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 2,230,637 - -
Change - -4.77% 5.49% 16.36% -4.96% 23.98% - -
Enterprise Value (EV) 1 1,559,769 1,395,557 1,546,536 1,782,343 1,588,618 1,968,161 1,820,625 1,693,657
Change - -10.53% 10.82% 15.25% -10.87% 23.89% -7.5% -6.97%
P/E 11.6x 9.94x 10.2x 7.96x 7.76x 9x 7.7x 7.12x
PBR 1.78x 1.47x 1.44x 1.49x 1.31x 1.48x 1.34x 1.22x
PEG - 0.9x 3.41x 0.2x -2.82x 1.3x 0.5x 0.88x
Capitalization / Revenue 2.57x 1.92x 2.02x 2.21x 1.94x 2.34x 2.19x 2.04x
EV / Revenue 2.47x 1.74x 1.92x 2.08x 1.71x 2.07x 1.78x 1.55x
EV / EBITDA 8.86x 7.1x 6.43x 5.74x 4.5x 5.35x 4.59x 3.98x
EV / EBIT 11.5x 9.09x 8.15x 6.82x 5.42x 6.51x 5.47x 4.72x
EV / FCF -460x 12.3x 17.9x 8.26x 7.56x 8.71x 7.72x 6.59x
FCF Yield -0.22% 8.12% 5.6% 12.1% 13.2% 11.5% 13% 15.2%
Dividend per Share 2 225 390 - - - 603.6 677 738.7
Rate of return 2.58% 4.7% - - - 4.94% 5.54% 6.04%
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 12,230.00 12,230.00 12,230.00
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.($)
32.45x11.78x23.93x0.61% 1,019B
28.48x6.32x17.7x2.09% 617B
33.26x7.78x16.08x2.64% 464B
104.98x5.87x24.89x2.36% 356B
18.81x4.58x11.36x2.9% 333B
19.83x5.17x12.78x3.09% 267B
20.02x4.17x11.86x2.13% 244B
25.46x6.66x11.86x2.5% 218B
-43.78x6.39x24.97x2.27% 179B
Average 26.61x 6.52x 17.27x 2.29% 410.8B
Weighted average by Cap. 31.80x 7.61x 18.61x 1.96%

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