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 (DKK516.5) is trading below our estimate of [[fair value]] (DKK1016.39)

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

Below Fair Value: RBREW (DKK516.5) is trading below our estimate of fair value (DKK1016.39)

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	17.5x
Earnings	DKK 1.48b
Market Cap	DKK 25.85b

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	2.1x
Enterprise Value/EBITDA	12.1x
PEG Ratio	4.7x

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	12.7x
CARL B Carlsberg	14.1x	12.2%	DKK 101.3b
HARB B Harboes Bryggeri	11.4x	n/a	DKK 652.4m
SCHO Aktieselskabet Schouw	13.5x	12.3%	DKK 12.8b
UIE UIE	11.8x	n/a	DKK 9.2b
RBREW Royal Unibrew	17.5x	3.7%	DKK 25.9b

Price-To-Earnings vs Peers: RBREW is expensive based on its Price-To-Earnings Ratio (17.5x) compared to the peer average (12.7x).

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 expensive based on its Price-To-Earnings Ratio (17.5x) compared to the European Beverage industry average (17.4x).

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	17.5x
Fair PE Ratio	12x

Price-To-Earnings vs Fair Ratio: RBREW is expensive based on its Price-To-Earnings Ratio (17.5x) 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 516.50	DKK 590.40 +14.3%	15.3%	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	n/a	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
Nov ’23	DKK 424.30	DKK 582.90 +37.4%	17.8%	DKK 700.00	DKK 400.00	DKK 511.40	10

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