` Comparison: RNC, MS - Alpha Spread

R
RNC
vs
MS

Over the past 12 months, RNC has underperformed MS, delivering a return of -42% compared to the MS's +45% growth.

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RNC
MS
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Valuation Comparison

R
RNC Intrinsic Value
1.359 PLN
Undervaluation 40%
Intrinsic Value
Price
MS Intrinsic Value
401.721 USD
Undervaluation 54%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
R
Reino Capital SA
WSE:RNC
0.815 PLN
Morgan Stanley
NYSE:MS
185.455 USD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
RNC, MS

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
R
Reino Capital SA
Revenue
Morgan Stanley
Revenue

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

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Profitability Comparison

Free Cash Flow
RNC, MS

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
R
Reino Capital SA
WSE:RNC
Morgan Stanley
NYSE:MS
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What is Free Cash Flow?

Gross Margin

RNC
0%
MS
55%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Reino Capital SA
Morgan Stanley

Operating Margin

RNC
2.5%
MS
18.1%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Reino Capital SA
Morgan Stanley

Net Margin

RNC
-18.4%
MS
13.3%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Reino Capital SA
Morgan Stanley

FCF Margin

RNC
6.5%
MS
-5.8%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Reino Capital SA
Morgan Stanley

ROE

RNC
-31.5%
MS
14.6%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Reino Capital SA
Morgan Stanley

ROA

RNC
-15.9%
MS
1.2%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Reino Capital SA
Morgan Stanley

ROIC

RNC
2.7%
MS
1.6%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Reino Capital SA
Morgan Stanley

ROCE

RNC
3.8%
MS
3.5%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Reino Capital SA
Morgan Stanley

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
RNC, MS

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Performance Gap
RNC, MS

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RNC
MS
Difference
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Performance By Year
RNC, MS

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