RICHTER GEDEON VEGYÉSZETI GYÁR NYILVÁNOSAN MUKÖDO RT.

Financials Richter Gedeon Vegyészeti Gyár Nyilvánosan Muködo Rt.

Equities

RICHTER

HU0000123096

Pharmaceuticals

End-of-day quote Budapest S.E. Other stock markets 03:30:00 29/04/2024 am IST			5-day change	1st Jan Change
9,310 ^HUF	+1.20%		+7.63%	+6.40%

25/03	Gedeon Richter Plc. Proposes Dividend	CI
29/02	Richter Gedeon Vegyészeti Gyár Nyilvánosan Muködo Rt. Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,93,129	13,81,559	16,19,625	15,42,290	16,27,029	17,07,099	-	-
Enterprise Value (EV) ¹	10,62,663	12,39,491	15,59,769	13,95,557	15,46,536	15,70,709	14,85,118	13,11,962
P/E ratio	24.2 x	13.2 x	11.6 x	9.94 x	10.2 x	7.72 x	6.98 x	6.05 x
Yield	0.98%	3.02%	2.58%	4.7%	-	4.83%	5.68%	6.61%
Capitalization / Revenue	2.35 x	2.44 x	2.57 x	1.92 x	2.02 x	2.03 x	1.85 x	1.67 x
EV / Revenue	2.09 x	2.19 x	2.47 x	1.74 x	1.92 x	1.86 x	1.61 x	1.29 x
EV / EBITDA	9.53 x	8.19 x	8.86 x	7.1 x	6.43 x	4.84 x	3.97 x	3.24 x
EV / FCF	26.1 x	18.3 x	-460 x	12.3 x	17.9 x	7.85 x	7.5 x	5.75 x
FCF Yield	3.83%	5.47%	-0.22%	8.12%	5.6%	12.7%	13.3%	17.4%
Price to Book	1.66 x	1.72 x	1.78 x	1.47 x	-	1.38 x	1.26 x	1.09 x
Nbr of stocks (in thousands)	1,85,991	1,85,693	1,85,630	1,85,818	1,85,946	1,82,773	-	-
Reference price ²	6,415	7,440	8,725	8,300	8,750	9,340	9,340	9,340
Announcement Date	07/02/20	26/02/21	02/03/22	28/02/23	29/02/24	-	-	-

¹HUF in Million²HUF

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,07,794	5,66,776	6,30,595	8,02,755	8,05,158	8,42,896	9,23,288	10,19,222
EBITDA ¹	1,11,534	1,51,330	1,76,123	1,96,480	2,40,625	3,24,859	3,74,345	4,05,002
EBIT ¹	71,863	1,11,484	1,35,832	1,53,555	1,89,817	2,65,014	2,99,285	3,29,744
Operating Margin	14.15%	19.67%	21.54%	19.13%	23.58%	31.44%	32.42%	32.35%
Earnings before Tax (EBT) ¹	51,697	1,15,164	1,46,575	1,65,663	1,71,540	2,49,895	2,87,277	3,35,273
Net income ¹	49,299	1,04,683	1,39,626	1,55,581	1,58,850	2,21,247	2,48,861	2,90,171
Net margin	9.71%	18.47%	22.14%	19.38%	19.73%	26.25%	26.95%	28.47%
EPS ²	265.0	563.0	751.0	835.0	860.0	1,211	1,339	1,544
Free Cash Flow ¹	40,688	67,757	-3,393	1,13,348	86,554	2,00,201	1,97,983	2,28,175
FCF margin	8.01%	11.95%	-0.54%	14.12%	10.75%	23.75%	21.44%	22.39%
FCF Conversion (EBITDA)	36.48%	44.77%	-	57.69%	35.97%	61.63%	52.89%	56.34%
FCF Conversion (Net income)	82.53%	64.73%	-	72.85%	54.49%	90.49%	79.56%	78.63%
Dividend per Share ²	63.00	225.0	225.0	390.0	-	451.3	530.3	617.7
Announcement Date	07/02/20	26/02/21	02/03/22	28/02/23	29/02/24	-	-	-

