` Comparison: PHO, ROG - Alpha Spread

PHO
vs
ROG

Over the past 12 months, PHO has underperformed ROG, delivering a return of +6% compared to the ROG's +29% growth.

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PHO
ROG
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Valuation Comparison

PHO Intrinsic Value
84.69 NOK
Undervaluation 22%
Intrinsic Value
Price
ROG Intrinsic Value
448.25 CHF
Undervaluation 29%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Photocure ASA
OSE:PHO
66 NOK
Roche Holding AG
SIX:ROG
317.1 CHF
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
PHO, ROG

PHO
ROG
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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
Roche Holding AG
Revenue

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

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Profitability Comparison

Free Cash Flow
PHO, ROG

PHO
ROG
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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
Roche Holding AG
SIX:ROG
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What is Free Cash Flow?

Gross Margin

PHO
93.4%
ROG
73.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Photocure ASA
Roche Holding AG

Operating Margin

PHO
0.2%
ROG
33.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Photocure ASA
Roche Holding AG

Net Margin

PHO
-1%
ROG
15.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Photocure ASA
Roche Holding AG

FCF Margin

PHO
6.7%
ROG
21.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Photocure ASA
Roche Holding AG

ROE

PHO
-1.1%
ROG
32.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Photocure ASA
Roche Holding AG

ROA

PHO
-0.8%
ROG
9.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Photocure ASA
Roche Holding AG

ROIC

PHO
0.1%
ROG
19.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Photocure ASA
Roche Holding AG

ROCE

PHO
0.1%
ROG
30.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Photocure ASA
Roche Holding AG

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
PHO, ROG

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Performance Gap
PHO, ROG

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PHO
ROG
Difference
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Performance By Year
PHO, ROG

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PHO
ROG
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