Royal Unibrew A/S
Royal Unibrew A/S engages in the production of beverages in Denmark, Germany, Norway, Sweden, Italy, the Netherlands, France, Finland, Lithuania, Latvia, Estonia, Belgium, Luxembourg, and internationally. It offers soft drinks under the Faxe Kondi, Jaffa, Lemon Soda, Lorina, Royal Club, Fonti di Cr…
Royal Unibrew A/S engages in the production of beverages in Denmark, Germany, Norway, Sweden, Italy, the Netherlands, France, Finland, Lithuania, Latvia, Estonia, Belgium, Luxembourg, and internationally. It offers soft drinks under the Faxe Kondi, Jaffa, Lemon Soda, Lorina, Royal Club, Fonti di Crodo, Adelhardt, Frem, Rebæl, Crystal Clear, Sisi, Sourcy Vitamin Water, Borg, Hansa, CB, and Pommac brands, as well as other partner brands. The company also provides energy drinks under the Faxe Kondi Booster, CULT, Crazy Tiger, Lemon Soda Energy, Jaffa Booster, and ED energy brands; water under the Novelle, Egekilde, Sourcy, Vichy Original, Olden, Mangali, and other partner brands; and malt beverages under the Vitamalt, Supermalt, and Powermalt brands. In addition, it offers beers under the Ceres Italy, Faxe, Royal, Hansa, Anarkist, Lapin Kulta, Amsterdam, Bauskas, Albani, Too Old To Die Young, Slots, Fuglsang, Thor, Nørrebro Bryghus, Schiøtz, Ceres Denmark, Borg, Kalnapilis, Helsinki Bryggeri, Tanker, Vilkmergés, Aura, Nøgne Ø, CB, Madonas Alus, Lielvardes, Frederikstad, Karjala, Lahden Erikois, Maltti, Lacplesis and other partner brands. Further, the company provides ready-to-drink products, cocktails, and ciders under the Original Long Drink, Grevens, Shaker, Tempt Cider, GiG Drinks, Mokai, Nohrlund, Happy Joe, Hartwall Seltzer, Hartwall Cocktails, Hansa Hard Seltzer, Urban Cocktails, Royale Cocktail Co., Lielvardes Sidrs, Vilkmerges Sidras, Strongbow, and other partner brands. Additionally, it offers juice under the Cido, Adelhardt, Looza, Pagoi, and Ranja brands; enhanced beverages under the Faxe Kondi Pro, Hartwall Sport, Cido Hydrate+, Sourcy Vitamin water, and Gatorda; and tea and coffee under partner brands. 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 founded in 1901 and is headquartered in Faxe, Denmark.Priced within the modelled range
Other models: DKK 350.44–568.60 (median 496.94). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price within modeled range
Free-cash-flow DCF using TTM through 30 Jun 2026 reported free cash flow, with cash, debt, and shares from the latest report. Base assumptions are 6.04% growth, 2.4% terminal growth, and 9.2% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 6.04%, discount rate 9.20%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 6.0% (sector default 5.3%, own revenue history 11.0%, analyst revenue consensus 3.9%).
5-year outlook: relative outlook of about 10.0% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 3.9% a year; the growth assumption used is 6.0%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — DKK 431.93 (-4.0%)
-
EPS-based Gordon proxy
— DKK 496.94 (+10.5%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
-
DCF (trailing free cash flow)
— DKK 431.93 (-4.0%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
-
FCFF (steady state)
— DKK 350.44 (-22.1%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
-
EV/EBITDA (12x)
— DKK 568.60 (+26.4%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
-
Fade DCF (10-year growth fade)
— DKK 429.17 (-4.6%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
-
EV/Sales (Rule of 40)
— DKK 1429.30 (+217.8%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear DKK 279.63 | -60.9% |
| Base DKK 431.93 | -4.1% |
| Bull DKK 715.06 | 37.1% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At DKK 449.80 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.4%, discount 9.2%).
Compare: the market implies 6.8% a year, this model assumes 6.0%. The market expects more than this model does, which is why it reads as overvalued.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 7.2% | 8.2% | 9.2% | 10.2% | 11.2% |
|---|---|---|---|---|---|
| 2.0% | 541.88 | 425.27 | 342.94 | 281.73 | 234.42 |
| 4.0% | 604.83 | 476.44 | 385.83 | 318.48 | 266.45 |
| 6.0% | 672.58 | 531.48 | 431.93 | 357.96 | 300.83 |
| 8.0% | 745.40 | 590.60 | 481.42 | 400.31 | 337.69 |
| 10.0% | 823.59 | 654.04 | 534.49 | 445.69 | 377.18 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 80 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +8.3% a year | 20 / 20 |
| Balance sheet | net debt 2.3x EBITDA | 10 / 20 |
| Margins | EBITDA margin 18% | 10 / 20 |
Peers in Consumer Staples
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| RBREW.CO (this company) | DKK 449.80 | -4.1% | 13.6 | 3.5 | 3.3% | 80 |
| ORK.OL Orkla ASA | NOK 102.30 | 32.1% | 14.5 | 2.3 | 9.8% | 82 |
| KHC Kraft Heinz | USD 24.46 | 27.8% | – | 0.8 | 6.5% | 36 |
| WN.TO George Weston Limited | CAD 109.72 | 26.2% | 39.8 | 9.1 | 1.2% | 72 |
| CA.PA Carrefour SA | EUR 13.49 | 24.7% | 28.9 | 0.8 | 8.8% | 72 |
| ABF.L Associated British Foods plc | GBP 19.60 | 20.0% | 14.9 | 1.2 | 3.2% | 82 |
| ADM Archer Daniels Midland | USD 70.55 | 16.7% | 13.8 | 1.4 | 3.0% | 64 |
| AXFO.ST Axfood AB | SEK 283.20 | 8.1% | 24.9 | 8.2 | 3.1% | 70 |
| DLTR Dollar Tree | USD 135.65 | 1.9% | 16.1 | 7.6 | – | 72 |
| Peer median | 16.1 | 1.9 | ||||
Dividends
Paid in the last 12 months: DKK 16.00 per share · yield 3.56% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 16.000 |
| 2025 | 15.000 |
| 2024 | 14.500 |
| 2023 | 14.500 |
| 2022 | 14.500 |
| 2021 | 13.500 |
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 15:06
| Revenue | DKK 15,816,000,000 |
|---|---|
| EBITDA | DKK 2,864,000,000 |
| EBIT | DKK 2,093,000,000 |
| Net income | DKK 1,611,000,000 |
| Free cash flow | DKK 1,575,000,000 |
| Capital expenditures | DKK 756,000,000 |
| Debt | DKK 6,664,000,000 |
| Cash | DKK 54,000,000 |
| Working capital | DKK -2,167,000,000 |
| Shares outstanding | 48,818,181 |