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 2,340,071 - -
Change - -4.77% 5.49% 16.36% -4.96% 30.06% - -
Enterprise Value (EV) 1 1,559,769 1,395,557 1,546,536 1,782,343 1,588,618 2,077,595 1,930,059 1,803,091
Change - -10.53% 10.82% 15.25% -10.87% 30.78% -7.1% -6.58%
P/E 11.6x 9.94x 10.2x 7.96x 7.76x 9.44x 8.07x 7.47x
PBR 1.78x 1.47x 1.44x 1.49x 1.31x 1.56x 1.41x 1.28x
PEG - 0.9x 3.41x 0.2x -2.82x 1.36x 0.5x 0.93x
Capitalization / Revenue 2.57x 1.92x 2.02x 2.21x 1.94x 2.46x 2.29x 2.14x
EV / Revenue 2.47x 1.74x 1.92x 2.08x 1.71x 2.18x 1.89x 1.65x
EV / EBITDA 8.86x 7.1x 6.43x 5.74x 4.5x 5.65x 4.87x 4.24x
EV / EBIT 11.5x 9.09x 8.15x 6.82x 5.42x 6.87x 5.8x 5.02x
EV / FCF -460x 12.3x 17.9x 8.26x 7.56x 9.2x 8.18x 7.01x
FCF Yield -0.22% 8.12% 5.6% 12.1% 13.2% 10.9% 12.2% 14.3%
Dividend per Share 2 225 390 - - - 603.6 677 738.7
Rate of return 2.58% 4.7% - - - 4.7% 5.28% 5.76%
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 12,830.00 12,830.00 12,830.00
Nbr of stocks (in thousands) 185,630 185,818 185,946 182,035 182,385 182,391 - -
Announcement Date 2/3/22 28/2/23 29/2/24 7/4/25 27/2/26 - - -
1HUF in Million2HUF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
33.9x6.35x22.04x0.93% 45.94B
15.94x1.97x8.74x1.66% 37.22B
27.81x3.97x16.44x0.58% 12.06B
27.15x3.29x17.06x0.93% 11.74B
18.58x3.37x11.75x3.79% 9.03B
9.44x2.18x5.65x4.7% 7.36B
15.18x2.01x6.67x3.28% 7.15B
29.77x3.9x18.12x0.16% 7.2B
Average 22.22x 3.38x 13.31x 2% 17.21B
Weighted average by Cap. 24.44x 3.93x 14.98x 1.57%

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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