Royal Unibrew A/S (RBREW) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Royal Unibrew A/S stock DKK 666, price DKK 454, upside +46.6%, quality 64 out of 100. Rating: undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range kr 358.91 – kr 728.50 · fair‑value band kr 376.26 – kr 863.99 · the kr 454.00 price screens below the kr 665.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Royal Unibrew A/S provides beverages in Denmark, Germany, Norway, Sweden, Italy, the Netherlands, France, Finland, Lithuania, Latvia, Estonia, Belgium, Luxembourg, and internationally.
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It offers soft drinks under the Faxe Kondi, Jaffa, Lemon Soda, Lorina, Royal Club, Fonti di Crodo, Adelhardt, Frem, Rebæl, Crystal Clear, Sisi, Sourcy Vitamin Water, Borg, Hansa, CB, and Pommac brands, as well as other partner brands.
The company also provides energy drinks under the Faxe Kondi Booster, CULT, Crazy Tiger, Lemon Soda Energy, Jaffa Booster, and ED energy brands; water under the Novelle, Egekilde, Sourcy, Vichy Original, Olden, Mangali, and other partner brands; and malt beverages under the Vitamalt, Supermalt, and Powermalt brands.
In addition, it offers beers under the Ceres Italy, Faxe, Royal, Hansa, Anarkist, Lapin Kulta, Amsterdam, Bauskas, Albani, Too Old To Die Young, Slots, Fuglsang, Thor, Nørrebro Bryghus, Schiøtz, Ceres Denmark, Borg, Kalnapilis, Helsinki Bryggeri, Tanker, Vilkmergés, Aura, Nøgne Ø, CB, Madonas Alus, Lielvardes, Frederikstad, Karjala, Lahden Erikois, Maltti, Lacplesis and other partner brands.
Further, the company provides ready-to-drink products, cocktails, and ciders under the Original Long Drink, Grevens, Shaker, Tempt Cider, GiG Drinks, Mokai, Nohrlund, Happy Joe, Hartwall Seltzer, Hartwall Cocktails, Hansa Hard Seltzer, Urban Cocktails, Royale Cocktail Co., Lielvardes Sidrs, Vilkmerges Sidras, Strongbow, and other partner brands.
Additionally, it offers juice under the Cido, Adelhardt, Looza, Pagoi, and Ranja brands; enhanced beverages under the Faxe Kondi Pro, Hartwall Sport, Cido Hydrate+, Sourcy Vitamin water, and Gatorda; and tea and coffee under partner brands.
The company was formerly known as Bryggerigruppen A/S and changed its name to Royal Unibrew A/S in 2005. Royal Unibrew A/S was founded in 1901 and is headquartered in Faxe, Denmark.
Stock analysis
Royal Unibrew A/S (RBREW) currently trades at kr 454.00, while our model-based Fair Value estimate is kr 665.56, implying the stock looks roughly 32% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 714.95 per share, and 17 of the 24 models we run sit above the kr 454.00 price.
Bear case: the Dividend Discount group reads lowest at kr 313.46, and 7 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 376.26 (bear) to kr 863.99 (bull), the price of kr 454.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Royal Unibrew A/S reported revenue of 15.7B DKK in FY2025 versus 8.7B DKK in FY2021, a compound +15.8%/yr. Reported net income was 1.6B DKK in FY2025, compounding +4.7%/yr from FY2021.
Key figures
Market cap 22.2B DKK (≈ $3.3B) Mid · P/E ratio 13.9 · P/S ratio 1.40 · EPS (TTM) kr 32.70 · Dividend yield 3.5% · Net margin 10.2% · Return on equity 26.2% · Return on assets (EBIT) 11.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −3% fair-value upside, at 47%, RBREW screens cheaper than that median.
Fair Value models
Bearkr 376.26Fair Value kr 665.56Bullkr 863.99
Price kr 454.00 · Upside +46.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 14.28 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+4.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.8%
Start year 2020 (pandemic). Over 10 years: +10.1% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+9.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.5%
Dividend (yield on the price)3.5%
Per share before 2009divided by the spin-off factor 1.3915
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5.5% vs 9.3%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.20% → 14%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Denmark: IMF forecast 2.1% a year to 2030, 2.0% from 2016 to 2025) that is about +1.4% a year for the price and +0.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (31 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Modest pricing power supported by reported ROE forms the main strength, while thin evidence and limited public data on competitive factors remain the central weakness.
