Royal Unibrew Valuation

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

RBREWC (DKK573.5) is trading below our estimate of [[fair value]] (DKK996.57)

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

Below Fair Value: RBREWC (DKK573.5) is trading below our estimate of fair value (DKK996.57)

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

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for RBREWC. This is calculated by dividing RBREWC's market cap by their current preferred multiple.
What is RBREWC's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	DKK 27.63b

RBREWC 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	2.5x
Enterprise Value/EBITDA	15.3x
PEG Ratio	2.1x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for RBREWC 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	34x
BVIC Britvic	22.5x	12.5%	UK£2.9b
FEVR Fevertree Drinks	82.2x	35.1%	UK£1.3b
CCH Coca-Cola HBC	18.2x	10.3%	UK£9.8b
TATE Tate & Lyle	13.2x	12.2%	UK£2.4b
RBREWC Royal Unibrew	25.2x	12.0%	DKK 27.6b

Price-To-Earnings vs Peers: RBREWC is good value based on its Price-To-Earnings Ratio (25.2x) compared to the peer average (34x).

Price to Earnings Ratio vs Industry

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

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	7.7%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	7.7%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: RBREWC is expensive based on its Price-To-Earnings Ratio (25.2x) compared to the European Beverage industry average (18.2x).

Price to Earnings Ratio vs Fair Ratio

What is RBREWC'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.

RBREWC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	25.2x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate RBREWC's Price-To-Earnings Fair Ratio for valuation analysis.

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 RBREWC 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	n/a	DKK 559.50 0%	17.0%	DKK 680.00	DKK 410.00	n/a	10
Jun ’25	DKK 560.75	DKK 545.00 -2.8%	17.3%	DKK 680.00	DKK 410.00	n/a	10
May ’25	n/a	DKK 529.00 0%	15.3%	DKK 655.00	DKK 410.00	n/a	10
Apr ’25	n/a	DKK 500.30 0%	18.4%	DKK 673.00	DKK 350.00	n/a	10
Mar ’25	n/a	DKK 509.80 0%	18.0%	DKK 673.00	DKK 370.00	n/a	10
Feb ’25	n/a	DKK 527.80 0%	16.3%	DKK 673.00	DKK 370.00	n/a	10
Jan ’25	DKK 454.15	DKK 543.50 +19.7%	14.3%	DKK 700.00	DKK 430.00	n/a	10
Dec ’24	DKK 442.35	DKK 541.50 +22.4%	14.9%	DKK 700.00	DKK 410.00	n/a	10
Nov ’24	n/a	DKK 617.00 0%	16.7%	DKK 760.00	DKK 410.00	n/a	10
Oct ’24	n/a	DKK 633.64 0%	16.4%	DKK 760.00	DKK 380.00	n/a	11
Sep ’24	DKK 602.50	DKK 630.83 +4.7%	15.7%	DKK 750.00	DKK 380.00	n/a	12
Aug ’24	DKK 592.40	DKK 634.17 +7.1%	15.7%	DKK 760.00	DKK 380.00	n/a	12
Jul ’24	DKK 608.80	DKK 627.50 +3.1%	15.9%	DKK 760.00	DKK 380.00	n/a	12
Jun ’24	DKK 591.60	DKK 629.17 +6.4%	15.9%	DKK 760.00	DKK 380.00	DKK 560.75	12
May ’24	DKK 646.00	DKK 619.58 -4.1%	16.9%	DKK 765.00	DKK 380.00	n/a	12
Apr ’24	DKK 572.80	DKK 575.42 +0.5%	16.7%	DKK 765.00	DKK 380.00	n/a	12
Mar ’24	DKK 491.60	DKK 540.33 +9.9%	17.4%	DKK 700.00	DKK 375.00	n/a	12
Feb ’24	DKK 469.40	DKK 538.25 +14.7%	17.4%	DKK 700.00	DKK 375.00	n/a	12
Jan ’24	DKK 498.70	DKK 575.40 +15.4%	18.6%	DKK 700.00	DKK 400.00	DKK 454.15	10
Dec ’23	DKK 490.00	DKK 575.40 +17.4%	18.6%	DKK 700.00	DKK 400.00	DKK 442.35	10
Nov ’23	DKK 433.50	DKK 582.90 +34.5%	17.8%	DKK 700.00	DKK 400.00	n/a	10
Oct ’23	DKK 493.60	DKK 726.27 +47.1%	11.9%	DKK 900.00	DKK 600.00	n/a	11
Sep ’23	n/a	DKK 742.18 0%	10.4%	DKK 900.00	DKK 650.00	DKK 602.50	11
Aug ’23	DKK 645.80	DKK 793.18 +22.8%	12.8%	DKK 1,000.00	DKK 665.00	DKK 592.40	11
Jul ’23	DKK 625.90	DKK 794.55 +26.9%	12.5%	DKK 1,000.00	DKK 680.00	DKK 608.80	11
Jun ’23	DKK 617.20	DKK 794.55 +28.7%	12.5%	DKK 1,000.00	DKK 680.00	DKK 591.60	11

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