Rankings Food, drinks & restaurants Royal Unibrew
Royal Unibrew
75
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Loss of PepsiCo licence−9
- Margin−3
- ROIC and capital allocation−3
Strengths
- Earnings growth and market share+2
- Cash flow+1
How the score is built
From 100 to 75, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 451.60 DKK
- Median analyst target
- 490.00 DKK
- Upside to median
- +8.5%
- Analysts
- 15
- Target range
- 420.00 – 570.00 DKK
- 52-week change
- −8%
- P/E (trailing)
- 13.8
- Forward P/E
- 12.6
- PEG
- 1.24
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−9 of −30
- −3MarginEBIT margin 14.3% (TTM) and gross margin 43.5% vs 19.1% and 48.7% in 2021; the margin has been 12.5–14% since 2022 and has not returned to the old level.
- −3ROIC and capital allocationROIC 13.8% vs 21.2% in 2021; ten acquisitions (including Vrumona for DKK 2.4bn in 2023) have made the company bigger, but the return on capital has fallen, and net debt has risen from DKK 3.5bn to 6.6bn.
- −3Quality of growthOrganic growth of −0.3% in Q2 (expected +0.6%) and EBIT of DKK 753m below consensus of 774m; analysts expect only 0.8% revenue growth in 2026. Growth since 2021 has mainly been bought.
Price
Today's multiples against the company's own history and its peers. · 1 finding−2 of −35
- −2Multiples vs own historyForward P/E 11.5 vs 16.8–25.2 in 2021–2025 and EV/EBITDA 8.8 vs 11.8–18.9. The discount is partly justified, though: adjusted for the loss of about 13% of revenue from 2029, the real forward P/E is closer to 13, still below history.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−12 of −35
- −9Loss of PepsiCo licencePepsiCo is moving production, sales and distribution in Denmark, Finland and the Baltics to Carlsberg from 2029; the business is about 13% of revenue, and the separation costs about DKK 300m. The stock fell 26% on the day – its biggest drop ever.
- −2Debt and acquisition riskNet debt DKK 6.6bn (2.2x EBITDA), current ratio 0.66 and Altman Z 2.57, while dividends and buybacks exceed FCF; at the same time a new strategic acquisition is being lined up to replace the Pepsi earnings.
- −1
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Earnings growth and market shareH1 2026: revenue +4%, EBIT +7%, EPS +10.7% and EBIT margin +0.8 pp with market share gains; the outlook of 6–10% organic EBIT growth (DKK 2,325–2,425m) is maintained.
- +1Cash flowFCF DKK 1,617m (TTM), up from 660m in 2022; FCF margin 10.2% and FCF above net profit.
Caveats
What the score does not capture, or where the data is weak.
The low multiple reflects the loss of the PepsiCo licence in the Nordics/Baltics from 2029 (about 13% of revenue); history from before April 2026 is therefore not directly comparable. Dividends plus buybacks (DKK 777m + 903m TTM) exceeded FCF of DKK 1,617m, so no plus is given for buybacks. Peers (Carlsberg, Heineken) have not been fetched in T2.
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