Royal Unibrew (Buy, TP: DKK580.00) - Q1 has not changed much
Royal Unibrew’s Q1 results were largely in line with expectations. Following 5–6% revenue growth until end-February, revenue dropped c9% in March due to Covid-19. With mainly Italy and Denmark affected in March, the company sees a further deterioration into Q2 (in line with our forecast) while the timing of cost initiatives should help soften the blow. We have made limited estimate cuts, especially after 2020e, and thus reiterate our BUY and our DKK580 target price.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. .
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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