` Comparison: WAT vs LONN - Alpha Spread

WAT
vs
LONN

Over the past 12 months, WAT has underperformed LONN, delivering a return of -20% compared to the LONN's 14% drop.

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WAT
LONN
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Valuation Comparison

WAT Intrinsic Value
185.03 USD
Overvaluation 38%
Intrinsic Value
Price
LONN Intrinsic Value
600.52 CHF
Undervaluation 19%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Waters Corp
NYSE:WAT
296.99 USD
Lonza Group AG
SIX:LONN
488.1 CHF
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
WAT, LONN

WAT
LONN
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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
Waters Corp
Revenue
Lonza Group AG
Revenue

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

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Profitability Comparison

Free Cash Flow
WAT, LONN

WAT
LONN
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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
Waters Corp
NYSE:WAT
Lonza Group AG
SIX:LONN
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What is Free Cash Flow?

Gross Margin

WAT
59.2%
LONN
36.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Waters Corp
Lonza Group AG

Operating Margin

WAT
25.3%
LONN
21.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Waters Corp
Lonza Group AG

Net Margin

WAT
20.3%
LONN
14.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Waters Corp
Lonza Group AG

FCF Margin

WAT
17.1%
LONN
-3.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Waters Corp
Lonza Group AG

ROE

WAT
29.3%
LONN
10.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Waters Corp
Lonza Group AG

ROA

WAT
13.3%
LONN
4.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Waters Corp
Lonza Group AG

ROIC

WAT
16%
LONN
6.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Waters Corp
Lonza Group AG

ROCE

WAT
21.1%
LONN
8.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Waters Corp
Lonza Group AG

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
WAT, LONN

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Performance Gap
WAT, LONN

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WAT
LONN
Difference
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Performance By Year
WAT, LONN

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WAT
LONN
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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