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Royal Unibrew A/S

RBREW.CO
65
Beverages - Alcoholic · Consumer Defensive
Price
kr 428.40
+14.20 (+3.43%)
Market Cap
kr 20.61B
Exchange
NASDAQ Copenhagen
Winston Score
65
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
Growth
Good
Cash Flow
Strong
Stability
Good
Valuation
Strong
Dividends
Strong

Share count rising — dilution

+2.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 48.4M (2021) → 49.7M (2025)

§Winston Score History

The full picture

Royal Unibrew is a Danish beverage company that makes and sells beer, soft drinks, malt beverages, and other drinks. Its well-known brands include Faxe, Ceres, and Royal Beer, along with a growing portfolio of non-alcoholic options. It is one of the largest multi-beverage companies in Northern and Western Europe.

Royal Unibrew earns revenue by selling its products through retail stores, restaurants, and wholesale distributors. The company operates primarily in Denmark, Finland, the Baltics, Italy, France, and several other European markets, with a market cap around $20.5 billion. Its competitive position rests on strong local brand recognition and an efficient distribution network built through acquisitions. Key growth drivers include expanding into new geographies and capitalizing on rising demand for non-alcoholic and low-alcohol beverages, though the company faces risks from input cost inflation and shifting consumer preferences away from traditional beer.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+4.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

19.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

kr 161M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Royal Unibrew A/S's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
46.2%
Healthy — 46.2% gross margin
Profit after running costs
Operating Margin
17.0%
Healthy — 17.0% operating margin
Return on the money invested
ROCE
17.6%
Strong — 17.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+3.4%
Slow sales growth (+3.4% YoY)
Profit growth
EPS YoY
+5.6%
Modest earnings growth (+5.6% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
145%
Turns 145% of profit into real cash
Spare cash per sale
FCF Margin
10.0%
Modest free cash flow (10.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.07
Elevated debt (1.07)
Covers its interest
Interest Cover
8.79x
Comfortably covers interest (8.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
13.0x
Attractive valuation — P/E 13.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+2.9
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
3.76%
Moderate income — 3.76% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+17.6%
Dividend growing fast (17.6% YoY)

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