` Comparison: CMB vs FRES - Alpha Spread

CMB
vs
FRES

Over the past 12 months, CMB has underperformed FRES, delivering a return of -35% compared to the FRES's +389% growth.

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CMB
FRES
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Valuation Comparison

CMB Intrinsic Value
0.04 CAD
Overvaluation 71%
Intrinsic Value
Price
FRES Intrinsic Value
1 651.03 GBX
Overvaluation 58%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
CMC Metals Ltd
XTSX:CMB
0.13 CAD
Fresnillo PLC
LSE:FRES
3 906 GBX
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
CMB, FRES

CMB
FRES
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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
CMC Metals Ltd
Revenue
Fresnillo PLC
Revenue

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

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Profitability Comparison

Free Cash Flow
CMB, FRES

CMB
FRES
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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
CMC Metals Ltd
XTSX:CMB
Fresnillo PLC
LSE:FRES
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What is Free Cash Flow?

Gross Margin

CMB
0%
FRES
47.6%
LTM 3Y Avg 5Y Avg 10Y Avg
CMC Metals Ltd
Fresnillo PLC

Operating Margin

CMB
0%
FRES
39.8%
LTM 3Y Avg 5Y Avg 10Y Avg
CMC Metals Ltd
Fresnillo PLC

Net Margin

CMB
0%
FRES
11.6%
LTM 3Y Avg 5Y Avg 10Y Avg
CMC Metals Ltd
Fresnillo PLC

FCF Margin

CMB
0%
FRES
40.1%
LTM 3Y Avg 5Y Avg 10Y Avg
CMC Metals Ltd
Fresnillo PLC

ROE

CMB
-123.6%
FRES
12%
LTM 3Y Avg 5Y Avg 10Y Avg
CMC Metals Ltd
Fresnillo PLC

ROA

CMB
-53%
FRES
7.8%
LTM 3Y Avg 5Y Avg 10Y Avg
CMC Metals Ltd
Fresnillo PLC

ROIC

CMB
-338%
FRES
18.6%
LTM 3Y Avg 5Y Avg 10Y Avg
CMC Metals Ltd
Fresnillo PLC

ROCE

CMB
-191.7%
FRES
29%
LTM 3Y Avg 5Y Avg 10Y Avg
CMC Metals Ltd
Fresnillo PLC

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
CMB, FRES

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Performance Gap
CMB, FRES

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CMB
FRES
Difference
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Performance By Year
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CMB
FRES
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