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Unibrew/Jyske: Første kvartal kan være et vendepunkt

Source RBB StockExchange Monday, 22 Apr, 2024 05:32:34 GMT
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Et tidligt kvartalsregnskab torsdag i sidste uge med tilhørende opjustering kan markere et vendepunkt for Royal Unibrew, vurderer Jyske Bank.

Banken løfter sit kursmål for aktien til 575 kr. fra 525 kr. og gentager anbefalingen "køb".

- Det var svært at finde håret i suppen ved annonceringen, og markedsreaktionen vidner da også om, at markedet køber ind på, at skuffelserne er ovre for Unibrew. Vi deler markedsbegejstringen, skriver Henrik Hallengreen Laustsen i et notat.

Han vurderer, at Unibrew trods opjusteringen stadig guider en smule konservativt og venter, at bryggeriet lander i den høje ende af sit nye interval.

For 2024 estimerer Jyske Bank en omsætning i Unibrew på 15.128 mio. kr., mens Unibrew selv guider cirka 15 mia. kr. Og driftsresultatet, EBIT, venter Jyske Bank lander på 2013 mio. kr., mens Unibrew opjusterede med 75 mio. kr. til intervallet 1875-2025 mio. kr.

- Opjusteringen begrundes blandt andet med hurtigere end forventet integration af opkøb, hvilket sender lovende signaler for indtjeningsforbedringer i de kommende år, vurderer Henrik Hallengreen Laustsen.

For efter en periode, hvor bryggeriet har kæmpet med høj inflation på en lang række områder, indikerer meldingerne, at det har fået mere greb om tingene.

- Spørgsmålet er, om første kvartal 2024 blev det store vendepunkt? Vores svar er: "Ja." En opjustering så tidligt på året, og alene som følge af interne forhold og ikke en ændring i forbrugeradfærden, anser vi som positivt for aktien, da det vidner om solid omkostningskontrol - et element, som netop har manglet lidt de sidste par år, vurderer Jyske Bank-analytikeren.

.\\˙ MarketWire

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