` Comparison: MRK, NOVN - Alpha Spread

MRK
vs
NOVN

Over the past 12 months, MRK has underperformed NOVN, delivering a return of -1% compared to the NOVN's +20% growth.

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MRK
NOVN
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Stocks Compared:
MRK NOVN
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Valuation Comparison

MRK Intrinsic Value
125.84 USD
Undervaluation 20%
Intrinsic Value
Price
NOVN Intrinsic Value
112.37 CHF
Undervaluation 4%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Merck & Co Inc
NYSE:MRK
100.89 USD
Novartis AG
SIX:NOVN
107.8 CHF
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Valuation Scenario:
Bear Case
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Growth Comparison

Growth Over Time
MRK, NOVN

MRK
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
Merck & Co 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
MRK, NOVN

MRK
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
Merck & Co Inc
NYSE:MRK
Novartis AG
SIX:NOVN
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What is Free Cash Flow?

Gross Margin

MRK
78.7%
NOVN
76.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Merck & Co Inc
Novartis AG

Operating Margin

MRK
38.1%
NOVN
33.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Merck & Co Inc
Novartis AG

Net Margin

MRK
29.6%
NOVN
25.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Merck & Co Inc
Novartis AG

FCF Margin

MRK
20.3%
NOVN
30.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Merck & Co Inc
Novartis AG

ROE

MRK
39.5%
NOVN
32.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Merck & Co Inc
Novartis AG

ROA

MRK
15.4%
NOVN
13.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Merck & Co Inc
Novartis AG

ROIC

MRK
20.7%
NOVN
18.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Merck & Co Inc
Novartis AG

ROCE

MRK
25.9%
NOVN
24.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Merck & Co Inc
Novartis AG

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
MRK, NOVN

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MRK
NOVN
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Performance Gap
MRK, NOVN

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MRK
NOVN
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
MRK, NOVN

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NOVN
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