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1. Company Snapshot

1.a. Company Description

Royal Unibrew A/S produces, markets, sells, and distributes beer, malt beverages, soft drinks, ciders, and ready-to-drink products.The company also provides carbonated soft drinks, water, wines, spirits, juices, energy drinks, and cocktail products.It offers its products under the Royal Beers, Lapin Kulta, Cido, Craft, Faxe Kondi, Ceres, Faxe, Original Long Drink, Lacplesis, Vitamalt, Mangali, Novelle, Nikoline, Kalnapilis, Egekidle, Supermalt, Polar Monkeys, Lorina, SHAKER, MOKAI, LemonSoda, Nohrlund, Power Malt, Fonti di Crodo, and CULT brands, as well as international brands, such as Heineken and PepsiCo. It serves customers in Denmark, Germany, Norway, Sweden, Italy, France, Finland, Lithuania, Latvia, Estonia, and internationally.


The company was formerly known as Bryggerigruppen A/S and changed its name to Royal Unibrew A/S in 2005.Royal Unibrew A/S was incorporated in 1989 and is headquartered in Faxe, Denmark.

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1.b. Last Insights on RBREW

Royal Unibrew A/S's recent performance was driven by strong financial results, with robust revenue and EBIT growth in Q4 2024. The company's multi-beverage platform and commercial momentum in niche markets contributed to its success. Additionally, the relaunch of the share buyback program, worth up to DKK 250m, is a positive development, as it will reduce the number of outstanding shares and increase value for shareholders. The company's ambitious sustainability goals also bode well for its future prospects.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Share buy-back program

Dec -01

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Share buy-back program

Nov -24

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Share buy-back program

Nov -17

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Q3 2025 trading statement

Nov -12

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Share buy-back program

Nov -10

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Share buy-back program

Nov -03

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Share buy-back program

Oct -27

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Share buy-back program

Oct -20

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.99%)

6. Segments

Non-alcoholic Beverages

Expected Growth: 5.5%

Royal Unibrew A/S's 5.5% growth in non-alcoholic beverages is driven by increasing health consciousness, rising demand for low-calorie and sugar-free products, and expanding distribution channels in Eastern Europe and Latin America. Additionally, the company's focus on innovation, premiumization, and strategic partnerships has contributed to its growth momentum.

Alcoholic Beverages

Expected Growth: 6.5%

Royal Unibrew A/S's 6.5% growth in Alcoholic Beverages is driven by increasing demand for craft beer, premiumization, and expansion into new markets. Additionally, the company's focus on sustainability, innovative products, and strategic partnerships contribute to its growth momentum.

7. Detailed Products

Beer

Royal Unibrew A/S produces a wide range of beer brands, including Royal Beer, Faxe, and Ceres, catering to different tastes and preferences.

Soft Drinks

The company offers a variety of soft drinks, including sodas, juices, and water, under brands like Faxe Kondi and Faxe Soda.

Cider

Royal Unibrew A/S produces cider under the Faxe brand, offering a range of flavors and styles.

Water

The company offers bottled water under the Faxe brand, providing a healthy and refreshing beverage option.

Wine and Spirits

Royal Unibrew A/S distributes and sells wine and spirits from various international brands, catering to different tastes and preferences.

8. Royal Unibrew A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

Royal Unibrew A/S faces moderate threat from substitutes, as consumers have limited alternatives to beer and soft drinks. However, the increasing popularity of low-alcohol and non-alcoholic beverages poses a moderate threat to the company's sales.

Bargaining Power Of Customers

Royal Unibrew A/S has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's strong brand portfolio and wide distribution network limit the ability of customers to negotiate prices.

Bargaining Power Of Suppliers

Royal Unibrew A/S relies on a few large suppliers for raw materials, which gives them some bargaining power. However, the company's long-term contracts and diversified supplier base mitigate this risk.

Threat Of New Entrants

The beer and soft drinks industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This limits the threat of new entrants and allows Royal Unibrew A/S to maintain its market position.

Intensity Of Rivalry

The beer and soft drinks industry is highly competitive, with many established players competing for market share. Royal Unibrew A/S faces intense rivalry from global players, which puts pressure on prices and margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 51.29%
Debt Cost 4.81%
Equity Weight 48.71%
Equity Cost 6.36%
WACC 5.56%
Leverage 105.31%

11. Quality Control: Royal Unibrew A/S passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Value: 4.2

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A-Score: 5.6/10

Value: 4.1

Growth: 6.6

Quality: 5.8

Yield: 6.2

Momentum: 2.5

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A-Score: 3.8/10

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Growth: 7.7

Quality: 6.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

556.5$

Current Price

556.5$

Potential

-0.00%

Expected Cash-Flows