# Royal Unibrew A/S (RBREW.CO)

Canonical: https://gigainvestors.com/s/RBREW.CO

Analysis as of: 2026-10-16T07:39:16.563Z. Financial observations: FY1998–FY2026.

Listing currency: DKK. Reporting currency: DKK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: DKK 425.00 per share; close as of 2026-10-15.

Estimated value: low DKK 410.90 per share, central DKK 532.58 per share, high DKK 622.72 per share. Buy at or below the central value DKK 532.58 per share. Valuation as of 2026-10-16T07:39:16.563Z; scenarios are not confidence intervals.

Expected annual return: 11.7% at the stated quote. About 11.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DK 10-year bond 3.2% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.17×

- FY2018: 0.19×

- FY2019: 0.19×

- FY2020: 0.20×

- FY2021: 0.19×

- FY2022: 0.13×

- FY2023: 0.12×

- FY2024: 0.13×

- FY2025: 0.14×

- LTM to Jun 2026: 0.14×

### moat: fail

- Recent gross margin fell 9.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 32.6%

- ROIC, second-lowest year: 22.2%

- Typical minus recent gross margin: 9.3 pp

- Typical gross margin (annual median): 50.2%

- Recent gross margin (lower of latest and 3-year median): 40.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.6%

- ROIC including acquisitions, ten-year median: 18.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 33.0%

- FY2017: 36.3%

- FY2018: 32.2%

- FY2019: 33.8%

- FY2020: 38.2%

- FY2021: 34.8%

- FY2022: 22.3%

- FY2023: 18.0%

- FY2024: 22.2%

- FY2025: 23.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: DKK 6.9B

- Net income, five-year total: DKK 6.9B

- Return on incremental invested capital: 107.1%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 5.3 pp

- Working capital / revenue, final three-year average: 5.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 33.0% vs 22.2%

- Per-share earnings: 14.71 to 29.06 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: DKK 14B

- Cumulative retained earnings: DKK 3.6B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.9%

- Per-share value change: DKK 14.36

- Per-share value, starting three-year median: DKK 14.71

- Per-share value, ending three-year median: DKK 29.06

- Buybacks concentrated in cheaper years (correlation): 0.31

- Average buyback yield: 1.9%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: DKK 6.9B

- Cumulative net income, 10 years: DKK 12B

- ROIC, first three-year median: 33.0%

- ROIC, last three-year median: 22.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: DKK 14.71

- FY2017: DKK 15.84

- FY2018: DKK 20.78

- FY2019: DKK 23.58

- FY2020: DKK 24.02

- FY2021: DKK 26.98

- FY2022: DKK 30.15

- FY2023: DKK 21.88

- FY2024: DKK 29.06

- FY2025: DKK 31.84

### accounting: pass

- Sloan accruals: -4.5%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.44×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.3%

- FY2017: -5.0%

- FY2018: -2.2%

- FY2019: -3.1%

- FY2020: -6.7%

- FY2021: -4.2%

- FY2022: 2.5%

- FY2023: -3.8%

- FY2024: -4.1%

- FY2025: -4.5%

## Holders

## Price story

Down 47% since Oct 2021 · sales +0.6%

Story as of 2026-10-16T10:00:10.685Z; price observation 2026-10-15.

Price needs cash profits to grow 1.3% a year for ten years

### Sales · FY2025–2026

sales +0.6%; source https://filings.xbrl.org/529900D69KFL8IAP8Q63/2026-06-30/ESEF/DK/0/ROYAL-2026-06-30-0-en/reports/ROYAL-2026-06-30-0-en.xhtml; observed 2026-09-02.

- FY2017: DKK 6.4B 

- FY2018: DKK 7.3B 

- FY2019: DKK 7.7B 

- FY2020: DKK 7.6B 

- FY2021: DKK 8.7B 

- FY2022: DKK 11B 

- FY2023: DKK 13B 

- FY2024: DKK 15B 

- FY2025: DKK 16B 

- FY2026: DKK 16B 

### Gross margin · FY2025

gross margin 40.9%; source https://filings.xbrl.org/529900D69KFL8IAP8Q63/2026-06-30/ESEF/DK/0/ROYAL-2026-06-30-0-en/reports/ROYAL-2026-06-30-0-en.xhtml; observed 2026-09-02.

- FY2016: 51.8% 

- FY2017: 51.7% 

- FY2018: 52.4% 

- FY2019: 53.0% 

- FY2020: 52.2% 

- FY2021: 48.7% 

- FY2022: 42.4% 

- FY2023: 41.7% 

- FY2024: 42.5% 

- FY2025: 40.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in beverages brewers; annual sales are DKK 15.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: revenue 15723000000; grossProfit 6428000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RBREW.CO: Royal Unibrew A/S engages in the production of beverages in Denmark, Germany, Norway, Sweden, Italy, the Netherlands, France, Finland, Lithuania, Latvia, Estonia, Belgium, Luxembourg, and internationally. 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.

