` Comparison: PAH3 vs RACE - Alpha Spread

PAH3
vs
RACE

Over the past 12 months, PAH3 has significantly outperformed RACE, delivering a return of -4% compared to the RACE's 36% drop.

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PAH3
RACE
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Valuation Comparison

PAH3 Intrinsic Value
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RACE Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Porsche Automobil Holding SE
XMUN:PAH3
35.54 EUR
Ferrari NV
MIL:RACE
282.3 EUR
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Valuation Scenario:
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Base Case
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Growth Comparison

Growth Over Time
PAH3, RACE

PAH3
RACE
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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
Porsche Automobil Holding SE
Revenue
Ferrari NV
Revenue

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

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Profitability Comparison

Free Cash Flow
PAH3, RACE

PAH3
RACE
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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
Porsche Automobil Holding SE
XMUN:PAH3
Ferrari NV
MIL:RACE
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What is Free Cash Flow?

Gross Margin

PAH3
0%
RACE
51.2%

Operating Margin

PAH3
98.5%
RACE
29%

Net Margin

PAH3
-632.8%
RACE
22.9%

FCF Margin

PAH3
20.3%
RACE
19.5%

ROE

PAH3
-47.5%
RACE
48%

ROA

PAH3
-40.8%
RACE
17.2%

ROIC

PAH3
6.6%
RACE
23.2%

ROCE

PAH3
6.4%
RACE
28.8%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
PAH3, RACE

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Performance Gap
PAH3, RACE

Performance Gap Between PAH3 and RACE
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Performance By Year
PAH3, RACE

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PAH3
RACE
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