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 2,436,738 - -
Change - -4.77% 5.49% 16.36% -4.96% 35.43% - -
Enterprise Value (EV) 1 1,559,769 1,395,557 1,546,536 1,782,343 1,588,618 2,163,096 2,014,549 1,892,135
Change - -10.53% 10.82% 15.25% -10.87% 36.16% -6.87% -6.08%
P/E 11.6x 9.94x 10.2x 7.96x 7.76x 9.78x 8.42x 7.56x
PBR 1.78x 1.47x 1.44x 1.49x 1.31x 1.61x 1.46x 1.32x
PEG - 0.9x 3.41x 0.2x -2.82x 1.31x 0.5x 0.7x
Capitalization / Revenue 2.57x 1.92x 2.02x 2.21x 1.94x 2.55x 2.37x 2.21x
EV / Revenue 2.47x 1.74x 1.92x 2.08x 1.71x 2.26x 1.96x 1.72x
EV / EBITDA 8.86x 7.1x 6.43x 5.74x 4.5x 5.85x 5.11x 4.39x
EV / EBIT 11.5x 9.09x 8.15x 6.82x 5.42x 7.16x 6.08x 5.29x
EV / FCF -460x 12.3x 17.9x 8.26x 7.56x 9.58x 8.66x 7.42x
FCF Yield -0.22% 8.12% 5.6% 12.1% 13.2% 10.4% 11.5% 13.5%
Dividend per Share 2 225 390 - - - 591.1 673.6 748.5
Rate of return 2.58% 4.7% - - - 4.42% 5.04% 5.6%
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 13,360.00 13,360.00 13,360.00
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.($)
35.05x6.58x22.81x0.9% 48.07B
18.65x2.23x10.07x1.39% 40.17B
27.57x3.93x16.31x0.59% 12.42B
27.3x3.31x17.17x0.93% 12.01B
18.88x3.36x11.68x3.82% 9.38B
9.74x2.25x5.82x4.44% 7.78B
16.23x2.12x6.9x3.15% 7.24B
29.66x3.88x18.05x0.16% 7.27B
Average 22.88x 3.46x 13.60x 1.92% 18.04B
Weighted average by Cap. 25.57x 4.07x 15.56x 1.47%

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