### Why customers stay

Margins ranged from 40.9% to 42.5% during 2023–25; it earns 32.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: grossProfit / revenue = 41.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 42.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = 40.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2016,0.3301643514739134],[2017,0.36251503467817436],[2018,0.3223577531824348],[2019,0.33768103486587586],[2020,0.381928066585589],[2021,0.34750361963476717],[2022,0.22346675577740416],[2023,0.17998255740498675],[2024,0.22212129680847575],[2025,0.22999387641772712]]; median 0.3262610523281741. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 7.2% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2016: growth capex 0; upkeep 209619000; owner earnings 868786000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2017: growth capex 0; upkeep 253771000; owner earnings 873553000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2018: growth capex 0; upkeep 342740000; owner earnings 1044334000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2019: growth capex 16225000; upkeep 334508000; owner earnings 1141973000. Growth capex / owner earnings = 0.014207866560768074.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2020: growth capex 0; upkeep 281000000; owner earnings 1248000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2021: growth capex 58000000; upkeep 368000000; owner earnings 1299000000. Growth capex / owner earnings = 0.044649730561970746.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2022: growth capex 15000000; upkeep 487000000; owner earnings 1492000000. Growth capex / owner earnings = 0.010053619302949061.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: growth capex 23000000; upkeep 579000000; owner earnings 1095000000. Growth capex / owner earnings = 0.021004566210045664.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: growth capex 153000000; upkeep 666000000; owner earnings 1464000000. Growth capex / owner earnings = 0.10450819672131148.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: growth capex 112000000; upkeep 729000000; owner earnings 1560000000. Growth capex / owner earnings = 0.07179487179487179.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Incremental return on capital 1.0712997916930664, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2016,385801000],[2017,426527000],[2018,450874000],[2019,537996000],[2020,600000000],[2021,653000000],[2022,692000000],[2023,720000000],[2024,726000000],[2025,749000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: cash repurchases 550000000 DKK.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RBREW.CO SharesStats.PercentInsiders = 0.217 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.3% yearly over ten years; actual growth was 6.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate 0.005114416370174069. Price 425; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 16.477449627048827 → FY2025 31.83640983255273. Closing-price date 2026-10-15.

