En strategisk regnskabsanalyse og værdiansættelse af Royal Unibrew A/S

Jens Sandholt Nielsen

Student thesis: Master thesis


The purpose of this master thesis is to estimate the value of the equity and stock price of the Danish company Royal Unibrew Royal Unibrew is the second largest brewery in Denmark with a yearly turnover of 4.2 billion DKR. The company primarily sells their products in Western and Eastern Europe as well as on the Caribbean market. After some years with high growth, business has lately slowed down and the company faces some significant challenges both strategic and financial. The evaluation of the companies equity will be based on information from a strategic as well as financial analysis of the company. Based on these information, the main conclusion from the strategic analysis is that competition in the brewery business has increased recently, mostly because growth has slowed down in the business. Royal Unibrew has in the last few years had some problems keeping production cost down however recently changes strategically and in the organization are expected to improve the situation in the near future. The financial analysis will be based on historical information from the income statement and the balance sheet over the past five years. The analysis shows that the rations of the company have been falling throughout the years. In particular, the last accounting period has been very bad for the company. The information from the strategic and financial analysis will be used to form the future budget, which is an import part in the evaluation. Using the EVA and DCF model as an evaluation tool Royal Unibrew´s stock can be estimated to a share price of 176. It’s a bit more than the price at the stock marked. A share of the companies equity, could be acquired the 7 august 2009 for a price of 126 DDK. The estimated value is subject to a stress test of the underlying value drivers, which clearly shows that the estimated value is very sensitive to changes in WACC, EBITDA and growth rate in the terminal period.

EducationsMSc in Finance and Accounting, (Graduate Programme) Final Thesis
Publication date2009
Number of pages113