Company Valuation: Gedeon Richter

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 16,19,625 15,42,290 16,27,029 18,93,161 17,99,226 22,30,637 - -
Change - -4.77% 5.49% 16.36% -4.96% 23.98% - -
Enterprise Value (EV) 1 15,59,769 13,95,557 15,46,536 17,82,343 15,88,618 19,68,161 18,20,625 16,93,657
Change - -10.53% 10.82% 15.25% -10.87% 23.89% -7.5% -6.97%
P/E 11.6x 9.94x 10.2x 7.96x 7.76x 9.12x 7.8x 7.22x
PBR 1.78x 1.47x 1.44x 1.49x 1.31x 1.5x 1.36x 1.24x
PEG - 0.9x 3.41x 0.2x -2.82x 1.31x 0.5x 0.89x
Capitalization / Revenue 2.57x 1.92x 2.02x 2.21x 1.94x 2.34x 2.19x 2.04x
EV / Revenue 2.47x 1.74x 1.92x 2.08x 1.71x 2.07x 1.78x 1.55x
EV / EBITDA 8.86x 7.1x 6.43x 5.74x 4.5x 5.35x 4.59x 3.98x
EV / EBIT 11.5x 9.09x 8.15x 6.82x 5.42x 6.51x 5.47x 4.72x
EV / FCF -460x 12.3x 17.9x 8.26x 7.56x 8.71x 7.72x 6.59x
FCF Yield -0.22% 8.12% 5.6% 12.1% 13.2% 11.5% 13% 15.2%
Dividend per Share 2 225 390 - - - 603.6 677 738.7
Rate of return 2.58% 4.7% - - - 4.87% 5.46% 5.96%
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 6,30,595 8,02,755 8,05,158 8,57,545 9,28,962 9,51,368 10,20,834 10,93,689
EBITDA 1 1,76,123 1,96,480 2,40,625 3,10,678 3,53,314 3,67,576 3,96,366 4,25,015
EBIT 1 1,35,832 1,53,555 1,89,817 2,61,157 2,92,851 3,02,220 3,32,887 3,59,032
Net income 1 1,39,626 1,55,581 1,58,850 2,39,244 2,32,335 2,54,304 2,90,549 3,14,929
Net Debt 1 -59,856 -1,46,733 -80,493 -1,10,818 -2,10,608 -2,62,476 -4,10,012 -5,36,980
Reference price 2 8,725.00 8,300.00 8,750.00 10,400.00 9,865.00 12,400.00 12,400.00 12,400.00
Nbr of stocks (in thousands) 1,85,630 1,85,818 1,85,946 1,82,035 1,82,385 1,82,391 - -
Announcement Date 02/03/22 28/02/23 29/02/24 07/04/25 27/02/26 - - -
1HUF in Million2HUF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
32.69x11.85x24.08x0.6% 1,02500Cr
28.77x6.4x17.91x2.06% 62TCr
32.89x7.71x15.93x2.67% 46TCr
104.62x5.85x24.82x2.37% 35TCr
18.99x4.63x11.47x2.87% 34TCr
20.13x5.23x12.95x3.06% 27TCr
20.27x4.21x12x2.1% 25TCr
25.72x6.72x11.97x2.48% 22TCr
-44.61x6.5x25.4x2.23% 18TCr
Average 26.61x 6.57x 17.39x 2.27% 41.31TCr
Weighted average by Cap. 31.73x 7.64x 18.71x 1.95%

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