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Galderma Group AG Registered Shares GALD

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Stock XSWX Rating as of
CHF 74.51 +0.04 (0.05%)
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Galderma: Initiating Coverage With a Narrow Economic Moat Rating and a CHF 83 Fair Value Estimate

Diana Radu

We are initiating coverage of Galderma with a narrow economic moat rating and a CHF 83 fair value estimate. Galderma is a pure-play dermatology company with a broad portfolio that spans injectable aesthetics, therapeutic dermatology, and dermatological skincare. The company went public in March 2024, and the stock price is up more than 40% compared with the IPO pricing level of CHF 53 per share. Given this stellar performance, we think the current share price offers a limited upside of around 9%.

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Price vs Fair Value

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GALD is trading within a range we consider fairly valued.
Price
CHF 74.47
Fair Value
CHF 99.00
Uncertainty
Medium
1-Star Price
CHF 398.55
5-Star Price
CHF 22.90
Economic Moat
Kfbvm
Capital Allocation
Tssyjctf

Bulls Say, Bears Say

Bulls

Galderma’s sizable innovation pipeline should translate into accelerated revenue growth and EBITDA margin accretion over the midterm.

Bears

The agreement with Ipsen for the current neuromodulator portfolio features stepped royalties that have been weighing on margins and may limit the company in pursuing volume market share growth.

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Trading Information

Previous Close Price
CHF 74.47
Day Range
CHF 74.19–74.72
52-Week Range
CHF 60.00–77.68
Bid/Ask
CHF 74.39 / CHF 74.51
Market Cap
CHF 17.70 Bil
Volume/Avg
9,511 / 188,612

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
—
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Galderma was formed in 1981 as a joint venture between Nestle and L’Oreal. It subsequently became a subsidiary of Nestle, called Nestle Skin Health, before being carved out and launched as a standalone company in 2019, acquired by a consortium led by Sweden-based EQT fund. The company went public in March 2024 and is listed on the SIX Swiss exchange. Galderma’s science-based portfolio spans multiple dermatology categories, including injectable aesthetics, dermatological skincare, and therapeutic dermatology. It derives around 45% of net sales from the US and employs around 6,600 people.
Sector
Consumer Defensive
Industry
Household & Personal Products
Stock Style Box
Large Growth
Total Number of Employees
—
Website
https://www.galderma.com

Competitors

Valuation

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Metric
GALD
OR
BEI
Price/Earnings (Normalized)
 —32.0032.82
Price/Book Value
 —7.543.71
Price/Sales
 —5.353.27
Price/Cash Flow
 —27.5329.77
Price/Earnings
GALD
OR
BEI

Financial Strength

Metric
GALD
OR
BEI
Quick Ratio
 —0.701.24
Current Ratio
 —1.101.74
Interest Coverage
 —35.2541.85
Quick Ratio
GALD
OR
BEI

Profitability

Metric
GALD
OR
BEI
Return on Assets (Normalized)
 —12.99%6.96%
Return on Equity (Normalized)
 —23.11%10.82%
Return on Invested Capital (Normalized)
 —17.20%10.33%
Return on Assets
GALD
OR
BEI
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