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STOCK COMPARISON

Dong-A St vs Merck KGaA: Fair Value & Quality

Both stocks run through our valuation models. Here is how Dong-A St (170900) and Merck KGaA (MRK) compare, as of Oct 5, 2026.

As of Oct 5, 2026, Fair Value Calculator sees Merck KGaA as the less overvalued of the two: Dong-A St trades at KRW 34,950 versus a fair value of KRW 10,611 (−69.6%), while Merck KGaA trades at €136 versus €109 (−19.9%).
Dong-A St
170900.KO · KRW · Health Care
−69.6%
upside to fair value
overvalued
PriceKRW 34,950
Fair ValueKRW 10,611
Quality37/100
Merck KGaA
MRK.XETRA · EUR · Health Care
−19.9%
upside to fair value
overvalued
Price€136
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

Dong-A StMerck KGaA
Valuation
n/aP/E (TTM)24.6×
10.2×Forward P/E (FY2027)15.3×
n/aMedian P/E at FY-end (10 FY, reported earnings)25.0×
n/aP/S (TTM)2.82×
n/aP/B2.08×
2.4×EV/EBITDA12.0×
n/aPEG2.15×
−69.6%Fair value upside−19.9%
2.0%Dividend yield1.6%
KRW 700Dividend per share€2.20
Profitability
2.8%Operating margin13.9%
0.02×EBIT margin trend (5Y)1.07×
0.9%Return on equity8.1%
1.2%Return on assets4.7%
Growth
15.8%Revenue growth (YoY)3.4%
8.4%Avg. growth/yr (3Y)-1.7%
6.6%Avg. growth/yr (5Y)3.8%
n/aValue creation/yr+7.2%
Balance & size
n/aInterest coverage (EBIT/interest)15.5×
0.47×Debt / equity0.36×
$250MMarket cap$67B
expensiveGrowth 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: 4 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.

Dong-A Stof which business quality 35 · market factors 39 Merck KGaAof which business quality 61 · market factors 63
ProfitabilityMargins and returns on capital today
20
41
Quality GrowthAre margins and returns improving?
44
40
CashflowEarnings quality: real cash, not paper profit
13
57
Fin. StrengthBalance sheet, leverage, solvency risk
33
75
InvestmentDisciplined investing over empire-building
84
80
Low VolatilityCalm price path (market factor)
78
75
MomentumPrice trend over the last 3–12 months (market factor)
30
55
52W MomentumDistance to the 52-week high (market factor)
12
63
Net IssuanceShare count: buybacks or dilution?
49
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 familyDong-A StPrice KRW 34,950Merck KGaAPrice €136
DCF Modelsn/a−21.3%below the price€107
Earnings-Basedn/a−60.9%below the price€53.25
Dividend Discountn/a−70.1%below the price€40.71
Multiples−1.7%close to the priceKRW 34,371−13.1%close to the price€118
Asset-Based+27.8%above the priceKRW 44,652−67.6%below the price€44.06
Growth DCFn/a−30.5%below the price€94.57
Economic Profitn/a−51.2%below the price€66.44
Growth Earningsn/a−15.3%below the price€115
Minimum−1.7%close to the priceKRW 34,371−70.1%below the price€40.71
Maximum+27.8%above the priceKRW 44,652−13.1%close to the price€118
Median+13.1%close to the priceKRW 39,512−40.8%below the price€80.50
Geometric mean+12.1%close to the priceKRW 39,176−45.8%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%.

Dong-A St: 1 of 2 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.

Dong-A St
Price KRW 34,950
Fair Value KRW 10,611
Bear KRW 10,611Bull KRW 22,752
Merck KGaA
Price €136
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.

Dong-A St · Health Care

Quality score37 · bottom 25%
Fair value upside−69.6% · bottom 25%

Merck KGaA · Health Care

Quality score62 · above median
Fair value upside−19.9% · above median

Bottom line

As of Oct 5, 2026, Fair Value Calculator sees Merck KGaA as the less overvalued of the two: Dong-A St trades at KRW 34,950 versus a fair value of KRW 10,611 (−69.6%), while Merck KGaA trades at €136 versus €109 (−19.9%).

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.