` Comparison: 11B, SE - Alpha Spread

1
11B
vs
SE

Over the past 12 months, 11B has underperformed SE, delivering a return of -8% compared to the SE's +9% growth.

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11B
SE
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Valuation Comparison

1
11B Intrinsic Value
107.35 PLN
Overvaluation 31%
Intrinsic Value
Price
SE Intrinsic Value
199.32 USD
Undervaluation 37%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
1
11 Bit Studios SA
WSE:11B
155.1 PLN
Sea Ltd
NYSE:SE
124.73 USD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
11B, SE

Revenue
www.alphaspread.com
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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
1
11 Bit Studios SA
Revenue
Sea Ltd
Revenue

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

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Profitability Comparison

Free Cash Flow
11B, SE

Free Cash Flow
www.alphaspread.com
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
1
11 Bit Studios SA
WSE:11B
Sea Ltd
NYSE:SE
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What is Free Cash Flow?

Gross Margin

11B
0%
SE
44.9%
LTM 3Y Avg 5Y Avg 10Y Avg
1
11 Bit Studios SA
Sea Ltd

Operating Margin

11B
30.8%
SE
8.2%
LTM 3Y Avg 5Y Avg 10Y Avg
1
11 Bit Studios SA
Sea Ltd

Net Margin

11B
-13.8%
SE
6.7%
LTM 3Y Avg 5Y Avg 10Y Avg
1
11 Bit Studios SA
Sea Ltd

FCF Margin

11B
14.9%
SE
21.7%
LTM 3Y Avg 5Y Avg 10Y Avg
1
11 Bit Studios SA
Sea Ltd

ROE

11B
-7.1%
SE
15.7%
LTM 3Y Avg 5Y Avg 10Y Avg
1
11 Bit Studios SA
Sea Ltd

ROA

11B
-6.2%
SE
5.9%
LTM 3Y Avg 5Y Avg 10Y Avg
1
11 Bit Studios SA
Sea Ltd

ROIC

11B
12.3%
SE
8.5%
LTM 3Y Avg 5Y Avg 10Y Avg
1
11 Bit Studios SA
Sea Ltd

ROCE

11B
15.3%
SE
14.3%
LTM 3Y Avg 5Y Avg 10Y Avg
1
11 Bit Studios SA
Sea Ltd

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
11B, SE

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Performance Gap
11B, SE

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11B
SE
Difference
www.alphaspread.com

Performance By Year
11B, SE

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