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 23,18,184 - -
Change - -4.77% 5.49% 16.36% -4.96% 28.84% - -
Enterprise Value (EV) 1 15,59,769 13,95,557 15,46,536 17,82,343 15,88,618 20,44,542 18,95,995 17,73,582
Change - -10.53% 10.82% 15.25% -10.87% 28.7% -7.27% -6.46%
P/E 11.6x 9.94x 10.2x 7.96x 7.76x 9.31x 8.01x 7.19x
PBR 1.78x 1.47x 1.44x 1.49x 1.31x 1.53x 1.39x 1.26x
PEG - 0.9x 3.41x 0.2x -2.82x 1.25x 0.5x 0.6x
Capitalization / Revenue 2.57x 1.92x 2.02x 2.21x 1.94x 2.42x 2.26x 2.1x
EV / Revenue 2.47x 1.74x 1.92x 2.08x 1.71x 2.14x 1.85x 1.61x
EV / EBITDA 8.86x 7.1x 6.43x 5.74x 4.5x 5.53x 4.81x 4.11x
EV / EBIT 11.5x 9.09x 8.15x 6.82x 5.42x 6.77x 5.72x 4.96x
EV / FCF -460x 12.3x 17.9x 8.26x 7.56x 9.05x 8.15x 6.96x
FCF Yield -0.22% 8.12% 5.6% 12.1% 13.2% 11% 12.3% 14.4%
Dividend per Share 2 225 390 - - - 591.1 673.6 748.5
Rate of return 2.58% 4.7% - - - 4.65% 5.3% 5.89%
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 6,30,595 8,02,755 8,05,158 8,57,545 9,28,962 9,56,986 10,26,266 11,02,705
EBITDA 1 1,76,123 1,96,480 2,40,625 3,10,678 3,53,314 3,69,972 3,94,551 4,31,431
EBIT 1 1,35,832 1,53,555 1,89,817 2,61,157 2,92,851 3,02,048 3,31,606 3,57,876
Net income 1 1,39,626 1,55,581 1,58,850 2,39,244 2,32,335 2,55,025 2,90,044 3,19,542
Net Debt 1 -59,856 -1,46,733 -80,493 -1,10,818 -2,10,608 -2,73,642 -4,22,189 -5,44,602
Reference price 2 8,725.00 8,300.00 8,750.00 10,400.00 9,865.00 12,710.00 12,710.00 12,710.00
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
34.97x6.57x22.76x0.9% 4.81TCr
16.83x2.08x9.26x1.53% 3.99TCr
27.16x3.29x17.07x0.93% 1.19TCr
27.74x3.96x16.4x0.58% 1.22TCr
18.88x3.36x11.68x3.82% 922.39Cr
9.31x2.14x5.53x4.65% 741.15Cr
15.6x2.04x6.78x3.23% 736.69Cr
29.82x3.9x18.16x0.16% 731.63Cr
Average 22.54x 3.42x 13.45x 1.98% 1.79TCr
Weighted average by Cap. 25.04x 4.02x 15.33x 1.52%

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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