` Comparison: NOVA vs MRK - Alpha Spread

NOVA
vs
MRK

Over the past 12 months, NOVA has underperformed MRK, delivering a return of -43% compared to the MRK's +45% growth.

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NOVA
MRK
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Valuation Comparison

NOVA Intrinsic Value
55.72 EUR
Undervaluation 22%
Intrinsic Value
Price
MRK Intrinsic Value
113.84 USD
Overvaluation 6%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Novo Nordisk A/S
XBER:NOVA
43.7 EUR
Merck & Co Inc
NYSE:MRK
121.09 USD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
NOVA, MRK

NOVA
MRK
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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
Novo Nordisk A/S
Revenue
Merck & Co Inc
Revenue

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

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Profitability Comparison

Free Cash Flow
NOVA, MRK

NOVA
MRK
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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
Novo Nordisk A/S
XBER:NOVA
Merck & Co Inc
NYSE:MRK
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What is Free Cash Flow?

Gross Margin

NOVA
81%
MRK
81.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Novo Nordisk A/S
Merck & Co Inc

Operating Margin

NOVA
41.3%
MRK
41.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Novo Nordisk A/S
Merck & Co Inc

Net Margin

NOVA
33.1%
MRK
28.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Novo Nordisk A/S
Merck & Co Inc

FCF Margin

NOVA
9.4%
MRK
20.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Novo Nordisk A/S
Merck & Co Inc

ROE

NOVA
60.7%
MRK
37.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Novo Nordisk A/S
Merck & Co Inc

ROA

NOVA
20.3%
MRK
14.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Novo Nordisk A/S
Merck & Co Inc

ROIC

NOVA
22.1%
MRK
22.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Novo Nordisk A/S
Merck & Co Inc

ROCE

NOVA
44.4%
MRK
28.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Novo Nordisk A/S
Merck & Co Inc

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
NOVA, MRK

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Performance Gap
NOVA, MRK

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NOVA
MRK
Difference
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Performance By Year
NOVA, MRK

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NOVA
MRK
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