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STOCK COMPARISON

Ilsung Pharm vs Merck KGaA: Fair Value & Quality

Both stocks run through our valuation models. Here is how Ilsung Pharm (003120) and Merck KGaA (MRK) compare, as of Sep 25, 2026.

As of Sep 25, 2026, Fair Value Calculator sees Ilsung Pharm as the less overvalued of the two: Ilsung Pharm trades at KRW 21,950 versus a fair value of KRW 18,885 (-14%), while Merck KGaA trades at €134 versus €109 (-19%).
Ilsung Pharm
003120.KO · KRW · Health Care
-14%
upside to fair value
overvalued
PriceKRW 21,950
Fair ValueKRW 18,885
Quality54/100
Merck KGaA
MRK.XETRA · EUR · Health Care
-19%
upside to fair value
overvalued
Price€134
Fair Value€109
Quality62/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Ilsung PharmMerck KGaA
Valuation
n/aP/E (TTM)24.1×
n/aP/S (TTM)3.16×
n/aP/B2.32×
n/aEV/EBITDA13.0×
n/aPEG2.76×
−14.0%Fair value upside−18.9%
5.5%Dividend yield1.6%
KRW 1,200Dividend per share€2.20
Profitability
-3%Operating margin18%
n/aEBIT margin trend (5Y)1.07×
0%Return on equity9%
-1%Return on assets5%
Growth
1%Revenue growth (YoY)-3%
1.6%Avg. growth/yr (3Y)-1.7%
9.6%Avg. growth/yr (5Y)3.8%
−39.0%Value creation/yr+7.2%
Balance & size
n/aInterest coverage (EBIT/interest)15.5×
n/aDebt / equity0.36×
$110MMarket cap$66B
mixedGrowth qualitymixed

Ilsung Pharm leads: 4 to 3 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Ilsung Pharmof which business quality 55 · market factors 49 Merck KGaAof which business quality 61 · market factors 66
ProfitabilityMargins and returns on capital today
14
41
Quality GrowthAre margins and returns improving?
51
40
CashflowEarnings quality: real cash, not paper profit
43
57
Fin. StrengthBalance sheet, leverage, solvency risk
100
76
InvestmentDisciplined investing over empire-building
97
80
Low VolatilityCalm price path (market factor)
78
72
MomentumPrice trend over the last 3–12 months (market factor)
39
61
52W MomentumDistance to the 52-week high (market factor)
32
68
Net IssuanceShare count: buybacks or dilution?
40
82

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyIlsung PharmPrice KRW 21,950Merck KGaAPrice €134
DCF Models-12%close to the priceKRW 19,361-20%below the price€107
Earnings-Based-94%below the priceKRW 1,353-60%below the price€53.25
Dividend Discount-66%below the priceKRW 7,378-70%below the price€40.71
Multiples-86%below the priceKRW 3,174-12%close to the price€118
Asset-Based+65%above the priceKRW 36,142-67%below the price€44.06
Growth DCF-12%close to the priceKRW 19,274-29%below the price€94.57
Economic Profit+34%above the priceKRW 29,414-50%below the price€66.44
Growth Earnings-88%below the priceKRW 2,705-14%close to the price€115
Minimum-94%below the priceKRW 1,353-70%below the price€40.71
Maximum+65%above the priceKRW 36,142-12%close to the price€118
Median-39%below the priceKRW 13,326-40%below the price€80.50
Geometric mean-60%below the priceKRW 8,738-45%below the price€73.75

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Ilsung Pharm: 16 of 18 models see the stock below the current price.

Merck KGaA: 23 of 26 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Ilsung Pharm
Price KRW 21,950
Fair Value KRW 18,885
Bear KRW 18,503Bull KRW 18,885
Merck KGaA
Price €134
Fair Value €109
Bear €59.91Bull €150

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Ilsung Pharm · Health Care

Quality score54 · above median
Fair value upside-14% · above median

Merck KGaA · Health Care

Quality score62 · above median
Fair value upside-19% · above median

Bottom line

As of Sep 25, 2026, Fair Value Calculator sees Ilsung Pharm as the less overvalued of the two: Ilsung Pharm trades at KRW 21,950 versus a fair value of KRW 18,885 (-14%), while Merck KGaA trades at €134 versus €109 (-19%).

Merck KGaA has the higher quality score (62/100).

Open Ilsung Pharm live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.