` Comparison: PHO vs NOVN - Alpha Spread
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PHO
vs
NOVN

Over the past 12 months, PHO has underperformed NOVN, delivering a return of +20% compared to the NOVN's +32% growth.

Valuation Growth Profitability Solvency Stocks Performance
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PHO
NOVN
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Stocks Compared:
PHO NOVN
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Valuation Comparison

PHO Intrinsic Value
66.2 NOK
Undervaluation 4%
Intrinsic Value
Price
NOVN Intrinsic Value
107.11 CHF
Overvaluation 18%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Photocure ASA
OSE:PHO
63.8 NOK
Novartis AG
SIX:NOVN
130.16 CHF
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Valuation Scenario:
Bear Case
Base Case
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Growth Comparison

Growth Over Time
PHO, NOVN

PHO
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
Photocure ASA
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
PHO, NOVN

PHO
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
Photocure ASA
OSE:PHO
Novartis AG
SIX:NOVN
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What is Free Cash Flow?

Gross Margin

PHO
92.1%
NOVN
75.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Photocure ASA
Novartis AG

Operating Margin

PHO
-0.1%
NOVN
33.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Photocure ASA
Novartis AG

Net Margin

PHO
-0.3%
NOVN
24.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Photocure ASA
Novartis AG

FCF Margin

PHO
1%
NOVN
27.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Photocure ASA
Novartis AG

ROE

PHO
-0.3%
NOVN
31%
LTM 3Y Avg 5Y Avg 10Y Avg
Photocure ASA
Novartis AG

ROA

PHO
-0.2%
NOVN
13.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Photocure ASA
Novartis AG

ROIC

PHO
0%
NOVN
17.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Photocure ASA
Novartis AG

ROCE

PHO
-0.1%
NOVN
23.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Photocure ASA
Novartis AG

Solvency Comparison

Photocure ASA
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
Novartis AG
Equity Waterfall
Assets
Liabilities
Equity
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
PHO, NOVN

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NOVN
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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
PHO, NOVN

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

Performance By Year
PHO, NOVN

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NOVN
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