Positive financial impact was underestimated in Q1
Richter posted its Q1/25 results today morning. The Company beat analysts’ estimates in terms of net profit, while revenues and clean EBIT matched expectations. On the bottom line, the beat was attributed to significant FX gains of HUF 11bn (o/w HUF 14.0bn was unrealized). Richter generated an outstanding FCF of HUF 60bn in Q1 despite that we expected that the normalization in payables may drag on this figure. The management reiterated its guidance as they see both revenues and clean EBIT to grow by around 10% this year. Also noteworthy that foreign investors dumped Richter shares in Q1 at record pace despite the sound Capital Markets Day as their stake fell by nearly 2%pt.Chemical Works of Richter Gedeon is a multinational pharmaceutical company that is engaged in the research, development, production and marketing and trade of pharmaceutical products. Co.'s activities are divided into two major business segments: Pharmaceutical, including research, development and manufacturing of pharmaceutical products; and Wholesale and Retail including wholesale and retail trade through the distribution chain as well as marketing of its products. Co. is primarily engaged in production of gynecological, cardiovascular and gastroenterological products, antibiotics, antimicotics, OTC and medicines for treatment of the central nervous system.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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