Royal Unibrew Valuation

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

RBREW (DKK500.5) is trading below our estimate of [[fair value]] (DKK1139.21)

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

Valuation Score

3/6

Valuation Score 3/6

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 RBREW when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: RBREW (DKK500.5) is trading below our estimate of fair value (DKK1139.21)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for RBREW. This is calculated by dividing RBREW's market cap by their current earnings.
What is RBREW's PE Ratio?
PE Ratio	17x
Earnings	DKK 1.48b
Market Cap	DKK 25.05b

RBREW key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2x
Enterprise Value/EBITDA	11.8x
PEG Ratio	4.6x

Price to Earnings Ratio vs Peers

How does RBREW's PE Ratio compare to its peers?

The above table shows the PE ratio for RBREW vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	11.7x
CARL B Carlsberg	13.5x	12.2%	DKK 97.0b
HARB B Harboes Bryggeri	11.9x	n/a	DKK 684.1m
SCHO Aktieselskabet Schouw	13x	12.3%	DKK 12.3b
UIE UIE	8.3x	n/a	DKK 9.5b
RBREW Royal Unibrew	17x	3.7%	DKK 25.1b

Price-To-Earnings vs Peers: RBREW is expensive based on its Price-To-Earnings Ratio (17x) compared to the peer average (11.7x).

Price to Earnings Ratio vs Industry

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

0 Companies	Price / Earnings	Estimated Growth	Market Cap

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: RBREW is good value based on its Price-To-Earnings Ratio (17x) compared to the European Beverage industry average (18x).

Price to Earnings Ratio vs Fair Ratio

What is RBREW'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.

RBREW PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	17x
Fair PE Ratio	12x

Price-To-Earnings vs Fair Ratio: RBREW is expensive based on its Price-To-Earnings Ratio (17x) compared to the estimated Fair Price-To-Earnings Ratio (12x).

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 RBREW forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	DKK 500.50	DKK 598.40 +19.6%	13.3%	DKK 694.00	DKK 440.00	n/a	10
Dec ’25	DKK 531.50	DKK 598.40 +12.6%	13.3%	DKK 694.00	DKK 440.00	n/a	10
Nov ’25	DKK 523.00	DKK 591.90 +13.2%	15.1%	DKK 694.00	DKK 440.00	n/a	10
Oct ’25	DKK 549.00	DKK 586.90 +6.9%	16.0%	DKK 694.00	DKK 410.00	n/a	10
Sep ’25	DKK 560.00	DKK 568.40 +1.5%	18.2%	DKK 694.00	DKK 410.00	n/a	10
Aug ’25	DKK 532.50	DKK 568.40 +6.7%	18.2%	DKK 694.00	DKK 410.00	n/a	10
Jul ’25	DKK 556.00	DKK 559.50 +0.6%	17.0%	DKK 680.00	DKK 410.00	n/a	10
Jun ’25	DKK 563.00	DKK 545.00 -3.2%	17.3%	DKK 680.00	DKK 410.00	n/a	10
May ’25	DKK 524.00	DKK 529.00 +1.0%	15.3%	DKK 655.00	DKK 410.00	n/a	10
Apr ’25	DKK 456.70	DKK 500.30 +9.5%	18.4%	DKK 673.00	DKK 350.00	n/a	10
Mar ’25	DKK 427.00	DKK 509.80 +19.4%	18.0%	DKK 673.00	DKK 370.00	n/a	10
Feb ’25	DKK 447.60	DKK 527.80 +17.9%	16.3%	DKK 673.00	DKK 370.00	n/a	10
Jan ’25	DKK 451.10	DKK 543.50 +20.5%	14.3%	DKK 700.00	DKK 430.00	n/a	10
Dec ’24	DKK 439.70	DKK 541.50 +23.2%	14.9%	DKK 700.00	DKK 410.00	DKK 531.50	10
Nov ’24	DKK 511.40	DKK 617.00 +20.6%	16.7%	DKK 760.00	DKK 410.00	DKK 523.00	10
Oct ’24	DKK 545.80	DKK 633.64 +16.1%	16.4%	DKK 760.00	DKK 380.00	DKK 549.00	11
Sep ’24	DKK 594.40	DKK 630.83 +6.1%	15.7%	DKK 750.00	DKK 380.00	DKK 560.00	12
Aug ’24	DKK 593.60	DKK 634.17 +6.8%	15.7%	DKK 760.00	DKK 380.00	DKK 532.50	12
Jul ’24	DKK 610.00	DKK 627.50 +2.9%	15.9%	DKK 760.00	DKK 380.00	DKK 556.00	12
Jun ’24	DKK 593.40	DKK 629.17 +6.0%	15.9%	DKK 760.00	DKK 380.00	DKK 563.00	12
May ’24	DKK 594.60	DKK 619.58 +4.2%	16.9%	DKK 765.00	DKK 380.00	DKK 524.00	12
Apr ’24	DKK 598.00	DKK 575.42 -3.8%	16.7%	DKK 765.00	DKK 380.00	DKK 456.70	12
Mar ’24	DKK 504.00	DKK 540.33 +7.2%	17.4%	DKK 700.00	DKK 375.00	DKK 427.00	12
Feb ’24	DKK 489.90	DKK 538.25 +9.9%	17.4%	DKK 700.00	DKK 375.00	DKK 447.60	12
Jan ’24	DKK 495.30	DKK 575.40 +16.2%	18.6%	DKK 700.00	DKK 400.00	DKK 451.10	10
Dec ’23	DKK 490.00	DKK 575.40 +17.4%	18.6%	DKK 700.00	DKK 400.00	DKK 439.70	10

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

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/18 23:36
End of Day Share Price	2024/12/18 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Royal Unibrew A/S is covered by 24 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Michael Vitfell-Rasmussen	ABG Sundal Collier
Mandeep Sangha	Barclays
Javier Gonzalez-Lastra	Berenberg