## Monthly share-price history (DKK per share)

- 2016-10: DKK 317.00 per share

- 2016-11: DKK 276.70 per share

- 2016-12: DKK 272.60 per share

- 2017-01: DKK 261.30 per share

- 2017-02: DKK 273.40 per share

- 2017-03: DKK 293.70 per share

- 2017-04: DKK 296.90 per share

- 2017-05: DKK 305.60 per share

- 2017-06: DKK 312.30 per share

- 2017-07: DKK 313.00 per share

- 2017-08: DKK 342.60 per share

- 2017-09: DKK 345.00 per share

- 2017-10: DKK 367.80 per share

- 2017-11: DKK 357.10 per share

- 2017-12: DKK 371.80 per share

- 2018-01: DKK 364.20 per share

- 2018-02: DKK 375.60 per share

- 2018-03: DKK 400.20 per share

- 2018-04: DKK 410.00 per share

- 2018-05: DKK 457.00 per share

- 2018-06: DKK 508.50 per share

- 2018-07: DKK 530.50 per share

- 2018-08: DKK 553.50 per share

- 2018-09: DKK 529.00 per share

- 2018-10: DKK 467.80 per share

- 2018-11: DKK 477.40 per share

- 2018-12: DKK 449.00 per share

- 2019-01: DKK 490.40 per share

- 2019-02: DKK 485.00 per share

- 2019-03: DKK 491.00 per share

- 2019-04: DKK 477.00 per share

- 2019-05: DKK 476.00 per share

- 2019-06: DKK 479.00 per share

- 2019-07: DKK 503.40 per share

- 2019-08: DKK 587.40 per share

- 2019-09: DKK 564.80 per share

- 2019-10: DKK 549.20 per share

- 2019-11: DKK 610.40 per share

- 2019-12: DKK 610.00 per share

- 2020-01: DKK 642.20 per share

- 2020-02: DKK 581.00 per share

- 2020-03: DKK 490.30 per share

- 2020-04: DKK 527.00 per share

- 2020-05: DKK 537.00 per share

- 2020-06: DKK 551.80 per share

- 2020-07: DKK 638.20 per share

- 2020-08: DKK 654.00 per share

- 2020-09: DKK 655.60 per share

- 2020-10: DKK 624.20 per share

- 2020-11: DKK 652.40 per share

- 2020-12: DKK 706.60 per share

- 2021-01: DKK 607.60 per share

- 2021-02: DKK 634.60 per share

- 2021-03: DKK 663.40 per share

- 2021-04: DKK 755.00 per share

- 2021-05: DKK 787.60 per share

- 2021-06: DKK 798.80 per share

- 2021-07: DKK 850.00 per share

- 2021-08: DKK 813.40 per share

- 2021-09: DKK 774.00 per share

- 2021-10: DKK 798.40 per share

- 2021-11: DKK 699.60 per share

- 2021-12: DKK 737.20 per share

- 2022-01: DKK 758.00 per share

- 2022-02: DKK 706.40 per share

- 2022-03: DKK 632.40 per share

- 2022-04: DKK 614.20 per share

- 2022-05: DKK 608.40 per share

- 2022-06: DKK 628.40 per share

- 2022-07: DKK 619.20 per share

- 2022-08: DKK 556.60 per share

- 2022-09: DKK 494.90 per share

- 2022-10: DKK 430.30 per share

- 2022-11: DKK 486.10 per share

- 2022-12: DKK 495.30 per share

- 2023-01: DKK 478.70 per share

- 2023-02: DKK 490.30 per share

- 2023-03: DKK 598.00 per share

- 2023-04: DKK 603.80 per share

- 2023-05: DKK 593.60 per share

- 2023-06: DKK 610.00 per share

- 2023-07: DKK 586.60 per share

- 2023-08: DKK 603.20 per share

- 2023-09: DKK 545.80 per share

- 2023-10: DKK 509.80 per share

- 2023-11: DKK 442.30 per share

- 2023-12: DKK 451.10 per share

- 2024-01: DKK 453.00 per share

- 2024-02: DKK 447.60 per share

- 2024-03: DKK 456.70 per share

- 2024-04: DKK 528.00 per share

- 2024-05: DKK 563.00 per share

- 2024-06: DKK 552.00 per share

- 2024-07: DKK 541.50 per share

- 2024-08: DKK 560.00 per share

- 2024-09: DKK 562.50 per share

- 2024-10: DKK 512.50 per share

- 2024-11: DKK 531.50 per share

- 2024-12: DKK 505.50 per share

- 2025-01: DKK 497.00 per share

- 2025-02: DKK 548.50 per share

- 2025-03: DKK 550.50 per share

- 2025-04: DKK 523.50 per share

- 2025-05: DKK 545.50 per share

- 2025-06: DKK 517.50 per share

- 2025-07: DKK 490.20 per share

- 2025-08: DKK 493.00 per share

- 2025-09: DKK 485.00 per share

- 2025-10: DKK 489.60 per share

- 2025-11: DKK 558.00 per share

- 2025-12: DKK 574.50 per share

- 2026-01: DKK 591.00 per share

- 2026-02: DKK 623.00 per share

- 2026-03: DKK 524.50 per share

- 2026-04: DKK 425.80 per share

- 2026-05: DKK 417.60 per share

- 2026-06: DKK 431.40 per share

- 2026-07: DKK 487.40 per share

- 2026-08: DKK 428.00 per share

- 2026-09: DKK 411.40 per share

- 2026-10: DKK 406.80 per share

## Annual estimated value (DKK per share)

- FY2016: low DKK 164.86 per share, central DKK 199.96 per share, high DKK 233.02 per share

- FY2017: low DKK 192.02 per share, central DKK 217.03 per share, high DKK 250.33 per share

- FY2018: low DKK 217.84 per share, central DKK 247.88 per share, high DKK 287.86 per share

- FY2019: low DKK 237.93 per share, central DKK 270.73 per share, high DKK 314.40 per share

- FY2020: low DKK 318.80 per share, central DKK 465.05 per share, high DKK 546.62 per share

- FY2021: low DKK 391.62 per share, central DKK 571.28 per share, high DKK 671.49 per share

- FY2022: low DKK 441.57 per share, central DKK 593.37 per share, high DKK 695.02 per share

- FY2023: low DKK 481.86 per share, central DKK 634.68 per share, high DKK 742.70 per share

- FY2024: low DKK 480.52 per share, central DKK 623.82 per share, high DKK 729.47 per share

- FY2025: low DKK 393.98 per share, central DKK 510.65 per share, high DKK 597.08 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:45:12.481Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900D69KFL8IAP8Q63/2026-06-30/ESEF/DK/0/ROYAL-2026-06-30-0-en/reports/ROYAL-2026-06-30-0-en.xhtml); period 2026-06-30, filed 2026-09-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.