Strong finish to Q1 prompts increased outlook

EBIT estimates raised by 3-5%. Strong performance in Western Europe and International. TP raised to DKK 520 (485), up to BUY (Hold).

Roadshow Impressions. An Italian margin scenario

Model update following Annual Report

Negative EPS revisions of -1% for 2024e-25e. Valuation premium lowered to 10%. HOLD, TP DKK 485 (505).

New EBIT growth tgt. will cause mixed feelings

2024-25e EBIT estimates lowered by 4-11%. New EBIT growth target of 6-8%. HOLD, TP DKK 505.

We see a good Q4 but FY'24 guidance in focus

Ahead of Royal Unibrew's Q4'23 report, we increase our '24e-'25e revenue forecasts by 2-4% to reflect higher organic growth in Italy as well as a slightly higher impact from acquisitions in Western Europe.

Swedish sector top picks post Q3 reports

Mid- and large cap durables missed expectations. Minor revisions to '24e earnings as visibility remains low. Opportunities within E-com and price/value players.

More clarity on moving parts needed

Earnings estimates lowered by 1-4%. We are 3-7% below pre-Q3'23 consensus. HOLD, TP lowered to DKK 600 (616).

Weak Q3. Talks down 2024e consensus

Estimate changes following change of analyst

Revenues raised by up to 10%, EBIT revisions of -1%-14%. Broadly in line with consensus ahead of Q3'23. HOLD, TP down to DKK 616 (650).

Sector top picks post Q2 reports

Mid- and large caps beat expectations and got paid for it. Small estimate revisions as visibility remains low. Valuations in the sector offer opportunities.

FY'23 guidance reiterated

Q1 sales 2% below company-collected cons. We make no FY'23 estimate changes and reiterate our DKK 650 target price and HOLD recommendation.

Price increases positive, but share has soared

The main focus is expected to be on price increases, and we expect positive indications on these. We lower our recommendation to HOLD (Buy) following a strong share price increase.

FY'23 guidance supports solid LT case

Solid Q4'22 sales, while profitability lagged behind cons. FY'23 guidance not expected to move cons. materially. Case remains intact, but with limited triggers over next 6m.

Focus will be on price increase implementation

Q4'22 numbers not likely to be a trigger. TP down to DKK 650 (730) on estimate changes.