Company Valuation: UCB

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 18,947 13,973 14,969 36,464 45,333 40,134 - -
Change - -26.25% 7.12% 143.6% 24.32% -11.47% - -
Enterprise Value (EV) 1 19,807 15,973 17,146 37,918 45,326 40,440 38,327 35,767
Change - -19.36% 7.34% 121.15% 19.54% -10.78% -5.23% -6.68%
P/E 17.9x 33.4x 44.8x 34.3x 29.1x 21x 17.4x 14.3x
PBR 2.32x 1.58x 1.67x 3.64x 4.18x 3.33x 2.91x 2.4x
PEG - -0.6x -2.2x 0x 0.6x 1x 0.8x 0.7x
Capitalization / Revenue 3.28x 2.53x 2.85x 5.93x 5.86x 4.62x 4.15x 3.73x
EV / Revenue 3.43x 2.9x 3.26x 6.16x 5.86x 4.65x 3.96x 3.33x
EV / EBITDA 12.1x 12.7x 12.7x 25.7x 17.2x 13.3x 10.5x 8.38x
EV / EBIT 15x 23.7x 26.1x 45.4x 22.6x 16.5x 12.8x 9.79x
EV / FCF 15.6x 18.4x 38.5x 41.2x 24.6x 21.2x 14.5x 11.5x
FCF Yield 6.42% 5.43% 2.6% 2.43% 4.06% 4.72% 6.9% 8.72%
Dividend per Share 2 1.3 1.33 1.36 1.39 1.45 1.457 1.502 1.534
Rate of return 1.3% 1.81% 1.72% 0.72% 0.61% 0.69% 0.71% 0.73%
EPS 2 5.6 2.2 1.76 5.61 8.2 10.01 12.13 14.74
Distribution rate 23.2% 60.5% 77.3% 24.8% 17.7% 14.5% 12.4% 10.4%
Net sales 1 5,777 5,517 5,252 6,152 7,741 8,695 9,677 10,751
EBITDA 1 1,641 1,260 1,349 1,476 2,636 3,052 3,644 4,267
EBIT 1 1,318 675 657 836 2,009 2,458 2,997 3,652
Net income 1 1,058 418 343 1,065 1,558 1,931 2,325 2,816
Net Debt 1 860 2,000 2,177 1,454 -7 305.5 -1,808 -4,367
Reference price 2 100.35 73.56 78.90 192.20 238.60 210.50 210.50 210.50
Nbr of stocks (in thousands) 188,812 189,959 189,721 189,720 189,996 190,663 - -
Announcement Date 2/24/22 2/22/23 2/28/24 2/27/25 2/24/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.1x4.19x9.84x0.5% 79.26B
-17.17x25.62x-16.63x-.--% 58.56B
19.65x4.21x13.08x2.5% 58.62B
34.47x11.73x22.49x-.--% 48.75B
20.54x4.54x12.95x0.71% 46.32B
37.49x3.54x13.51x-.--% 32.12B
54.21x3.43x26.59x-.--% 24.77B
62.21x6.52x39.5x-.--% 21.5B
22.98x4.94x12.86x-.--% 15.97B
Average 28.05x 7.64x 14.91x 0.41% 42.87B
Weighted average by Cap. 21.93x 8.50x 11.44x 0.57%

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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