` Comparison: MER, IBE - Alpha Spread

MER
vs
IBE

Over the past 12 months, MER has underperformed IBE, delivering a return of +27% compared to the IBE's +39% growth.

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MER
IBE
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MER IBE
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Valuation Comparison

MER Intrinsic Value
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IBE Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Manila Electric Co
XPHS:MER
575 PHP
Iberdrola SA
MAD:IBE
18.095 EUR
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Valuation Scenario:
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Growth Comparison

Growth Over Time
MER, IBE

MER
IBE
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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
Manila Electric Co
Revenue
Iberdrola SA
Revenue

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

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Profitability Comparison

Free Cash Flow
MER, IBE

MER
IBE
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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
Manila Electric Co
XPHS:MER
Iberdrola SA
MAD:IBE
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What is Free Cash Flow?

Gross Margin

MER
20.1%
IBE
47.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Manila Electric Co
Iberdrola SA

Operating Margin

MER
9.9%
IBE
19.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Manila Electric Co
Iberdrola SA

Net Margin

MER
10.1%
IBE
12%
LTM 3Y Avg 5Y Avg 10Y Avg
Manila Electric Co
Iberdrola SA

FCF Margin

MER
-10.8%
IBE
9.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Manila Electric Co
Iberdrola SA

ROE

MER
32.8%
IBE
9.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Manila Electric Co
Iberdrola SA

ROA

MER
7.1%
IBE
3.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Manila Electric Co
Iberdrola SA

ROIC

MER
7.5%
IBE
5%
LTM 3Y Avg 5Y Avg 10Y Avg
Manila Electric Co
Iberdrola SA

ROCE

MER
10.7%
IBE
6.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Manila Electric Co
Iberdrola SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
MER, IBE

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IBE
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Performance Gap
MER, IBE

Performance Gap Between MER and IBE
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Performance By Year
MER, IBE

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