COMP <GO>

ALRS vs HSBC // EV/EBITDA & P/E VALUATION

Alerus Financial Corporation (NASDAQ) VS. HSBC Holdings plc. (NYSE) • 15-METRIC TALLY: ALRS 3 — HSBC 4

■ METRIC PARITY

LAST: $34.63 (+4.40%) • MKT CAP: $863.2M

valuation

—

LAST: $85.91 (+0.57%) • MKT CAP: $294.96B

valuation

21.0x

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

INSTITUTIONAL METRIC	ALRS	HSBC	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	3.10%	9.90%	-6.80	HSBC	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	21.0x	—	TIE	/valuation <GO>
Free Cash Flow Yield	7.15%	2.21%	+4.94	ALRS	/fcf-yield <GO>
Operating Margin	—	13.90%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	10.90%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	23.10%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	2.53%	0.00%	+2.53	ALRS	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	8/9	-4.00	HSBC	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	73.8	30.3	+43.50	ALRS	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	0.92	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	43.9x	27.6x	+16.30	HSBC	/forward-pe <GO>
Enterprise Scale & Market Cap	$863.2M	$294.96B	-$294.09B	HSBC	/market-cap <GO>

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

FISCAL YEAR	ALRS REV	HSBC REV	ALRS GROSS %	HSBC GROSS %	ALRS FCF	HSBC FCF
FY 2025	$2.20B	—	—	—	$58.8M	—
FY 2024	$2.21B	—	—	—	$9.4M	—
FY 2023	$148.8M	—	—	—	$26.8M	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

ALRS // BETA —

HSBC // BETA 0.92