Company Valuation: Gedeon Richter

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,619,625 1,542,290 1,627,029 1,893,161 1,799,226 2,261,643 - -
Change - -4.77% 5.49% 16.36% -4.96% 25.7% - -
Enterprise Value (EV) 1 1,559,769 1,395,557 1,546,536 1,782,343 1,588,618 1,999,167 1,851,631 1,724,663
Change - -10.53% 10.82% 15.25% -10.87% 25.84% -7.38% -6.86%
P/E 11.6x 9.94x 10.2x 7.96x 7.76x 9.12x 7.8x 7.22x
PBR 1.78x 1.47x 1.44x 1.49x 1.31x 1.5x 1.36x 1.24x
PEG - 0.9x 3.41x 0.2x -2.82x 1.31x 0.5x 0.89x
Capitalization / Revenue 2.57x 1.92x 2.02x 2.21x 1.94x 2.38x 2.22x 2.07x
EV / Revenue 2.47x 1.74x 1.92x 2.08x 1.71x 2.1x 1.81x 1.58x
EV / EBITDA 8.86x 7.1x 6.43x 5.74x 4.5x 5.44x 4.67x 4.06x
EV / EBIT 11.5x 9.09x 8.15x 6.82x 5.42x 6.61x 5.56x 4.8x
EV / FCF -460x 12.3x 17.9x 8.26x 7.56x 8.85x 7.85x 6.71x
FCF Yield -0.22% 8.12% 5.6% 12.1% 13.2% 11.3% 12.7% 14.9%
Dividend per Share 2 225 390 - - - 603.6 677 738.7
Rate of return 2.58% 4.7% - - - 4.87% 5.46% 5.96%
EPS 2 751 835 860 1,307 1,271 1,359 1,589 1,718
Distribution rate 30% 46.7% - - - 44.4% 42.6% 43%
Net sales 1 630,595 802,755 805,158 857,545 928,962 951,368 1,020,834 1,093,689
EBITDA 1 176,123 196,480 240,625 310,678 353,314 367,576 396,366 425,015
EBIT 1 135,832 153,555 189,817 261,157 292,851 302,220 332,887 359,032
Net income 1 139,626 155,581 158,850 239,244 232,335 254,304 290,549 314,929
Net Debt 1 -59,856 -146,733 -80,493 -110,818 -210,608 -262,476 -410,012 -536,980
Reference price 2 8,725.00 8,300.00 8,750.00 10,400.00 9,865.00 12,400.00 12,400.00 12,400.00
Nbr of stocks (in thousands) 185,630 185,818 185,946 182,035 182,385 182,391 - -
Announcement Date 02/03/22 28/02/23 29/02/24 07/04/25 27/02/26 - - -
1HUF in Million2HUF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
32.69x11.85x24.08x0.6% 1,025B
28.77x6.4x17.91x2.06% 623B
32.89x7.71x15.93x2.67% 459B
104.62x5.85x24.82x2.37% 355B
18.99x4.63x11.47x2.87% 336B
20.13x5.23x12.95x3.06% 270B
20.27x4.21x12x2.1% 247B
25.72x6.72x11.97x2.48% 220B
-44.61x6.5x25.4x2.23% 183B
Average 26.61x 6.57x 17.39x 2.27% 413.14B
Weighted average by Cap. 31.73x 7.64x 18.71x 1.95%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield