reports
- Gabor Bukta
Impressive guidance in line with our estimates
Richter posted clean EBIT of HUF 59.1bn (+18% YoY) on net sales of HUF 203.2bn(-9% YoY) for Q4/23. Clean EBIT was 36% ahead of the consensus estimate of HUF43.5bn and our estimate of HUF 43.4bn, respectively, while net revenue beatestimate significantly. As a result, clean EBIT (incl. extra taxes) margin stood at29.2% compared to our estimate of 23.7%.
- Gabor Bukta
More than a single drug company
This is a transfer of coverage as after 30 years of equity research at ConcordeSecurities, Attila Vago left the Company. In line with our previous approach, we are still eager to evaluate Richter with a sum-of-thepartsmethod. We find this very important in case of Richter, as it consists of four wellseparated segments with different prospects and profitability. These are the Women’sHealthcare (WHC), the Neuropsychiatry (CNS or central nervous system), theBiotechnology (BIO) and the General Medi...
- Gabor Bukta
Q3 results were strong despite FX headwinds and extra taxes
Richter posted clean EBIT of HUF 49.4bn (-24% YoY) on net sales HUF 188.5bn (-13% YoY) for Q3/23. Clean EBIT was 8% ahead of the consensus estimate of HUF 45.8bn and our estimate, respectively, while net revenue was broadly in line with both the consensus forecast of HUF 191.3bn and our estimate. As a result, clean EBIT (incl. extra taxes) margin stood at 19.8% compared to consensus estimate of 26.2% (-350bps YoY) and was better than the consensus estimate of 23.9%. In Q3 Richter recorded HUF 9...
- Attila Vago
Richter’s Q2/23 clean EBIT lagged behind estimates
Richter posted clean EBIT of HUF 40.3bn (-7% YoY) on net sales HUF 203.8bn (+6% YoY)for Q2/23. Clean EBIT lagged behind by 12% the consensus estimate of HUF 45.6bn (butit was ahead 4% of our estimate), while net revenue was also slightly higher thanconsensus forecast of HUF 199.6bn and our estimate. As a result, clean EBIT (incl. extrataxes) margin stood at 19.8% compared to consensus estimate of 24.3% and was almostthe same as our estimate of 19.7%.Richter recorded minor extra income of HUF 0.6...
- Attila Vago
Richter’s Q1/23 results beat estimates
Richter posted clean EBIT of HUF 54.1bn (+44% YoY) on net sales HUF 209.7bn (+24.8%YoY) for Q1/23. Clean EBIT was ahead by 19% of the consensus estimate of HUF 45.4bn(but it was 9% better than our estimate), while net revenue was also 4% higher thanconsensus forecast of HUF 202.4bn and in line with our estimate. As a result, clean EBIT(incl. extra taxes of HUF 3.4bn) margin stood at 25.8% compared to consensus estimateof 22.3% and 22.3% YoY, respectively.Richter recorded no extra income in Q1/23...
- Attila Vago
Richter Gedeon - Hit By A Double Whammy Of Extra Taxes And Negative FX...
Hit by a double whammy of extra taxes and negative FX effects Richter posted clean EBIT of HUF 21.9bn (-49% YoY) on net sales HUF 2234bn (+27% YoY) for Q4/22 on our calculation. Clean EBIT lagged by 38% behind of the consensus estimate of HUF 35.4bn (but it was 14% better than our estimate), while net revenue was in line with consensus forecast of HUF 221.3bn and 7% more than our estimate. As a result, clean EBIT (incl. extraordinary taxes) margin stood at 9.8% compared to consensus estimate ...
Chemical Works Of Gedeon Richter: 1 director
A director at Chemical Works Of Gedeon Richter bought 1,000 shares at 7,990.000HUF and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the l...
- Attila Vago
Richter Gedeon - Record Quarterly Results – Dirt-cheap Valuation
Record quarterly results – dirt-cheap valuation Richter posted record clean EBIT of HUF 64.8bn (+103% YoY) on net sales HUF 217.8bn (+38% YoY) for Q3/22. Clean EBIT was 22% ahead of the consensus estimate of HUF 53.2bn while net revenue also beat consensus forecast of HUF 205bn. Clean EBIT margin stood at a record level of 29.7% compared to consensus estimate of 26% and 20.3% YoY. There was a minor milestone income in the amount of HUF 0.08bn in Q3/22 received from Abbvie for the the acceptan...
- Attila Vago
Richter Gedeon - Cheap Valuation Vs. Strong Ability To Constantly Driv...
We raise our 12-month TP from HUF 9,900 per share to HUF 10,325, recognizing Richter’s ability to improve profitability and maintain growth, which is primarily driven by its innovative specialty products and significant FX tailwinds (ie. the weakening in HUF against the EUR, RUB and USD). Our new 12-month TP leaves a 28% upside potential from the current share price. We note that Richter may continue to pay dividend in the coming years which would imply a DIVY of ca. 4% on the basis of the cu...
