` Comparison: DTEA vs ULTA - Alpha Spread

DTEA
vs
ULTA

Over the past 12 months, DTEA has underperformed ULTA, delivering a return of -27% compared to the ULTA's +63% growth.

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DTEA
ULTA
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Valuation Comparison

DTEA Intrinsic Value
1.16 CAD
Undervaluation 32%
Intrinsic Value
Price
ULTA Intrinsic Value
456.13 USD
Overvaluation 32%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
DAVIDsTEA Inc
XTSX:DTEA
0.79 CAD
Ulta Beauty Inc
NASDAQ:ULTA
668.94 USD
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Valuation Scenario:
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Base Case
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Growth Comparison

Growth Over Time
DTEA, ULTA

DTEA
ULTA
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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
DAVIDsTEA Inc
Revenue
Ulta Beauty Inc
Revenue

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

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Profitability Comparison

Free Cash Flow
DTEA, ULTA

DTEA
ULTA
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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
DAVIDsTEA Inc
XTSX:DTEA
Ulta Beauty Inc
NASDAQ:ULTA
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What is Free Cash Flow?

Gross Margin

DTEA
48.5%
ULTA
39.2%
LTM 3Y Avg 5Y Avg 10Y Avg
DAVIDsTEA Inc
Ulta Beauty Inc

Operating Margin

DTEA
1.8%
ULTA
13.1%
LTM 3Y Avg 5Y Avg 10Y Avg
DAVIDsTEA Inc
Ulta Beauty Inc

Net Margin

DTEA
0.2%
ULTA
9.9%
LTM 3Y Avg 5Y Avg 10Y Avg
DAVIDsTEA Inc
Ulta Beauty Inc

FCF Margin

DTEA
3.9%
ULTA
8.7%
LTM 3Y Avg 5Y Avg 10Y Avg
DAVIDsTEA Inc
Ulta Beauty Inc

ROE

DTEA
0.8%
ULTA
47.8%
LTM 3Y Avg 5Y Avg 10Y Avg
DAVIDsTEA Inc
Ulta Beauty Inc

ROA

DTEA
0.3%
ULTA
18.7%
LTM 3Y Avg 5Y Avg 10Y Avg
DAVIDsTEA Inc
Ulta Beauty Inc

ROIC

DTEA
4.4%
ULTA
22%
LTM 3Y Avg 5Y Avg 10Y Avg
DAVIDsTEA Inc
Ulta Beauty Inc

ROCE

DTEA
4.6%
ULTA
36.5%
LTM 3Y Avg 5Y Avg 10Y Avg
DAVIDsTEA Inc
Ulta Beauty Inc

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
DTEA, ULTA

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Performance Gap
DTEA, ULTA

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DTEA
ULTA
Difference
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Performance By Year
DTEA, ULTA

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DTEA
ULTA
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