` Comparison: RO vs NOVN - Alpha Spread

RO
vs
NOVN

Over the past 12 months, RO has underperformed NOVN, delivering a return of +17% compared to the NOVN's +24% growth.

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RO
NOVN
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Valuation Comparison

RO Intrinsic Value
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NOVN Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Roche Holding AG
SIX:RO
362.2 CHF
Novartis AG
SIX:NOVN
119.94 CHF
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Valuation Scenario:
Bear Case
Base Case
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Growth Comparison

Growth Over Time
RO, NOVN

RO
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
Roche Holding AG
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
RO, NOVN

RO
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
Roche Holding AG
SIX:RO
Novartis AG
SIX:NOVN
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What is Free Cash Flow?

Gross Margin

RO
73.9%
NOVN
75.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Roche Holding AG
Novartis AG

Operating Margin

RO
33.8%
NOVN
33.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Roche Holding AG
Novartis AG

Net Margin

RO
15.3%
NOVN
24.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Roche Holding AG
Novartis AG

FCF Margin

RO
21.4%
NOVN
27.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Roche Holding AG
Novartis AG

ROE

RO
32.7%
NOVN
31%
LTM 3Y Avg 5Y Avg 10Y Avg
Roche Holding AG
Novartis AG

ROA

RO
9.9%
NOVN
13.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Roche Holding AG
Novartis AG

ROIC

RO
19.3%
NOVN
17.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Roche Holding AG
Novartis AG

ROCE

RO
30.5%
NOVN
23.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Roche Holding AG
Novartis AG

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
RO, NOVN

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Performance Gap
RO, NOVN

Performance Gap Between RO and NOVN
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Performance By Year
RO, NOVN

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RO
NOVN
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