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 2,318,184 - -
Change - -4.77% 5.49% 16.36% -4.96% 28.84% - -
Enterprise Value (EV) 1 1,559,769 1,395,557 1,546,536 1,782,343 1,588,618 2,044,542 1,895,995 1,773,582
Change - -10.53% 10.82% 15.25% -10.87% 28.7% -7.27% -6.46%
P/E 11.6x 9.94x 10.2x 7.96x 7.76x 9.31x 8.01x 7.19x
PBR 1.78x 1.47x 1.44x 1.49x 1.31x 1.53x 1.39x 1.26x
PEG - 0.9x 3.41x 0.2x -2.82x 1.25x 0.5x 0.6x
Capitalization / Revenue 2.57x 1.92x 2.02x 2.21x 1.94x 2.42x 2.26x 2.1x
EV / Revenue 2.47x 1.74x 1.92x 2.08x 1.71x 2.14x 1.85x 1.61x
EV / EBITDA 8.86x 7.1x 6.43x 5.74x 4.5x 5.53x 4.81x 4.11x
EV / EBIT 11.5x 9.09x 8.15x 6.82x 5.42x 6.77x 5.72x 4.96x
EV / FCF -460x 12.3x 17.9x 8.26x 7.56x 9.05x 8.15x 6.96x
FCF Yield -0.22% 8.12% 5.6% 12.1% 13.2% 11% 12.3% 14.4%
Dividend per Share 2 225 390 - - - 591.1 673.6 748.5
Rate of return 2.58% 4.7% - - - 4.65% 5.3% 5.89%
EPS 2 751 835 860 1,307 1,271 1,366 1,586 1,768
Distribution rate 30% 46.7% - - - 43.3% 42.5% 42.3%
Net sales 1 630,595 802,755 805,158 857,545 928,962 956,986 1,026,266 1,102,705
EBITDA 1 176,123 196,480 240,625 310,678 353,314 369,972 394,551 431,431
EBIT 1 135,832 153,555 189,817 261,157 292,851 302,048 331,606 357,876
Net income 1 139,626 155,581 158,850 239,244 232,335 255,025 290,044 319,542
Net Debt 1 -59,856 -146,733 -80,493 -110,818 -210,608 -273,642 -422,189 -544,602
Reference price 2 8,725.00 8,300.00 8,750.00 10,400.00 9,865.00 12,710.00 12,710.00 12,710.00
Nbr of stocks (in thousands) 185,630 185,818 185,946 182,035 182,385 182,391 - -
Announcement Date 3/2/22 2/28/23 2/29/24 4/7/25 2/27/26 - - -
1HUF in Million2HUF
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
34.97x6.57x22.76x0.9% 48.08B
16.83x2.08x9.26x1.53% 39.95B
27.16x3.29x17.07x0.93% 11.92B
27.74x3.96x16.4x0.58% 12.2B
18.88x3.36x11.68x3.82% 9.22B
9.31x2.14x5.53x4.65% 7.41B
15.6x2.04x6.78x3.23% 7.37B
29.82x3.9x18.16x0.16% 7.32B
Average 22.54x 3.42x 13.45x 1.98% 17.93B
Weighted average by Cap. 25.04x 4.02x 15.33x 1.52%

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

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