End of coverage

From 7th January 2025 we will no longer include in our coverage:Rémy Cointreau

Navigating dynamic markets RBREW style

Royal Unibrew (Buy, TP: DKK675.00) - Strong Q3, as expected

Royal Unibrew reported largely in line with our forecasts when adjusted for a positive one-off, with c27% organic EBIT growth, driven by a solid performance across all regions. As expected, based on YTD performance and tough comparables in Q4, the company narrowed its 2024 organic EBIT growth guidance from 14–19% to 15–19% YOY (consensus c17%). We reiterate our BUY and DKK675 target price.

Upgrade as expected

Olvi plc - Company Profile and SWOT Analysis

Summary Olvi plc - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Olvi plc (Olvi) manufactures, distributes, and markets alcoholic and non-alcoholic beverages. The company’s product portfolio includes beers, ciders, whiskey, wine, gin, long drinks, energy drinks, soft drinks...

Q3: Potential for raised EBIT growth guidance

Rémy Cointreau: we lower our FY24/25 EBIT as China confirms higher tar...

Following yesterday's decision by the Chinese government to impose higher tariffs on cognac in China and ahead of an expected poor Q2 sales release, we cut our FY 2024/25 earnings by almost 10%. FY sales are likely to fall 7% with a 10% EBIT decline. We remain at Neutral on the stock with a new EUR

Royal Unibrew A S: 1 director

A director at Royal Unibrew A S bought 620 shares at 582.500DKK and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...

New buyers coming in?

Royal Unibrew (Buy, TP: DKK675.00) - Slight miss on weather

Overall, the Q2 results fell slightly shy of consensus, but this was mainly driven by poor weather, which we believe is unlikely to come as much of a surprise to investors given recent competitor reports. Adjusted for the weather, momentum still seems strong, with the company narrowing its 2024 organic EBIT growth guidance from 9–19% to 14–19% YOY (consensus 17.5%). We reiterate our BUY and DKK675 target price.

Q2 misses. Updated guidance in-line

Q2: We are slighly below consensus

Harboes Bryggeri AS - Company Profile and SWOT Analysis

Summary Harboes Bryggeri AS - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Harboes Bryggeri AS (Harboes) is a producer, marketer and seller of alcoholic and non-alcoholic beverages. The company's product portfolio includes beer, non-alcoholic malt beverages, energy drinks,...

Royal Unibrew (Buy, TP: DKK675.00) - Organic EBIT growth to accelerate

We expect Royal Unibrew to achieve another quarter with solid top-line growth only slightly below Q1, but organic EBIT growth to accelerate. We believe there is a good chance the company could narrow its 2024 guidance to the high end and continue the positive earnings revision trend. We reiterate our BUY and have increased our target price to DKK675 (625).

On the shelves now: Consumer weekly #32

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we take a fresher look at the (still ongoing) Red Sea freight crisis. Happy reading!

Rémy Cointreau: still low visibility on US final demand

Following Rémy Cointreau's FY23/24 results release yesterday, we remain cautious on the stock due to ongoing uncertainty on the timing of a rebound in the US where end-demand for cognac remains weak. Rémy Martin is also facing an aggressive promotional environment with competitors, and depletions a