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 2,307,241 - -
Change - -4.77% 5.49% 16.36% -4.96% 28.24% - -
Enterprise Value (EV) 1 1,559,769 1,395,557 1,546,536 1,782,343 1,588,618 2,044,765 1,897,229 1,770,261
Change - -10.53% 10.82% 15.25% -10.87% 28.71% -7.22% -6.69%
P/E 11.6x 9.94x 10.2x 7.96x 7.76x 9.31x 7.96x 7.37x
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 1.34x 0.5x 0.91x
Capitalization / Revenue 2.57x 1.92x 2.02x 2.21x 1.94x 2.43x 2.26x 2.11x
EV / Revenue 2.47x 1.74x 1.92x 2.08x 1.71x 2.15x 1.86x 1.62x
EV / EBITDA 8.86x 7.1x 6.43x 5.74x 4.5x 5.56x 4.79x 4.17x
EV / EBIT 11.5x 9.09x 8.15x 6.82x 5.42x 6.77x 5.7x 4.93x
EV / FCF -460x 12.3x 17.9x 8.26x 7.56x 9.05x 8.04x 6.89x
FCF Yield -0.22% 8.12% 5.6% 12.1% 13.2% 11% 12.4% 14.5%
Dividend per Share 2 225 390 - - - 603.6 677 738.7
Rate of return 2.58% 4.7% - - - 4.77% 5.35% 5.84%
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 12,650.00 12,650.00 12,650.00
Nbr of stocks (in thousands) 185,630 185,818 185,946 182,035 182,385 182,391 - -
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.($)
34.13x6.4x22.2x0.92% 46.24B
15.79x1.95x8.67x1.71% 36.48B
28.3x4.03x16.71x0.57% 12.27B
27.23x3.3x17.12x0.93% 11.77B
18.58x3.37x11.75x3.79% 8.95B
29.56x3.87x17.99x0.16% 7.14B
9.31x2.15x5.56x4.77% 7.16B
15.29x2.03x6.73x3.25% 7.12B
Average 22.27x 3.39x 13.34x 2.01% 17.14B
Weighted average by Cap. 24.61x 3.96x 15.10x 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