Raiffeisen Research Institutional Equity Daily 16.09.2022
ATX indices review - FFF changes in S IMMO and Flughafen Wien, small NoS changes in IMMOFINANZ and Marinomed; Andritz to replace voestalpine in the ATX five; CECE index review - No additions/deletions but changes in FFF and/or NoS in Colt, Moneta, Magyar Telekom, OTP, PKN, PGE FTSE Index September review - AllWorld (ML) add: Medlife, One United Properties; AllWorld (ML) del: CD Projekt, Cyfrowy Polsat, ams-OSRAM; M->L: Moneta Money Bank, MOL, Gedeon Richter, Banca Transilvania, OMV Petrom ...
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
VOE VOESTALPINE AG
LNZ LENZING AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SPI S IMMO AG
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
RICHTER CHEMICAL WORKS OF GEDEON RICHTER PLC
OTP OTP BANK NYRT
ANDR ANDRITZ AG
CPS CYFROWY POLSAT SA
FLU FLUGHAFEN WIEN AG
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
M MED LIFE
IIA IMMOFINANZ AG
CAP ENCAVIS AG
ONE ONE UNITED PROPERTIES SA
Raiffeisen Research Institutional Equity Daily 22.08.2022
FTSE Index September review - AllWorld (ML) add: Medlife, One United Properties; AllWorld (ML) del: CD Projekt, Cyfrowy Polsat, ams-OSRAM; M->L: Moneta Money Bank, MOL, Gedeon Richter, Banca Transilvania, OMV Petrom DE: Encavis - Encavis acquired a solar park portfolio in the Netherlands (neutral) RO: One United Properties - Q2 22 net profit a.m. of RON 146 mn (+56% yoy) on the back of lower expenses for inventory property (positive) SK: Ratings - Slovakia receives another outlook downgr...
- Attila Vago
Richter Gedeon - Q2/22 Best Ever Net Income Fuelled By FX Gains
Richter posted clean EBIT of HUF 43.3bn (+20% YoY) on net sales HUF 192.9bn (+24% YoY) for Q2/22. Clean EBIT was slightly worse than the consensus estimate of HUF 44.3bn while net revenue beat consensus forecast of HUF 186bn. Clean EBIT margin stood at 22.5% compared to consensus estimate of 23.8% and 23.2% YoY. Richter booked milestone income in the amount of HUF 8.6bn in Q2/22 received from Abbvie for the the acceptance by the FDA for review of the sNDA request related to MDD indication of car...
- Attila Vago
Richter Gedeon - Q2/22 Best Ever Net Income Fuelled By FX Gains
Richter posted clean EBIT of HUF 43.3bn (+20% YoY) on net sales HUF 192.9bn (+24% YoY) for Q2/22. Clean EBIT was slightly worse than the consensus estimate of HUF 44.3bn while net revenue beat consensus forecast of HUF 186bn. Clean EBIT margin stood at 22.5% compared to consensus estimate of 23.8% and 23.2% YoY. Richter booked milestone income in the amount of HUF 8.6bn in Q2/22 received from Abbvie for the the acceptance by the FDA for review of the sNDA request related to MDD indication of car...
- Attila Vago
Richter Gedeon-Q1/22 earnings beat consensus estimates
Richter posted clean EBIT of HUF 37.5 bln (+54% YoY) on net sales HUF 168.1 bln (+19% YoY) for Q1/22, exceeding consensus estimates of HUF 161.1 bln and HUF 32.8 bln, respectively, but it lagged behind our estimate of HUF 41 bln due to lower than projected Russian and other US sales than royalty revenue from Vraylar. Key positives: EU15 sales exceeded our estimate by ca.7% (+30% YoY in HUF) on the back of faster than projected Evra sales and newly introduced WHC brands. WHC sales incre...
- Attila Vago
Richter Gedeon - Record FY2021 results, uncertain future
We will reduce our 12-month TP from HUF 10,900 per share to HUF9,805, mainly due to the heighted risks arising from the military conflictbetween Russia and Ukraine. The discounted value of Richter's direct exposures in Russia andUkraine (including fixed and current assets) and the expected futurecash flows from these countries together represent approximately HUF1,100 per share (15 percent of the current market capitalization), whichwe completely ignored when setting our new target price.
- Attila Vago
RICHTER GEDEON reduced its risk exposure resulting in an upgrade to Sl...
RICHTER GEDEON (DE), a company active in the Pharmaceuticals industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date February 18, 2022, the closing price w...
- Attila Vago
Richter Gedeon - Successful clinical trials and higher sales and margi...
We raise our 12-month TP to HUF 10,900 a share from HUF 10,107 for 3main reasons: 1) rolling over our TP; 2) incorporating higher risk-adjustedestimate for royalty income on Vraylar (attributing to a higher probabilityfor Vraylar receiving approval for the use as adjunctive therapy for MDD),and 3) the future value contribution from new product launches(Relugolix and Estelle) as well as the contraceptive patch, Evra.
- Attila Vago
Raiffeisen Research Institutional Equity Daily 12.08.2021
MSCI August Index Review - No changes in constituents in our Coverage Universe AT: Addiko Bank - Q2 conference call comments (neutral) AT: Oesterreichische Post - Final Q2 21 results, guidance hike already announced in July (neutral) AT: Polytec - Q2 results fell short of RBIe, FY EBIT guidance lowered, new target of ca. EUR 30 mn in line with RBIe but requires pronounced margin uptick in H2 (negative) HU: Gedeon Richter - Transfer of state-owned shares to the Foundation for National ...
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