Haleon plc ADR (HLN) is slightly overvalued and Zoetis Inc (ZTS) is undervalued.
Against our estimates of intrinsic value, ZTS trades at the wider discount: a margin of safety of +36%, against -14% for HLN.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.0% (average of 3 methods) values the shares at $8.10; the price of $9.25 is 14% above that value, and 76% of that value comes from beyond year five.
Leak Score 27/100 on 3 of 12 signals
Discounting its cash flows at 8.2% (average of 3 methods) values the shares at $113.01; the price of $72.86 is 36% below that value, and 79% of that value comes from beyond year five.
Leak Score 83/100 on 9 of 12 signals
| Metric | HLN | ZTS |
|---|---|---|
| Verdict | Slightly overvalued | Undervalued |
| Price | $9.25 | $72.86 |
| Intrinsic value | $8.10 | $113.01 |
| Margin of safety | -14% | +36% |
| Leak Score | 27/100 (3/12) | 83/100 (9/12) |
| Market cap | $40.7B | $30.1B |
| Revenue growth, 5 years | 2.8% | 7.2% |
| Operating margin | 23.3% | 37.6% |
| Net margin | 14.6% | 27.5% |
| Return on equity | 10.0% | 64.4% |
| Debt to equity | 0.50 | 2.93 |
| P/E | 19.0x | 12.0x |
| Forward P/E | 15.0x | 11.3x |
| P/B | 1.9x | 9.6x |
| Dividend yield | 2.4% | 2.9% |