The former, Dedio says, trades at only eight times 2012 estimates with a 20% net cash position relative to its stock price.

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Financially, Apollo Group is in stellar shape with a massive net cash position on its balance sheet, and significant free cash flow generation capabilities.

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At 12.4%, Merck's net cash position is almost double that of runner-up AstraZeneca and 12 times the average for companies in the pharmaceutical sector.

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This healthy free cash flow has enabled the company to pay down the debt from the Washington Group acquisition, leaving it with a strong balance sheet and a net cash position.

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At 12.4%, Merck's net cash position is almost double that of runner-up AstraZeneca (nyse: AZN - news - people ) and 12 times the average for companies in the pharmaceutical sector.

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In this way one can either roll over to a new position as a matter of course, or get the cash value net of commissions before determining the best use of the proceeds.

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