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STOCK COMPARISON

Impala Platinum Holdings vs Merck & Company: Fair Value & Quality

Both stocks run through our valuation models. Here is how Impala Platinum Holdings (IMP) and Merck & Company (MRK) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees Impala Platinum Holdings as the more attractively valued of the two: Impala Platinum Holdings trades at ZAR 242 versus a fair value of ZAR 288 (+19%), while Merck & Company trades at $152 versus $125 (-18%).
Impala Platinum Holdings
IMP.JSE · ZAC · Materials
+19%
upside to fair value
undervalued
PriceZAR 242
Fair ValueZAR 288
Quality57/100
Merck & Company
MRK · USD · Health Care
-18%
upside to fair value
overvalued
Price$152
Fair Value$125
Quality70/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Impala Platinum HoldingsMerck & Company
Valuation
19.4×P/E (TTM)44.1×
1.53×P/S (TTM)4.64×
1.73×P/B5.80×
6.8×EV/EBITDA11.4×
125.20×PEG6.10×
+19.0%Fair value upside−17.7%
2.4%Dividend yield2.2%
ZAR 5.75Dividend per share$3.28
Profitability
22%Operating margin39%
0.08×EBIT margin trend (5Y)2.70×
8%Return on equity19%
6%Return on assets13%
Growth
44%Revenue growth (YoY)5%
-10.3%Avg. growth/yr (3Y)3.1%
4.1%Avg. growth/yr (5Y)9.4%
−43.8%Value creation/yr+16.0%
Balance & size
5.5×Interest coverage (EBIT/interest)17.3×
0.01×Debt / equity0.89×
$10BMarket cap$305B
weakGrowth qualityhealthy
Valuation multiples (P/E, P/S, P/B, EV/EBITDA) are shown but not scored here: the two companies sit in different sectors, and multiples only compare fairly between similar business models. PEG stays scored, as it relates the P/E to growth.

Merck & Company leads: 3 to 9 metric wins.

Dash = 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.

Impala Platinum Holdingsof which business quality 53 · market factors 45 Merck & Companyof which business quality 68 · market factors 90
ProfitabilityMargins and returns on capital today
20
74
Quality GrowthAre margins and returns improving?
54
36
CashflowEarnings quality: real cash, not paper profit
39
65
Fin. StrengthBalance sheet, leverage, solvency risk
73
68
InvestmentDisciplined investing over empire-building
89
71
Low VolatilityCalm price path (market factor)
26
83
MomentumPrice trend over the last 3–12 months (market factor)
49
88
52W MomentumDistance to the 52-week high (market factor)
59
100
Net IssuanceBuybacks instead of dilution
66
91

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 familyImpala Platinum HoldingsPrice ZAR 242Merck & CompanyPrice $152
DCF Models-84%below the priceZAR 38.78-23%below the price$117
Earnings-Based-95%below the priceZAR 11.76-59%below the price$62.77
Dividend Discount-88%below the priceZAR 28.38-60%below the price$60.35
Multiples-88%below the priceZAR 30.25-20%below the price$122
Asset-Based-72%below the priceZAR 68.30-91%below the price$14.27
Growth DCF-91%below the priceZAR 21.24-51%below the price$74.00
Economic Profit-80%below the priceZAR 48.43-45%below the price$83.85
Growth Earnings-95%below the priceZAR 13.08-9%close to the price$138
Minimum-95%below the priceZAR 11.76-91%below the price$14.27
Maximum-72%below the priceZAR 68.30-9%close to the price$138
Median-88%below the priceZAR 29.32-48%below the price$78.93
Geometric mean-89%below the priceZAR 27.83-53%below the price$71.25

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%.

Impala Platinum Holdings: 25 of 25 models see the stock below the current price.

Merck & Company: 24 of 26 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Impala Platinum Holdings
Bear ZAR 175Fair Value ZAR 288Bull ZAR 366
ZAR 242 = current price (white tick)
Merck & Company
Bear $70.92Fair Value $125Bull $188
$152 = current price (white tick)

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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.

Impala Platinum Holdings · Materials

Quality score57 · above median
Fair value upside+19% · Top 25%

Merck & Company · Health Care

Quality score70 · Top 25%
Fair value upside-18% · above median

Bottom line

As of Sep 5, 2026, Fair Value Calculator sees Impala Platinum Holdings as the more attractively valued of the two: Impala Platinum Holdings trades at ZAR 242 versus a fair value of ZAR 288 (+19%), while Merck & Company trades at $152 versus $125 (-18%).

Merck & Company has the higher quality score (70/100).

See the full analysis →

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