Main risk: Slower top-line growth together with greater reliance on owned brands over partnerships could undermine the expected efficiency gains from fewer production sites.
Royal Unibrew is closing its smallest Danish brewery and shifting specialty beer production to a site with spare capacity. The move targets better utilization of the existing network after first-half profits rose faster than revenue. Will the efficiency from fewer sites outweigh slower top-line growth or greater reliance on owned brands over partnerships?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Beverages - Brewers · 55 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score64 · Above median
Fair Value upside+46.6% · Top 25%
Profitability
Return on equity (12 months)26.2% · Top 25%
Return on assets8.5% · Above median
Net margin (12 months)10.2% · Above median
Operating margin (12 months)17.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)−0.3% · Below median
Dividend yield (12 months)3.5% · Above median
Balance sheet
Debt / equity0.81× · Highest 25%
Valuation Multiplesvs Beverages - Brewers median · lower = cheaper
P/E (12 months)13.9× · Cheaper than median
P/B3.30× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)1.40× · Cheaper than median
Price / free cash flow (fiscal year)14.0× · Cheaper than median
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Is Royal Unibrew A/S (RBREW) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of kr 665.56 versus a price of kr 454.00, about +47% upside (undervalued).
What is the fair value of RBREW?
Our model-based fair value for Royal Unibrew A/S is kr 665.56 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 454.00.
What is the quality score of RBREW?
Royal Unibrew A/S has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Royal Unibrew A/S (RBREW)?
Our model-based price target is the fair value of kr 665.56 (as of Nov 8, 2026) from 24 valuation models. Cautious scenario kr 376.26, optimistic scenario kr 863.99. It is a calculation from audited fundamentals, not an analyst target.
What is the Royal Unibrew A/S stock forecast for 2026?
Our models put fair value at kr 665.56, about +47% upside versus a price of kr 454.00 (undervalued). Cautious scenario kr 376.26, optimistic scenario kr 863.99. The calculation is refreshed regularly with new filings.
What is the revenue of Royal Unibrew A/S (RBREW)?
Royal Unibrew A/S reported trailing-twelve-month revenue of about 15.8B DKK (latest available figure, as of Nov 8, 2026).
Does Royal Unibrew A/S pay a dividend?
Royal Unibrew A/S currently shows a dividend yield of 3.52% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Royal Unibrew A/S (RBREW) and when is the ex-dividend date?
Royal Unibrew A/S pays a dividend of kr 16.00 per share a year, a dividend yield of 3.5%. The last ex-dividend date was Apr 30, 2026. A dividend has been paid every year since 2015. The payout ratio is 48.9% of earnings. Free cash flow covers the dividend 2.10 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Royal Unibrew A/S (RBREW)?
For today's price to be fair in a discounted-cash-flow model, Royal Unibrew A/S would have to grow free cash flow by +3.5 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.8 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of RBREW use?
Our models discount Royal Unibrew A/S at 8.3 %: a base by market capitalisation (mid), damped by beta 0.37, country premium for Denmark. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Royal Unibrew A/S that is +3.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Royal Unibrew A/S (RBREW) delivered so far?
Over the past 5 years revenue at Royal Unibrew A/S grew +15.8 % a year. The price currently implies free-cash-flow growth of +3.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Royal Unibrew A/S (RBREW) growing?
The median revenue growth in the sector is +3.6 % a year. That is the yardstick for the growth priced into Royal Unibrew A/S (+3.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Royal Unibrew A/S (RBREW)?
The free-cash-flow yield on the price is 7.16 %: that much free cash flow Royal Unibrew A/S produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Royal Unibrew A/S (RBREW)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Royal Unibrew A/S it is kr 665.56 per share (as of Nov 8, 2026), against a price of kr 454.00. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Royal Unibrew A/S stock overvalued or undervalued in 2026?
