Fundamentalanalyse af Royal Unibrew A/S

Martin Helt Nielsen

Student thesis: Master thesis


The purpose of this paper is to assess the estimated value of Royal Unibrew A/S. To achieve this I have analyzed the internal and external factors that influence the company. Combined with an analysis of some key indicators the future development of Royal Unibrew A/S has been estimated. The budget expectations have given a result of the valuation of Royal Unibrew A/S. Royal Unibrew A/S is the second largest brewery in Denmark and their primary markets are in Western- and Eastern Europe, the Caribbean and Africa. During the last five years the Company has experienced a steadily increasing growth in sales of drinks. However the financial statements also show that there is fierce competition in the market so that profits do not follow terms of volume growth. Royal Unibrew past expansion strategies in particular Poland, have also had a large negative effect on results for 2008 in the form of large write-downs on assets. Royal Unibrew A/S have therefore through 2008 and the beginning of 2009 as part of their effort to create a successful turnaround for the business reviewed the entire value chain and as a result of that changed part of the set-up for sales and distribution. Furthermore they have made some restructurings on the Administration in Denmark and they have created a joint management team for the Baltic countries in order to gain use of the knowledge they have created in one market and use it on the other. The key to success is to reduce the cost of delivery and exploit the economies of scale. That is also Royal Unibrew A/S’ primary target for the rest of 2009 and for 2010. I have estimated the value of Royal Unibrew A/S to a stock price of DKK 176.56 per share. Compared with the stock price on 30 November 2009 of DKK 116.50 per share it has been concluded that an investment in Royal Unibrew A/S is a favorable investment due to the fact that the stock is undervalued.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2010
Number of pages146