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STOCK COMPARISON

ChoA Pharmaceutical Co.Ltd vs Merck KGaA: Fair Value & Quality

Both stocks run through our valuation models. Here is how ChoA Pharmaceutical Co.Ltd (034940) and Merck KGaA (MRK) compare, as of Sep 30, 2026.

As of Sep 30, 2026, Fair Value Calculator sees Merck KGaA as the less overvalued of the two: ChoA Pharmaceutical Co.Ltd trades at KRW 2,545 versus a fair value of KRW 529 (−79.2%), while Merck KGaA trades at €137 versus €109 (−20.7%).
ChoA Pharmaceutical Co.Ltd
034940.KQ · KRW · Health Care
−79.2%
upside to fair value
overvalued
PriceKRW 2,545
Fair ValueKRW 529
Quality42/100
Merck KGaA
MRK.XETRA · EUR · Health Care
−20.7%
upside to fair value
overvalued
Price€137
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

ChoA Pharmaceutical Co.LtdMerck KGaA
Valuation
n/aP/E (TTM)24.6×
n/aForward P/E (FY2027)15.4×
n/aMedian P/E at FY-end (10 FY, reported earnings)25.0×
n/aP/S (TTM)2.83×
n/aP/B2.09×
n/aEV/EBITDA12.0×
n/aPEG2.15×
−79.2%Fair value upside−20.7%
n/aDividend yield1.6%
n/aDividend per share€2.20
Profitability
-7.6%Operating margin13.9%
n/aEBIT margin trend (5Y)1.07×
-22.1%Return on equity8.1%
-5.4%Return on assets4.7%
Growth
2.1%Revenue growth (YoY)3.4%
-4.9%Avg. growth/yr (3Y)-1.7%
-1.9%Avg. growth/yr (5Y)3.8%
n/aValue creation/yr+7.2%
Balance & size
n/aInterest coverage (EBIT/interest)15.5×
0.08×Debt / equity0.36×
$16MMarket cap$68B
weakGrowth qualitymixed
Merck KGaA, median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 25.
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported.

Merck KGaA leads: 1 to 6 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.

ChoA Pharmaceutical Co.Ltdof which business quality 42 · market factors 19 Merck KGaAof which business quality 61 · market factors 67
ProfitabilityMargins and returns on capital today
26
41
Quality GrowthAre margins and returns improving?
57
40
CashflowEarnings quality: real cash, not paper profit
3
57
Fin. StrengthBalance sheet, leverage, solvency risk
29
75
InvestmentDisciplined investing over empire-building
100
80
Low VolatilityCalm price path (market factor)
50
75
MomentumPrice trend over the last 3–12 months (market factor)
9
60
52W MomentumDistance to the 52-week high (market factor)
0
72
Net IssuanceShare count: buybacks or dilution?
82
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 familyChoA Pharmaceutical Co.LtdPrice KRW 2,545Merck KGaAPrice €137
DCF Modelsn/a−22.0%below the price€107
Earnings-Basedn/a−61.2%below the price€53.25
Dividend Discountn/a−70.4%below the price€40.71
Multiplesn/a−14.0%close to the price€118
Asset-Based−78.8%below the priceKRW 541−67.9%below the price€44.06
Growth DCFn/a−31.2%below the price€94.57
Economic Profitn/a−51.6%below the price€66.44
Growth Earningsn/a−16.2%below the price€115
Minimum−78.8%below the priceKRW 541−70.4%below the price€40.71
Maximum−78.8%below the priceKRW 541−14.0%close to the price€118
Median−78.8%below the priceKRW 541−41.4%below the price€80.50
Geometric mean−78.8%below the priceKRW 541−46.3%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%.

ChoA Pharmaceutical Co.Ltd: 1 of 1 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.

ChoA Pharmaceutical Co.Ltd
Price KRW 2,545
Fair Value KRW 529
Bear KRW 395Bull KRW 789
Merck KGaA
Price €137
Fair Value €109
Bear €60.04Bull €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.

ChoA Pharmaceutical Co.Ltd · Health Care

Quality score42 · below median
Fair value upside−79.2% · bottom 25%

Merck KGaA · Health Care

Quality score62 · above median
Fair value upside−20.7% · below median

Bottom line

As of Sep 30, 2026, Fair Value Calculator sees Merck KGaA as the less overvalued of the two: ChoA Pharmaceutical Co.Ltd trades at KRW 2,545 versus a fair value of KRW 529 (−79.2%), while Merck KGaA trades at €137 versus €109 (−20.7%).

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

Open Merck KGaA live analysis →

More comparisons

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