COMP <GO>

UBS vs HSBC // FREE CASH FLOW YIELD

UBS Group AG Registered (NYSE) VS. HSBC Holdings plc. (NYSE) • 15-METRIC TALLY: UBS 2 — HSBC 5

■ METRIC PARITY

LAST: $47.69 (-0.91%) • MKT CAP: $149.37B

fcf-yield

2.21%

LAST: $85.42 (-1.36%) • MKT CAP: $297.33B

fcf-yield

2.21%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (UBS VS. HSBC) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	UBS	HSBC	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	41.00%	41.00%	0.00	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.90%	9.90%	0.00	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	21.0x	21.0x	0.00	TIE	/valuation <GO>
Free Cash Flow Yield ACTIVE	2.21%	2.21%	0.00	TIE	/fcf-yield <GO>
Operating Margin	13.90%	13.90%	0.00	TIE	/operating-margins <GO>
Net Profit Margin	10.90%	10.90%	0.00	TIE	/net-margins <GO>
Revenue Growth (YoY)	1.10%	23.10%	-22.00	HSBC	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.74	3.74	0.00	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	7/9	8/9	-1.00	HSBC	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	6.70%	6.60%	+0.10	HSBC	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	47.2	25.0	+22.19	UBS	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.94	0.92	+0.02	UBS	/macro-sensitivity <GO>
Forward P/E Multiple	30.5x	27.6x	+2.90	HSBC	/forward-pe <GO>
Enterprise Scale & Market Cap	$149.37B	$297.33B	-$147.96B	HSBC	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	UBS REV	HSBC REV	UBS GROSS %	HSBC GROSS %	UBS FCF	HSBC FCF
INSPECT INDIVIDUAL XBRL MODELS AT UBS FA <GO> AND HSBC FA <GO>.

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

UBS // BETA 0.94

HSBC // BETA 0.92