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 2,330,951 - -
Change - -4.77% 5.49% 16.36% -4.96% 29.55% - -
Enterprise Value (EV) 1 1,559,769 1,395,557 1,546,536 1,782,343 1,588,618 2,068,475 1,920,940 1,793,972
Change - -10.53% 10.82% 15.25% -10.87% 30.21% -7.13% -6.61%
P/E 11.6x 9.94x 10.2x 7.96x 7.76x 9.4x 8.04x 7.44x
PBR 1.78x 1.47x 1.44x 1.49x 1.31x 1.55x 1.4x 1.27x
PEG - 0.9x 3.41x 0.2x -2.82x 1.35x 0.5x 0.92x
Capitalization / Revenue 2.57x 1.92x 2.02x 2.21x 1.94x 2.45x 2.28x 2.13x
EV / Revenue 2.47x 1.74x 1.92x 2.08x 1.71x 2.17x 1.88x 1.64x
EV / EBITDA 8.86x 7.1x 6.43x 5.74x 4.5x 5.63x 4.85x 4.22x
EV / EBIT 11.5x 9.09x 8.15x 6.82x 5.42x 6.84x 5.77x 5x
EV / FCF -460x 12.3x 17.9x 8.26x 7.56x 9.16x 8.14x 6.98x
FCF Yield -0.22% 8.12% 5.6% 12.1% 13.2% 10.9% 12.3% 14.3%
Dividend per Share 2 225 390 - - - 603.6 677 738.7
Rate of return 2.58% 4.7% - - - 4.72% 5.3% 5.78%
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 12,780.00 12,780.00 12,780.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
34.2x6.42x22.23x0.92% 46.36B
15.64x1.93x8.56x1.69% 36.94B
26.55x3.8x15.76x0.61% 11.52B
26.44x3.2x16.57x0.96% 11.44B
18.76x3.41x11.87x3.75% 9.17B
9.27x2.14x5.54x4.79% 7.27B
14.8x1.95x6.47x3.36% 7.06B
29.31x3.83x17.83x0.16% 7.09B
Average 21.87x 3.33x 13.10x 2.03% 17.11B
Weighted average by Cap. 24.28x 3.92x 14.90x 1.59%

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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