As of Nov 8, 2026, RBREW trades below its calculated fair value: price kr 454.00, fair value kr 665.56, a gap of about +47% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of RBREW?
No. The price is what the market pays today (kr 454.00); the fair value is what the company's own numbers justify (kr 665.56). For Royal Unibrew A/S the two are kr 211.56 per share apart. That gap is exactly why we show both numbers side by side.
How much is Royal Unibrew A/S worth?
The market values Royal Unibrew A/S at about 22.2B DKK (market capitalisation, as of Nov 8, 2026). Per share that is kr 454.00; our models calculate a fair value of kr 665.56 per share.
What do the bullish and bearish scenarios say about RBREW?
Our models span a range for Royal Unibrew A/S: cautious scenario kr 376.26, base kr 665.56, optimistic kr 863.99 per share (as of Nov 8, 2026, price kr 454.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RBREW?
Royal Unibrew A/S trades at a price-to-earnings ratio of 13.9 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 665.56 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 21.2. Other multiples: PEG 6.2, P/B 3.3, P/S 1.4, EV/EBITDA 9.2.
What is the PEG ratio of RBREW?
The PEG ratio of Royal Unibrew A/S is 6.20 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Royal Unibrew A/S (RBREW)?
Balance-sheet figures for Royal Unibrew A/S (as of Nov 8, 2026): return on equity 26.2%, debt of 0.81 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is RBREW from its 52-week high?
Royal Unibrew A/S trades at kr 454.00, about 27% below its 52-week high of kr 625.74 and 18% above the low of kr 384.58 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 665.56 is for.
Which stocks are comparable to Royal Unibrew A/S?
From the same area (Consumer Defensive) we also value Anheuser-Busch InBev SA, Heineken N.V, Constellation Brands, Inc, Heineken Holding, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Royal Unibrew A/S stock attractive at the current price?
The data as of Nov 8, 2026: price kr 454.00, calculated fair value kr 665.56 (+47%), Quality Score 64/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of RBREW calculated?
We run Royal Unibrew A/S through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 665.56 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Royal Unibrew A/S currently trades 32% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Royal Unibrew A/S (RBREW)?
The closing price on Nov 6, 2026 was kr 454.00. Our model-based fair value is kr 665.56, about +47% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Royal Unibrew A/S right now?
Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (kr 376.26 to kr 863.99) leaves room in how you read the outcome.
Where does the earnings growth of Royal Unibrew A/S (RBREW) come from?
Earnings per share at Royal Unibrew A/S grew +8.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +11.2 %, EBIT margin −1.7 %, tax rate +0.0 %, residual (interest, one-offs) −0.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Royal Unibrew A/S
How large is the market capitalisation of Royal Unibrew A/S (RBREW)?
The market capitalisation of Royal Unibrew A/S is 22.2B DKK (≈ $3.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Royal Unibrew A/S (RBREW)?
The price-to-sales ratio of Royal Unibrew A/S is 1.40 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Royal Unibrew A/S (RBREW)?
Earnings per share at Royal Unibrew A/S are kr 32.70 (price ÷ EPS = P/E 13.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Royal Unibrew A/S (RBREW)?
The dividend yield of Royal Unibrew A/S is 3.5% (payout 48.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Royal Unibrew A/S (RBREW)?
The net margin of Royal Unibrew A/S is 10.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Royal Unibrew A/S (RBREW)?
The return on equity (ROE) of Royal Unibrew A/S is 26.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Royal Unibrew A/S (RBREW)?
On an EBIT basis the return on assets of Royal Unibrew A/S is 11.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Royal Unibrew A/S (RBREW)?
The operating margin of Royal Unibrew A/S is 17.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Royal Unibrew A/S (RBREW)?
Revenue at Royal Unibrew A/S is growing −0.3% versus a year earlier (3y avg +11.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Royal Unibrew A/S (RBREW)?
Earnings per share at Royal Unibrew A/S are growing +3.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Royal Unibrew A/S (RBREW) carry?
The net debt of Royal Unibrew A/S is 6.0B DKK (fiscal year 2025, ≈ 3.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 8, 2026