` Comparison: INC, MS - Alpha Spread

I
INC
vs
MS

Over the past 12 months, INC has underperformed MS, delivering a return of -11% compared to the MS's +42% growth.

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INC
MS
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One-click summary across all key metrics.
Ranked results with clear takeaways.
No spreadsheets, no guesswork.
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Valuation
Growth
Profitability
Solvency
Comparing Valuation
Running a multi-layered valuation analysis to compare how attractive each stock is.
Comparing Growth
Financial growth, forecasts, volatility, and historical drawdowns.
Comparing Profitability
Margins, returns on capital, and the consistency of profitability.
Comparing Solvency
Debt levels, liquidity, interest coverage, and bankruptcy risk.
Summarizing...
We need a little more time to summarize the results

Valuation Comparison

I
INC Intrinsic Value
2.99 PLN
Undervaluation 32%
Intrinsic Value
Price
MS Intrinsic Value
366.26 USD
Undervaluation 61%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
I
INC SA
WSE:INC
2.02 PLN
Morgan Stanley
NYSE:MS
143.01 USD
Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
INC, MS

Revenue
www.alphaspread.com
Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
I
INC SA
Revenue
Morgan Stanley
Revenue

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

Profitability Comparison

Free Cash Flow
INC, MS

Free Cash Flow
www.alphaspread.com
Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
I
INC SA
WSE:INC
Morgan Stanley
NYSE:MS
What is Free Cash Flow?

Gross Margin

INC
57.2%
MS
54.4%
LTM 3Y Avg 5Y Avg 10Y Avg
I
INC SA
Morgan Stanley

Operating Margin

INC
-31.5%
MS
17.1%
LTM 3Y Avg 5Y Avg 10Y Avg
I
INC SA
Morgan Stanley

Net Margin

INC
-10%
MS
12.5%
LTM 3Y Avg 5Y Avg 10Y Avg
I
INC SA
Morgan Stanley

FCF Margin

INC
-310.9%
MS
-26.8%
LTM 3Y Avg 5Y Avg 10Y Avg
I
INC SA
Morgan Stanley

ROE

INC
-6.4%
MS
13.6%
LTM 3Y Avg 5Y Avg 10Y Avg
I
INC SA
Morgan Stanley

ROA

INC
-3%
MS
1.1%
LTM 3Y Avg 5Y Avg 10Y Avg
I
INC SA
Morgan Stanley

ROIC

INC
-99.1%
MS
1.5%
LTM 3Y Avg 5Y Avg 10Y Avg
I
INC SA
Morgan Stanley

ROCE

INC
-12.1%
MS
3.3%
LTM 3Y Avg 5Y Avg 10Y Avg
I
INC SA
Morgan Stanley

Solvency Comparison

Balance Sheet Comparison

Stocks Performance

Stocks Performance
INC, MS

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Performance Gap
INC, MS

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INC
MS
Difference
www.alphaspread.com

Performance By Year
INC, MS

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