` Comparison: 2R3 vs NOVN - Alpha Spread

R
2R3
vs
NOVN

Over the past 12 months, 2R3 has underperformed NOVN, delivering a return of 0% compared to the NOVN's +31% growth.

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2R3
NOVN
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Valuation Comparison

R
2R3 Intrinsic Value
Not Available
NOVN Intrinsic Value
107.11 CHF
Overvaluation 18%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
R
Reata Pharmaceuticals Inc
F:2R3
161 EUR
Novartis AG
SIX:NOVN
129.9 CHF
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Valuation Scenario:
Bear Case
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Growth Comparison

Growth Over Time
2R3, NOVN

2R3
NOVN
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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
R
Reata Pharmaceuticals Inc
Revenue
Novartis AG
Revenue

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

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Profitability Comparison

Free Cash Flow
2R3, NOVN

2R3
NOVN
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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
R
Reata Pharmaceuticals Inc
F:2R3
Novartis AG
SIX:NOVN
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What is Free Cash Flow?

Gross Margin

2R3
93.3%
NOVN
75.8%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Reata Pharmaceuticals Inc
Novartis AG

Operating Margin

2R3
-1 455.1%
NOVN
33.2%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Reata Pharmaceuticals Inc
Novartis AG

Net Margin

2R3
-373.2%
NOVN
24.8%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Reata Pharmaceuticals Inc
Novartis AG

FCF Margin

2R3
-1 062.4%
NOVN
27.1%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Reata Pharmaceuticals Inc
Novartis AG

ROE

2R3
-112.4%
NOVN
31%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Reata Pharmaceuticals Inc
Novartis AG

ROA

2R3
-15.5%
NOVN
13.1%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Reata Pharmaceuticals Inc
Novartis AG

ROIC

2R3
-231.6%
NOVN
17.8%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Reata Pharmaceuticals Inc
Novartis AG

ROCE

2R3
-71%
NOVN
23.8%
LTM 3Y Avg 5Y Avg 10Y Avg
R
Reata Pharmaceuticals Inc
Novartis AG

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
2R3, NOVN

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Performance Gap
2R3, NOVN

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2R3
NOVN
Difference
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Performance By Year
2R3, NOVN

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2R3
NOVN
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Compare 2R3 to other stocks
LLY
Eli Lilly and Co
Cheaper
vs 2R3
JNJ
Johnson & Johnson
Cheaper
vs 2R3
ROG
Roche Holding AG
Cheaper
vs 2R3
AZN
AstraZeneca PLC
Cheaper
vs 2R3
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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