Royal Unibrew A/S (RBREW.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+192.3%

DKK 1,316.73

vs DKK 450.40 price

Levered DCF

DKK 1,021.76

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.37

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.2×	17.23×	20.45×	16.23×	27.44×	29.33×	26.5×	22.1×
P/B	4.23×	3.97×	3.9×	4.69×	10.7×	10.49×	9.77×	7.94×
P/S	1.81×	1.69×	1.73×	2.11×	4.07×	4.59×	3.93×	3.15×
EV / EBITDA	11.75×	10.98×	13.02×	12.2×	19.33×	19.86×	18.19×	14.98×
Gross margin	40.9%	42.5%	41.7%	42.4%	48.7%	52.2%	53.0%	52.4%
Operating margin	14.0%	13.1%	12.4%	13.1%	19.3%	20.4%	19.5%	18.6%
Net margin	9.9%	9.7%	8.5%	13.0%	14.9%	15.7%	14.8%	14.3%
Current ratio	0.71×	0.64×	0.67×	0.66×	0.56×	0.58×	0.52×	0.64×
Debt / equity	0.91×	0.9×	1.13×	0.91×	1.09×	0.69×	0.9×	0.92×
Interest coverage	8.53×	6.31×	6.64×	25.12×	48.31×	41.73×	41.96×	44.8×
Dividend yield	2.6%	2.9%	3.2%	2.9%	1.8%	1.7%	1.8%	2.0%
Payout ratio	48.0%	49.6%	65.8%	46.4%	50.3%	50.7%	47.1%	43.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.2%	22.8%	19.1%	28.9%	39.0%	35.8%	36.9%	35.9%
Return on invested capital	12.7%	11.5%	9.3%	11.6%	17.2%	19.8%	17.9%	18.2%
Return on assets	8.5%	8.2%	6.2%	10.3%	11.9%	14.2%	13.4%	12.9%
Free cash flow yield	5.4%	5.4%	5.2%	2.6%	3.7%	4.2%	3.5%	3.8%
Earnings yield	5.5%	5.7%	4.9%	6.2%	3.6%	3.4%	3.8%	4.5%
Enterprise value	DKK 34.4B	DKK 31.2B	DKK 28.8B	DKK 28.7B	DKK 39.2B	DKK 36.9B	DKK 33B	DKK 25.5B
Net debt / EBITDA	2.06×	2.01×	2.9×	1.9×	1.74×	1.18×	1.49×	1.48×
Cash conversion cycle (days)	-2	-3	4	8	-27	-23	-21	-23