Royal Unibrew (Buy, TP: DKK600.00) - Soft volumes and cost outlook
Royal Unibrew reported a soft Q3 across the board, with organic volumes and revenue below our forecasts and consensus. Weather and the weaker consumer were the main reasons for the miss in the key Northern European market, while in Western Europe it was tough comparables and capacity constraints in International markets. 2024 comments were more bearish, presenting downside to us and consensus. We reiterate our BUY, but have cut our target price to DKK600 (650).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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