Stock RBREW ROYAL UNIBREW A/S
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Financials Royal Unibrew A/S

Equities

RBREW

DK0060634707

Brewers

Market Closed - Nasdaq Copenhagen
Other stock markets
 10:59:40 2024-04-26 am EDT 		5-day change 1st Jan Change
533 DKK +0.76% Intraday chart for Royal Unibrew A/S +2.50% +18.16%
Apr. 19 Nordic Shares Closed Up Friday; Royal UNIBREW Led Increases DJ
Apr. 19 Geopolitical Tensions Undercut European Bourses Midday MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 30,022 34,414 35,326 24,578 22,579 26,678 - -
Enterprise Value (EV) 1 32,727 36,607 38,862 29,038 29,005 32,691 32,526 32,384
P/E ratio 26.5 x 29.3 x 27.8 x 21.4 x 20.6 x 20.2 x 18.5 x 16.7 x
Yield 2% 1.91% 1.97% 2.93% - 3.6% 2.9% 3.18%
Capitalization / Revenue 3.9 x 4.55 x 4.04 x 2.14 x 1.75 x 1.77 x 1.7 x 1.64 x
EV / Revenue 4.25 x 4.84 x 4.44 x 2.53 x 2.24 x 2.17 x 2.07 x 1.99 x
EV / EBITDA 18 x 19.7 x 19.2 x 14.5 x 13.1 x 12.3 x 11.5 x 10.7 x
EV / FCF 28.2 x 25.1 x 29.3 x 44 x 24.7 x 27 x 22.3 x 20.2 x
FCF Yield 3.54% 3.98% 3.41% 2.27% 4.05% 3.7% 4.48% 4.95%
Price to Book 9.87 x 10.6 x 10.8 x 4.82 x 3.94 x 4.06 x 3.78 x 3.57 x
Nbr of stocks (in thousands) 49,216 48,704 47,919 49,623 50,053 50,053 - -
Reference price 2 610.0 706.6 737.2 495.3 451.1 533.0 533.0 533.0
Announcement Date 3/10/20 3/3/21 3/1/22 3/1/23 2/28/24 - - -
1DKK in Million2DKK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,692 7,557 8,746 11,487 12,927 15,076 15,682 16,272
EBITDA 1 1,814 1,861 2,020 1,997 2,208 2,660 2,820 3,023
EBIT 1 1,469 1,515 1,652 1,516 1,638 1,970 2,126 2,298
Operating Margin 19.1% 20.05% 18.89% 13.2% 12.67% 13.07% 13.55% 14.12%
Earnings before Tax (EBT) 1 1,458 1,505 1,647 1,785 1,406 1,636 1,819 2,007
Net income 1 1,140 1,198 1,298 1,492 1,095 1,316 1,459 1,619
Net margin 14.82% 15.85% 14.84% 12.99% 8.47% 8.73% 9.3% 9.95%
EPS 2 23.00 24.10 26.50 23.10 21.90 26.37 28.87 31.96
Free Cash Flow 1 1,159 1,458 1,327 660 1,175 1,209 1,458 1,602
FCF margin 15.06% 19.29% 15.17% 5.75% 9.09% 8.02% 9.29% 9.84%
FCF Conversion (EBITDA) 63.87% 78.34% 65.69% 33.05% 53.22% 45.45% 51.69% 52.98%
FCF Conversion (Net income) 101.63% 121.7% 102.23% 44.24% 107.31% 91.85% 99.89% 98.91%
Dividend per Share 2 12.20 13.50 14.50 14.50 - 19.20 15.44 16.94
Announcement Date 3/10/20 3/3/21 3/1/22 3/1/23 2/28/24 - - -
1DKK in Million2DKK
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 Q1
Net sales 1 3,901 3,566 3,991 3,905 2,407 4,841 2,162 3,211 3,296 2,818 2,552 3,595 6,147 3,336 3,444 - 3,199 4,320 7,566 4,052 3,593 7,713 3,447
EBITDA 1 - - - - 397 - 317 623 612 445 302 674 - 651 581 - 376 820.3 - 738.1 569.4 - 222.6
EBIT 1 759 663 852 750 306 902 209 511 490 307 174 536 710 507 421 928 210 698 875.2 620.9 453 1,044 222.6
Operating Margin 19.46% 18.59% 21.35% 19.21% 12.71% 18.63% 9.67% 15.91% 14.87% 10.89% 6.82% 14.91% 11.55% 15.2% 12.22% - 6.56% 16.16% 11.57% 15.32% 12.61% 13.54% 6.46%
Earnings before Tax (EBT) 1 758 648 857 749 298 898 195 851 474 265 123 480 603 461 342 - 126 589.5 710 516 375.3 879 132.3
Net income 1 599 505 693 594 230 704 155 772 381 184 98 388 486 363 246 609 100 490.9 - 428.7 297.9 - 102.5
Net margin 15.36% 14.16% 17.36% 15.21% 9.56% 14.54% 7.17% 24.04% 11.56% 6.53% 3.84% 10.79% 7.91% 10.88% 7.14% - 3.13% 11.36% - 10.58% 8.29% - 2.97%
EPS 2 12.10 10.10 14.00 12.30 4.440 14.20 3.200 15.60 7.700 - 2.000 7.800 9.800 7.300 4.800 12.10 2.000 9.812 - 8.570 5.954 - 2.042
Dividend per Share - - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 3/10/20 8/18/20 3/3/21 8/23/21 3/1/22 3/1/22 4/28/22 8/17/22 10/18/22 3/1/23 4/27/23 8/22/23 8/22/23 11/8/23 2/28/24 2/28/24 4/18/24 - - - - - -
1DKK in Million2DKK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,705 2,193 3,536 4,460 6,426 6,013 5,847 5,705
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.491 x 1.178 x 1.75 x 2.233 x 2.91 x 2.261 x 2.074 x 1.888 x
Free Cash Flow 1 1,159 1,458 1,327 660 1,175 1,209 1,458 1,602
ROE (net income / shareholders' equity) 38% 37% 40% 35% 20% 21.2% 21.4% 22.5%
ROA (Net income/ Total Assets) 13.8% 14.3% 13.5% 11.8% 6.79% 7.11% 7.23% 7.61%
Assets 1 8,263 8,399 9,610 12,694 16,126 18,523 20,174 21,265
Book Value Per Share 2 61.80 67.00 68.20 103.0 115.0 131.0 141.0 149.0
Cash Flow per Share 2 28.20 35.40 35.90 22.60 35.70 43.10 43.50 45.70
Capex 1 344 280 426 475 602 937 874 894
Capex / Sales 4.47% 3.71% 4.87% 4.14% 4.66% 6.21% 5.58% 5.5%
Announcement Date 3/10/20 3/3/21 3/1/22 3/1/23 2/28/24 - - -
1DKK in Million2DKK
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Royal Unibrew A/S

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
533 DKK
Average target price
523 DKK
Spread / Average Target
-1.88%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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