Report
Nikolaas Faes

ROYAL UNIBREW: Another beat, another outlook raised | NEUTRAL | DKK500 vs. DKK450 (+6%)

ROYAL UNIBREW - NEUTRAL | DKK500 vs. DKK450 (+6%)
Another beat, another outlook raised

Q3 net revenue up by 25%
2018 outlook raised for the fourth time this year
Volumes in Western Europe up 28% in Q3
Volumes in Finland +25% in Q3
Baltic market volume +15% in Q3
Underlying
Royal Unibrew A/S

Royal Unibrew is a holding company based in Denmark. Co. is engaged in the production, marketing, sale and distribution of beverages. Co.'s main focus is on branded products, such as beer, malt, and soft drinks, including carbonated soft drinks, mineral water and fruit juices. Co.'s portfolio comprises both its own international brands, such as Royal, Ceres, Faxe, and national brands, such as Lomza in Poland, Lacplesa Alus in Latvia. Co. also offers license-based brands, such Heineken and the Pepsi Group's products, which are distributed in Denmark on the basis of license agreements. Co. is primarily active in Western and Eastern Europe and in the international malt drinks markets. .

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Nikolaas Faes

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