Roche Holding AG (ROG.SW) analysis

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Health is the debt of two books, diagnostics and medicines, not of a duopoly. Quality separates the instrument and reagent margin from oncology. Growth follows tests and sales collected, and they need not rise together. P/E is read against a year of many tests, not against that peak. Shareholder return is the dividend, checked against cash. Do not read it as diagnostics that close the treatment.

The P/E of a year of many tests is not the earnings if the hospital changes instruments. EV/EBITDA is read without treating the reagent as if the instrument were sold forever. Do not use Novartis's multiple, which does not sell the instrument, as if diagnostics and the medicine were the same book. A dash if the ROG.SW cache is cold.

Limits of this report

Not advice on Roche. Vaultflake does not treat diagnostics as a duopoly and does not describe the test or the medicine. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report