Company Valuation: UCB SA

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 38,457 - -
Change - -26.25% 7.12% 143.6% 24.32% -15.17% - -
Enterprise Value (EV) 1 19,807 15,973 17,146 37,918 45,326 38,762 36,649 34,090
Change - -19.36% 7.34% 121.15% 19.54% -14.48% -5.45% -6.98%
P/E 17.9x 33.4x 44.8x 34.3x 29.1x 20.1x 16.6x 13.7x
PBR 2.32x 1.58x 1.67x 3.64x 4.18x 3.19x 2.78x 2.3x
PEG - -0.6x -2.2x 0x 0.6x 0.9x 0.8x 0.6x
Capitalization / Revenue 3.28x 2.53x 2.85x 5.93x 5.86x 4.42x 3.97x 3.58x
EV / Revenue 3.43x 2.9x 3.26x 6.16x 5.86x 4.46x 3.79x 3.17x
EV / EBITDA 12.1x 12.7x 12.7x 25.7x 17.2x 12.7x 10.1x 7.99x
EV / EBIT 15x 23.7x 26.1x 45.4x 22.6x 15.8x 12.2x 9.34x
EV / FCF 15.6x 18.4x 38.5x 41.2x 24.6x 20.3x 13.9x 10.9x
FCF Yield 6.42% 5.43% 2.6% 2.43% 4.06% 4.93% 7.21% 9.15%
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% 0.72% 0.74% 0.76%
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 78.90 192.20 238.60 201.70 201.70 201.70
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
18.7x4.34x10.2x0.48% 79.21B
20.24x4.32x13.42x2.43% 58.22B
-16.13x24.03x-15.6x-.--% 54.54B
35.37x12.04x23.09x-.--% 48.89B
20.44x4.52x12.88x0.71% 44.72B
36.39x3.45x13.17x-.--% 31.83B
56.23x3.59x27.79x-.--% 24.99B
65.36x6.91x42.04x-.--% 20.95B
23.23x4.99x12.99x-.--% 15.8B
Average 28.87x 7.58x 15.55x 0.4% 42.13B
Weighted average by Cap. 23.01x 8.23x 12.24x 0.56%

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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