` Comparison: VGN vs CNQ - Alpha Spread

VGN
vs
CNQ

Over the past 12 months, VGN has underperformed CNQ, delivering a return of +14% compared to the CNQ's +42% growth.

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VGN
CNQ
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Valuation Comparison

VGN Intrinsic Value
0.01 CAD
Overvaluation 86%
Intrinsic Value
Price
CNQ Intrinsic Value
53.008 CAD
Overvaluation 9%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Greencastle Resources Ltd
XTSX:VGN
0.04 CAD
Canadian Natural Resources Ltd
TSX:CNQ
58.325 CAD
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Valuation Scenario:
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Base Case
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Growth Comparison

Growth Over Time
VGN, CNQ

VGN
CNQ
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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
Greencastle Resources Ltd
Revenue
Canadian Natural Resources Ltd
Revenue

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

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Profitability Comparison

Free Cash Flow
VGN, CNQ

VGN
CNQ
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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
Greencastle Resources Ltd
XTSX:VGN
Canadian Natural Resources Ltd
TSX:CNQ
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What is Free Cash Flow?

Gross Margin

VGN
0%
CNQ
48.8%

Operating Margin

VGN
-411.2%
CNQ
26.6%

Net Margin

VGN
-33.3%
CNQ
17.2%

FCF Margin

VGN
-543.2%
CNQ
-2.7%

ROE

VGN
-1.2%
CNQ
16.6%

ROA

VGN
-1.1%
CNQ
8.3%

ROIC

VGN
-68.3%
CNQ
10.9%

ROCE

VGN
-14.3%
CNQ
14.2%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
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Performance Gap
VGN, CNQ

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VGN
CNQ
Difference
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Performance By Year
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VGN
CNQ
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Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.

Warren Buffett