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 2,338,247 - -
Change - -4.77% 5.49% 16.36% -4.96% 29.96% - -
Enterprise Value (EV) 1 1,559,769 1,395,557 1,546,536 1,782,343 1,588,618 2,064,605 1,916,058 1,793,645
Change - -10.53% 10.82% 15.25% -10.87% 29.96% -7.19% -6.39%
P/E 11.6x 9.94x 10.2x 7.96x 7.76x 9.39x 8.08x 7.25x
PBR 1.78x 1.47x 1.44x 1.49x 1.31x 1.54x 1.4x 1.27x
PEG - 0.9x 3.41x 0.2x -2.82x 1.26x 0.5x 0.6x
Capitalization / Revenue 2.57x 1.92x 2.02x 2.21x 1.94x 2.44x 2.28x 2.12x
EV / Revenue 2.47x 1.74x 1.92x 2.08x 1.71x 2.16x 1.87x 1.63x
EV / EBITDA 8.86x 7.1x 6.43x 5.74x 4.5x 5.58x 4.86x 4.16x
EV / EBIT 11.5x 9.09x 8.15x 6.82x 5.42x 6.84x 5.78x 5.01x
EV / FCF -460x 12.3x 17.9x 8.26x 7.56x 9.14x 8.24x 7.04x
FCF Yield -0.22% 8.12% 5.6% 12.1% 13.2% 10.9% 12.1% 14.2%
Dividend per Share 2 225 390 - - - 591.1 673.6 748.5
Rate of return 2.58% 4.7% - - - 4.61% 5.25% 5.84%
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 12,820.00 12,820.00 12,820.00
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.($)
35.04x6.58x22.81x0.9% 48.26B
17.32x2.17x9.78x1.49% 40.5B
26.96x3.27x16.93x0.94% 11.85B
26.85x3.84x15.92x0.6% 11.83B
19.17x3.41x11.88x3.76% 9.36B
9.39x2.16x5.58x4.61% 7.5B
15.79x2.07x6.88x3.19% 7.37B
29.64x3.88x18.04x0.16% 7.28B
Average 22.52x 3.42x 13.48x 1.96% 17.99B
Weighted average by Cap. 25.09x 4.04x 15.43x 1.51%

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