¹HUF in Million²HUF

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	2,78,692	2,96,803	1,57,518	1,76,274	1,68,057	1,92,923	2,17,807	2,23,968	2,09,653	2,03,783	4,13,436	1,88,544	2,03,178	2,24,300
EBITDA ¹	75,796	80,719	42,943	52,461	-	64,033	77,353	11,597	65,277	52,831	1,18,108	61,657	59,078	77,100
EBIT ¹	55,935	60,800	33,134	41,898	-	51,972	64,840	-740	54,131	40,882	95,013	49,398	44,974	63,100
Operating Margin	20.07%	20.48%	21.04%	23.77%	-	26.94%	29.77%	-0.33%	25.82%	20.06%	22.98%	26.2%	22.14%	28.13%
Earnings before Tax (EBT)	-	-	-	48,416	-	-	87,457	-43,741	-	-	-	-	-	-
Net income ¹	60,531	54,915	-	46,518	37,906	76,532	82,417	-40,422	39,036	28,743	67,936	-	-	58,000
Net margin	21.72%	18.5%	-	26.39%	22.56%	39.67%	37.84%	-18.05%	18.62%	14.1%	16.43%	-	-	25.86%
EPS	-	-	-	250.0	-	411.0	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	03/08/20	03/08/21	08/11/21	02/03/22	09/05/22	03/08/22	07/11/22	28/02/23	12/05/23	04/08/23	04/08/23	08/11/23	29/02/24	-

¹HUF in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,30,466	1,42,068	59,856	1,46,733	80,493	1,36,390	2,21,981	3,95,137
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	40,688	67,757	-3,393	1,13,348	86,554	2,00,201	1,97,983	2,28,175
ROE (net income / shareholders' equity)	9.7%	13.7%	16.2%	15.8%	14.5%	17.9%	18.5%	19.8%
ROA (Net income/ Total Assets)	9.7%	11.6%	13.3%	-	11.7%	17%	18%	18%
Assets ¹	5,08,169	9,03,624	10,46,939	-	13,57,495	13,01,453	13,82,563	16,12,063
Book Value Per Share ²	3,874	4,333	4,910	5,633	-	6,772	7,426	8,538
Cash Flow per Share ²	528.0	723.0	752.0	992.0	670.0	1,647	1,480	1,691
Capex ¹	57,552	66,638	1,43,297	71,579	94,639	89,551	83,771	88,332
Capex / Sales	11.33%	11.76%	22.72%	8.92%	11.75%	10.62%	9.07%	8.67%
Announcement Date	07/02/20	26/02/21	02/03/22	28/02/23	29/02/24	-	-	-

¹HUF in Million²HUF

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Richter Gedeon Vegyészeti Gyár Nyilvánosan Muködo Rt.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

9,340 HUF

Average target price

11,671 HUF

Spread / Average Target

+24.96%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Generic Pharmaceuticals

	1st Jan change	Capi.
RICHTER GEDEON VEGYÉSZETI GYÁR NYILVÁNOSAN MUKÖDO RT.	+6.40%	4.67B
SUN PHARMACEUTICAL INDUSTRIES LTD.	+19.27%	43.18B
OTSUKA HOLDINGS CO., LTD.	+24.05%	23.23B
SANDOZ GROUP AG	+15.11%	14.6B
ZYDUS LIFESCIENCES LIMITED	+38.36%	11.5B
ONO PHARMACEUTICAL CO., LTD.	-7.63%	6.79B
THE MEDICINES COMPANY	-0.05%	6.79B
STADA ARZNEIMITTEL	-8.87%	5.73B
ASPEN PHARMACARE HOLDINGS LIMITED	+10.21%	5.31B
SHENZHEN SALUBRIS PHARMACEUTICALS CO., LTD.	-2.27%	4.81B

Generic Pharmaceuticals