` Comparison: DEFN vs GMKN - Alpha Spread

DEFN
vs
GMKN

Over the past 12 months, DEFN has outperformed GMKN, delivering a return of +23% compared to the GMKN's +11% growth.

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DEFN
GMKN
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Valuation Comparison

DEFN Intrinsic Value
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GMKN Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Defense Metals Corp
XTSX:DEFN
0.215 CAD
GMK Noril'skiy Nikel' PAO
MOEX:GMKN
154.44 RUB
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Valuation Scenario:
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Base Case
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Growth Comparison

Growth Over Time
DEFN, GMKN

DEFN
GMKN
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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
Defense Metals Corp
Revenue
GMK Noril'skiy Nikel' PAO
Revenue

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

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Profitability Comparison

Free Cash Flow
DEFN, GMKN

DEFN
GMKN
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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
Defense Metals Corp
XTSX:DEFN
GMK Noril'skiy Nikel' PAO
MOEX:GMKN
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What is Free Cash Flow?

Gross Margin

DEFN
0%
GMKN
43.9%

Operating Margin

DEFN
0%
GMKN
31.6%

Net Margin

DEFN
0%
GMKN
10.1%

FCF Margin

DEFN
0%
GMKN
20.9%

ROE

DEFN
-11.7%
GMKN
17.3%

ROA

DEFN
-10.8%
GMKN
5.3%

ROIC

DEFN
-10.2%
GMKN
14.3%

ROCE

DEFN
-9.9%
GMKN
21.8%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
DEFN, GMKN

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Performance Gap
DEFN, GMKN

Performance Gap Between DEFN and GMKN
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Performance By Year
DEFN, GMKN

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DEFN
GMKN
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