` Comparison: MER, SO - Alpha Spread

MER
vs
SO

Over the past 12 months, MER has significantly outperformed SO, delivering a return of +27% compared to the SO's +4% growth.

Valuation Growth Profitability Solvency Stocks Performance
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MER
SO
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Stocks Compared:
MER SO
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Valuation Comparison

MER Intrinsic Value
570.23 PHP
Overvaluation 1%
Intrinsic Value
Price
SO Intrinsic Value
102.48 USD
Undervaluation 16%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Manila Electric Co
XPHS:MER
575 PHP
Southern Co
NYSE:SO
86.44 USD
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Valuation Scenario:
Bear Case
Base Case
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Growth Comparison

Growth Over Time
MER, SO

MER
SO
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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
Southern Co
Revenue

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

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Profitability Comparison

Free Cash Flow
MER, SO

MER
SO
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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
Southern Co
NYSE:SO
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What is Free Cash Flow?

Gross Margin

MER
20.1%
SO
89.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Manila Electric Co
Southern Co

Operating Margin

MER
9.9%
SO
25.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Manila Electric Co
Southern Co

Net Margin

MER
10.1%
SO
15.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Manila Electric Co
Southern Co

FCF Margin

MER
-10.8%
SO
-6.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Manila Electric Co
Southern Co

ROE

MER
32.8%
SO
13.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Manila Electric Co
Southern Co

ROA

MER
7.1%
SO
3%
LTM 3Y Avg 5Y Avg 10Y Avg
Manila Electric Co
Southern Co

ROIC

MER
7.5%
SO
4.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Manila Electric Co
Southern Co

ROCE

MER
10.7%
SO
5.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Manila Electric Co
Southern Co

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
MER, SO

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MER
SO
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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
MER, SO

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MER
SO
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
MER, SO

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SO
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