` Comparison: SAN vs ISP - Alpha Spread

SAN
vs
ISP

Over the past 12 months, SAN has significantly outperformed ISP, delivering a return of +56% compared to the ISP's +4% growth.

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SAN
ISP
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Valuation Comparison

SAN Intrinsic Value
54.255 PLN
Undervaluation 24%
Intrinsic Value
Price
ISP Intrinsic Value
7.15 EUR
Undervaluation 30%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Banco Santander SA
WSE:SAN
41.465 PLN
Intesa Sanpaolo SpA
MIL:ISP
4.99 EUR
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
SAN, ISP

SAN
ISP
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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
Banco Santander SA
Revenue
Intesa Sanpaolo SpA
Revenue

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

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Profitability Comparison

Free Cash Flow
SAN, ISP

SAN
ISP
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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
Banco Santander SA
WSE:SAN
FCF is not applicable for financial companies
Intesa Sanpaolo SpA
MIL:ISP
FCF is not applicable for financial companies
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What is Free Cash Flow?

Gross Margin

SAN
ISP
LTM 3Y Avg 5Y Avg 10Y Avg
Banco Santander SA
Not applicable for financial companies
Intesa Sanpaolo SpA
Not applicable for financial companies

Operating Margin

SAN
ISP
LTM 3Y Avg 5Y Avg 10Y Avg
Banco Santander SA
Not applicable for financial companies
Intesa Sanpaolo SpA
Not applicable for financial companies

Net Margin

SAN
21.3%
ISP
34.2%

FCF Margin

SAN
ISP
LTM 3Y Avg 5Y Avg 10Y Avg
Banco Santander SA
Not applicable for financial companies
Intesa Sanpaolo SpA
Not applicable for financial companies

ROE

SAN
14%
ISP
14.3%

ROA

SAN
0.8%
ISP
1%

ROIC

SAN
ISP
LTM 3Y Avg 5Y Avg 10Y Avg
Banco Santander SA
Not applicable for financial companies
Intesa Sanpaolo SpA
Not applicable for financial companies

ROCE

SAN
ISP
LTM 3Y Avg 5Y Avg 10Y Avg
Banco Santander SA
Not applicable for financial companies
Intesa Sanpaolo SpA
Not applicable for financial companies

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
SAN, ISP

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Performance Gap
SAN, ISP

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SAN
ISP
Difference
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Performance By Year
SAN, ISP

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SAN
ISP
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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