` Comparison: COG vs MT - Alpha Spread

C
COG
vs
MT

Over the past 12 months, COG has underperformed MT, delivering a return of -38% compared to the MT's +75% growth.

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COG
MT
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Valuation Comparison

C
COG Intrinsic Value
4.502 PLN
Overvaluation 9%
Intrinsic Value
Price
MT Intrinsic Value
35.44 EUR
Overvaluation 33%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
C
Cognor Holding SA
WSE:COG
4.922 PLN
ArcelorMittal SA
AEX:MT
52.8 EUR
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
COG, MT

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
C
Cognor Holding SA
Revenue
ArcelorMittal SA
Revenue

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

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Profitability Comparison

Free Cash Flow
COG, MT

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
C
Cognor Holding SA
WSE:COG
ArcelorMittal SA
AEX:MT
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What is Free Cash Flow?

Gross Margin

COG
2.8%
MT
0%
LTM 3Y Avg 5Y Avg 10Y Avg
C
Cognor Holding SA
ArcelorMittal SA

Operating Margin

COG
-2.5%
MT
4.8%
LTM 3Y Avg 5Y Avg 10Y Avg
C
Cognor Holding SA
ArcelorMittal SA

Net Margin

COG
-3.8%
MT
5.1%
LTM 3Y Avg 5Y Avg 10Y Avg
C
Cognor Holding SA
ArcelorMittal SA

FCF Margin

COG
-12.9%
MT
0.8%
LTM 3Y Avg 5Y Avg 10Y Avg
C
Cognor Holding SA
ArcelorMittal SA

ROE

COG
-7.4%
MT
6.1%
LTM 3Y Avg 5Y Avg 10Y Avg
C
Cognor Holding SA
ArcelorMittal SA

ROA

COG
-3%
MT
3.4%
LTM 3Y Avg 5Y Avg 10Y Avg
C
Cognor Holding SA
ArcelorMittal SA

ROIC

COG
-2%
MT
3.6%
LTM 3Y Avg 5Y Avg 10Y Avg
C
Cognor Holding SA
ArcelorMittal SA

ROCE

COG
-3.2%
MT
4.1%
LTM 3Y Avg 5Y Avg 10Y Avg
C
Cognor Holding SA
ArcelorMittal SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
COG, MT

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Performance Gap
COG, MT

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COG
MT
Difference
www.alphaspread.com

Performance By Year
COG, MT

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Compare COG to other stocks
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FMG
Fortescue Metals Group Ltd
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FVJ
Fortescue Ltd
F
More expensive
vs COG
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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