Financials Royal Unibrew CINNOBER BOAT

Equities

0R6Z

DK0060634707

Brewers

Real-time Estimate Cboe Europe Other stock markets 16:00:00 01/07/2024 BST			5-day change	1st Jan Change
556 ^DKK	0.00%		0.00%	0.00%

05-13	Transcript : Royal Unibrew A/S - Analyst/Investor Day
05-01	Royal Unibrew A/S Approves Extraordinary Dividend	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	30,022	34,414	35,326	24,578	22,579	27,629	-	-
Enterprise Value (EV) ¹	32,727	36,607	38,862	29,038	29,005	33,678	33,493	33,387
P/E ratio	26.5 x	29.3 x	27.8 x	21.4 x	20.6 x	20.9 x	18.6 x	16.9 x
Yield	2%	1.91%	1.97%	2.93%	-	3.23%	2.87%	3.12%
Capitalization / Revenue	3.9 x	4.55 x	4.04 x	2.14 x	1.75 x	1.81 x	1.73 x	1.68 x
EV / Revenue	4.25 x	4.84 x	4.44 x	2.53 x	2.24 x	2.21 x	2.1 x	2.03 x
EV / EBITDA	18 x	19.7 x	19.2 x	14.5 x	13.1 x	12.6 x	11.6 x	10.9 x
EV / FCF	28.2 x	25.1 x	29.3 x	44 x	24.7 x	28.1 x	23 x	20.7 x
FCF Yield	3.54%	3.98%	3.41%	2.27%	4.05%	3.55%	4.35%	4.84%
Price to Book	9.87 x	10.6 x	10.8 x	4.82 x	3.94 x	4.19 x	3.89 x	3.62 x
Nbr of stocks (in thousands)	49,216	48,704	47,919	49,623	50,053	50,053	-	-
Reference price ²	610.0	706.6	737.2	495.3	451.1	552.0	552.0	552.0
Announcement Date	10/03/20	03/03/21	01/03/22	01/03/23	28/02/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,692	7,557	8,746	11,487	12,927	15,249	15,947	16,472
EBITDA ¹	1,814	1,861	2,020	1,997	2,208	2,674	2,878	3,059
EBIT ¹	1,469	1,515	1,652	1,516	1,638	1,998	2,170	2,326
Operating Margin	19.1%	20.05%	18.89%	13.2%	12.67%	13.1%	13.61%	14.12%
Earnings before Tax (EBT) ¹	1,458	1,505	1,647	1,785	1,406	1,660	1,872	2,049
Net income ¹	1,140	1,198	1,298	1,492	1,095	1,317	1,483	1,620
Net margin	14.82%	15.85%	14.84%	12.99%	8.47%	8.64%	9.3%	9.83%
EPS ²	23.00	24.10	26.50	23.10	21.90	26.38	29.71	32.70
Free Cash Flow ¹	1,159	1,458	1,327	660	1,175	1,197	1,458	1,615
FCF margin	15.06%	19.29%	15.17%	5.75%	9.09%	7.85%	9.14%	9.8%
FCF Conversion (EBITDA)	63.87%	78.34%	65.69%	33.05%	53.22%	44.76%	50.67%	52.78%
FCF Conversion (Net income)	101.63%	121.7%	102.23%	44.24%	107.31%	90.84%	98.33%	99.69%
Dividend per Share ²	12.20	13.50	14.50	14.50	-	17.86	15.82	17.22
Announcement Date	10/03/20	03/03/21	01/03/22	01/03/23	28/02/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1
Net sales ¹	3,901	3,566	3,991	3,905	2,407	4,841	2,162	3,211	3,296	2,818	2,552	3,595	6,147	3,336	3,444	-	3,199	4,335	7,592	4,116	3,655	7,889	3,447
EBITDA ¹	-	-	-	-	397	-	317	623	612	445	302	674	-	651	581	-	376	827.3	-	740.7	574.5	-	222.6
EBIT ¹	759	663	852	750	306	902	209	511	490	307	174	536	710	507	421	928	210	702.9	875.2	621.3	456.5	1,052	222.6
Operating Margin	19.46%	18.59%	21.35%	19.21%	12.71%	18.63%	9.67%	15.91%	14.87%	10.89%	6.82%	14.91%	11.55%	15.2%	12.22%	-	6.56%	16.22%	11.53%	15.09%	12.49%	13.33%	6.46%
Earnings before Tax (EBT) ¹	758	648	857	749	298	898	195	851	474	265	123	480	603	461	342	-	126	588.5	705	516	381.3	892	132.3
Net income ¹	599	505	693	594	230	704	155	772	381	184	98	388	486	363	246	609	100	487	557	447.4	275.3	704	102.5
Net margin	15.36%	14.16%	17.36%	15.21%	9.56%	14.54%	7.17%	24.04%	11.56%	6.53%	3.84%	10.79%	7.91%	10.88%	7.14%	-	3.13%	11.23%	7.34%	10.87%	7.53%	8.92%	2.97%
EPS ²	12.10	10.10	14.00	12.30	4.440	14.20	3.200	15.60	7.700	-	2.000	7.800	9.800	7.300	4.800	12.10	2.000	9.740	11.20	8.950	5.519	14.20	2.042
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/03/20	18/08/20	03/03/21	23/08/21	01/03/22	01/03/22	28/04/22	17/08/22	18/10/22	01/03/23	27/04/23	22/08/23	22/08/23	08/11/23	28/02/24	28/02/24	18/04/24	-	-	-	-	-	-

¹DKK in Million²DKK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,705	2,193	3,536	4,460	6,426	6,049	5,864	5,758
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.491 x	1.178 x	1.75 x	2.233 x	2.91 x	2.262 x	2.038 x	1.882 x
Free Cash Flow ¹	1,159	1,458	1,327	660	1,175	1,197	1,458	1,615
ROE (net income / shareholders' equity)	38%	37%	40%	35%	20%	21.4%	21.8%	22.7%
ROA (Net income/ Total Assets)	13.8%	14.3%	13.5%	11.8%	6.79%	7.07%	7.36%	7.73%
Assets ¹	8,263	8,399	9,610	12,694	16,126	18,644	20,162	20,951
Book Value Per Share ²	61.80	67.00	68.20	103.0	115.0	132.0	142.0	152.0
Cash Flow per Share ²	28.20	35.40	35.90	22.60	35.70	41.20	43.70	46.40
Capex ¹	344	280	426	475	602	959	891	906
Capex / Sales	4.47%	3.71%	4.87%	4.14%	4.66%	6.29%	5.59%	5.5%
Announcement Date	10/03/20	03/03/21	01/03/22	01/03/23	28/02/24	-	-	-

¹DKK in Million²DKK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Royal Unibrew

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

552 DKK

Average target price

559.5 DKK

Spread / Average Target

+1.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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