WallStSmart

Immunocore Holdings Ltd (IMCR)vsNovartis AG ADR (NVS)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Novartis AG ADR generates 14044% more annual revenue ($56.58B vs $400.02M). NVS leads profitability with a 23.9% profit margin vs -8.9%. NVS earns a higher WallStSmart Score of 51/100 (C-).

IMCR

Hold

43

out of 100

Grade: D

Growth: 9.3Profit: 2.5Value: 5.3Quality: 5.0

NVS

Buy

51

out of 100

Grade: C-

Growth: 3.3Profit: 9.0Value: 4.0Quality: 5.5
Piotroski: 4/9Altman Z: 1.96
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

IMCRUndervalued (+2.5%)

Margin of Safety

+2.5%

Fair Value

$33.76

Current Price

$27.91

$5.85 discount

UndervaluedFair: $33.76Overvalued
NVSSignificantly Overvalued (-52.5%)

Margin of Safety

-52.5%

Fair Value

$109.60

Current Price

$147.85

$38.25 premium

UndervaluedFair: $109.60Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

IMCR2 strengths · Avg: 9.0/10
EPS GrowthGrowth
822.0%10/10

Earnings expanding 822.0% YoY

Revenue GrowthGrowth
24.3%8/10

Revenue surging 24.3% year-over-year

NVS5 strengths · Avg: 9.4/10
Market CapQuality
$282.11B10/10

Mega-cap, among the largest globally

Return on EquityProfitability
34.9%10/10

Every $100 of equity generates 35 in profit

Operating MarginProfitability
30.5%10/10

Strong operational efficiency at 30.5%

Profit MarginProfitability
23.9%9/10

Keeps 24 of every $100 in revenue as profit

Free Cash FlowQuality
$2.87B8/10

Generating 2.9B in free cash flow

Areas to Watch

IMCR4 concerns · Avg: 2.5/10
Market CapQuality
$1.42B3/10

Smaller company, higher risk/reward

Operating MarginProfitability
0.0%3/10

Operating margin of 0.0%

Return on EquityProfitability
-9.6%2/10

ROE of -9.6% — below average capital efficiency

Free Cash FlowQuality
$-35.53M2/10

Negative free cash flow — burning cash

NVS4 concerns · Avg: 3.0/10
PEG RatioValuation
2.484/10

Expensive relative to growth rate

Altman Z-ScoreHealth
1.964/10

Grey zone — moderate risk

Revenue GrowthGrowth
-0.7%2/10

Revenue declined 0.7%

EPS GrowthGrowth
-9.3%2/10

Earnings declined 9.3%

Comparative Analysis Report

WallStSmart Research

Bull Case : IMCR

The strongest argument for IMCR centers on EPS Growth, Revenue Growth. Revenue growth of 24.3% demonstrates continued momentum.

Bull Case : NVS

The strongest argument for NVS centers on Market Cap, Return on Equity, Operating Margin. Profitability is solid with margins at 23.9% and operating margin at 30.5%.

Bear Case : IMCR

The primary concerns for IMCR are Market Cap, Operating Margin, Return on Equity.

Bear Case : NVS

The primary concerns for NVS are PEG Ratio, Altman Z-Score, Revenue Growth.

Key Dynamics to Monitor

IMCR profiles as a growth stock while NVS is a declining play — different risk/reward profiles.

IMCR carries more volatility with a beta of 0.83 — expect wider price swings.

IMCR is growing revenue faster at 24.3% — sustainability is the question.

NVS generates stronger free cash flow (2.9B), providing more financial flexibility.

Bottom Line

NVS scores higher overall (51/100 vs 43/100), backed by strong 23.9% margins. Both earn "Buy" and "Hold" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Immunocore Holdings Ltd

HEALTHCARE · BIOTECHNOLOGY · USA

Immunocore Holdings Limited, an advanced stage biotechnology company, develops immunotherapies for the treatment of cancer, infectious and autoimmune diseases. The company is headquartered in Abingdon, the United Kingdom.

Novartis AG ADR

HEALTHCARE · DRUG MANUFACTURERS - GENERAL · USA

Novartis AG researches, develops, manufactures and markets medical devices worldwide. The company is headquartered in Basel, Switzerland.

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