Company Valuation: UCB

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 18,947 13,973 14,969 36,464 45,333 40,154 - -
Change - -26.25% 7.12% 143.6% 24.32% -11.43% - -
Enterprise Value (EV) 1 19,807 15,973 17,146 37,918 45,326 40,459 38,346 35,787
Change - -19.36% 7.34% 121.15% 19.54% -10.74% -5.22% -6.67%
P/E 17.9x 33.4x 44.8x 34.3x 29.1x 21x 17.4x 14.3x
PBR 2.32x 1.58x 1.67x 3.64x 4.18x 3.33x 2.91x 2.4x
PEG - -0.6x -2.2x 0x 0.6x 1x 0.8x 0.7x
Capitalization / Revenue 3.28x 2.53x 2.85x 5.93x 5.86x 4.62x 4.15x 3.73x
EV / Revenue 3.43x 2.9x 3.26x 6.16x 5.86x 4.65x 3.96x 3.33x
EV / EBITDA 12.1x 12.7x 12.7x 25.7x 17.2x 13.3x 10.5x 8.39x
EV / EBIT 15x 23.7x 26.1x 45.4x 22.6x 16.5x 12.8x 9.8x
EV / FCF 15.6x 18.4x 38.5x 41.2x 24.6x 21.2x 14.5x 11.5x
FCF Yield 6.42% 5.43% 2.6% 2.43% 4.06% 4.72% 6.89% 8.71%
Dividend per Share 2 1.3 1.33 1.36 1.39 1.45 1.457 1.502 1.534
Rate of return 1.3% 1.81% 1.72% 0.72% 0.61% 0.69% 0.71% 0.73%
EPS 2 5.6 2.2 1.76 5.61 8.2 10.01 12.13 14.74
Distribution rate 23.2% 60.5% 77.3% 24.8% 17.7% 14.5% 12.4% 10.4%
Net sales 1 5,777 5,517 5,252 6,152 7,741 8,695 9,677 10,751
EBITDA 1 1,641 1,260 1,349 1,476 2,636 3,052 3,644 4,267
EBIT 1 1,318 675 657 836 2,009 2,458 2,997 3,652
Net income 1 1,058 418 343 1,065 1,558 1,931 2,325 2,816
Net Debt 1 860 2,000 2,177 1,454 -7 305.5 -1,808 -4,367
Reference price 2 100.35 73.56 78.90 192.20 238.60 210.60 210.60 210.60
Nbr of stocks (in thousands) 1,88,812 1,89,959 1,89,721 1,89,720 1,89,996 1,90,663 - -
Announcement Date 24/02/22 22/02/23 28/02/24 27/02/25 24/02/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.03x4.65x13.26x0.69% 4.67TCr
19.17x4.48x10.55x0.47% 8.27TCr
20.62x4.39x13.64x2.39% 6.02TCr
-17.31x25.92x-17.11x-.--% 5.81TCr
35.25x12x23.01x-.--% 4.97TCr
38.13x3.6x13.71x-.--% 3.26TCr
56.56x3.61x27.99x-.--% 2.57TCr
68.2x7.25x44.11x-.--% 2.27TCr
23.84x5.1x13.28x-.--% 1.65TCr
67.45x41.69x59.8x0.16% 1.49TCr
Average 33.29x 11.27x 20.22x 0.37% 4.1TCr
Weighted average by Cap. 24.89x 9.85x 14.01x 0.53%

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