
LTM 3Y Avg 5Y Avg 10Y Avg
T
Tien Phong Commercial Joint Stock Bank
Not applicable for financial companies
C
Capitec Bank Holdings Ltd
Not applicable for financial companies

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
TPB, CPI

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Performance Gap
TPB, CPI

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TPB
CPI
Difference
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Performance By Year
TPB, CPI

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TPB
CPI
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