Royal Unibrew A/S

DB:0R1 Stock Report

Market Cap: €3.6b

Royal Unibrew Valuation

Is 0R1 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 0R1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0R1 (€69.45) is trading below our estimate of fair value (€148.65)

Significantly Below Fair Value: 0R1 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0R1?

Key metric: As 0R1 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0R1. This is calculated by dividing 0R1's market cap by their current earnings.
What is 0R1's PE Ratio?
PE Ratio18.2x
EarningsDKK 1.48b
Market CapDKK 26.88b

Price to Earnings Ratio vs Peers

How does 0R1's PE Ratio compare to its peers?

The above table shows the PE ratio for 0R1 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.4x
KUL Kulmbacher Brauerei Aktien-Gesellschaft
23.5xn/a€138.4m
SZU Südzucker
6.8x-10.2%€2.3b
KWS KWS SAAT SE KGaA
10x-1.0%€2.0b
PKB Park & Bellheimer
5.5xn/a€10.8m
0R1 Royal Unibrew
18.2x3.7%€26.9b

Price-To-Earnings vs Peers: 0R1 is expensive based on its Price-To-Earnings Ratio (18.2x) compared to the peer average (11.4x).

Price to Earnings Ratio vs Industry

How does 0R1's PE Ratio compare vs other companies in the European Beverage Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
0R1 18.2xIndustry Avg. 17.3xNo. of Companies6PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0R1 is expensive based on its Price-To-Earnings Ratio (18.2x) compared to the European Beverage industry average (17.3x).

Price to Earnings Ratio vs Fair Ratio

What is 0R1's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

0R1 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.2x
Fair PE Ratio18.1x

Price-To-Earnings vs Fair Ratio: 0R1 is expensive based on its Price-To-Earnings Ratio (18.2x) compared to the estimated Fair Price-To-Earnings Ratio (18.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 0R1 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€69.45
€79.15
+14.0%
15.3%€93.04€58.99n/a10
Nov ’25€67.40
€79.34
+17.7%
15.1%€93.02€58.98n/a10
Oct ’25€73.00
€78.66
+7.8%
16.0%€93.02€54.95n/a10
Sep ’25€72.40
€76.18
+5.2%
18.2%€93.01€54.95n/a10
Aug ’25€71.15
€76.19
+7.1%
18.2%€93.03€54.96n/a10
Jul ’25€74.65
€75.01
+0.5%
17.0%€91.16€54.97n/a10
Jun ’25€73.15
€73.04
-0.1%
17.3%€91.14€54.95n/a10
May ’25€70.90
€70.95
+0.08%
15.3%€87.85€54.99n/a10
Apr ’25€59.80
€67.12
+12.2%
18.4%€90.28€46.95n/a10
Mar ’25€58.88
€68.40
+16.2%
18.0%€90.30€49.65n/a10
Feb ’25€59.58
€70.80
+18.8%
16.3%€90.28€49.63n/a10
Jan ’25€60.24
€72.90
+21.0%
14.3%€93.89€57.68n/a10
Dec ’24€58.74
€72.64
+23.7%
14.9%€93.90€55.00n/a10
Nov ’24€67.68
€82.66
+22.1%
16.7%€101.82€54.93€67.4010
Oct ’24€70.70
€85.03
+20.3%
16.4%€101.98€50.99€73.0011
Sep ’24€80.14
€84.63
+5.6%
15.7%€100.62€50.98€72.4012
Aug ’24€77.94
€85.10
+9.2%
15.7%€101.99€50.99€71.1512
Jul ’24€81.40
€84.28
+3.5%
15.9%€102.08€51.04€74.6512
Jun ’24€79.32
€84.47
+6.5%
15.9%€102.03€51.02€73.1512
May ’24€82.24
€83.14
+1.1%
16.9%€102.65€50.99€70.9012
Apr ’24€78.44
€77.31
-1.4%
16.7%€102.79€51.06€59.8012
Mar ’24€65.24
€72.56
+11.2%
17.4%€94.01€50.36€58.8812
Feb ’24€63.10
€72.37
+14.7%
17.4%€94.12€50.42€59.5812
Jan ’24€65.74
€77.27
+17.5%
18.6%€94.01€53.72€60.2410
Dec ’23€66.34
€77.27
+16.5%
18.6%€94.01€53.72€58.7410
Nov ’23€56.90
€78.33
+37.7%
17.8%€94.06€53.75€67.6810

Analyst Forecast: Target price is less than 20% higher than the current share price.

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