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Unibrew/Jyske: Plads til "meget begrænset stigning" i aktien fremover

Source RBB StockExchange Tuesday, 24 Apr, 2018 13:47:58 GMT
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Royal Unibrew har tirsdag eftermiddag offentliggjort tal for første kvartal af 2018, der viste en fremgang på både top- og bundlinjen.

Samtidig fortalte bryggeriet, at det holder fast i de forventninger til resten af året, som selskabet meldte ud i forbindelse med årsregnskabet for 2017.

- De fortsætter bare med at levere, og det er især en forbedret drift i Baltic Sea, der er med til at trække det, siger aktieanalytiker Frans Høyer.

Nettoomsætningen i Baltic Sea landede på 662 mio. kr. mod 627 mio. året før. Til gengæld steg EBIT-marginen til 11,4 pct. fra 7,9 pct., og driftsresultatet endte på 75 mio. kr. mod 49 mio. kr. året før.

Til trods for at der ikke er ændret i forventningerne, kan bryggeriaktien stige fremadrettet, vurderer han. Men stigningen bliver formentlig ikke stor, vurderer han.

- Der er plads til en meget begrænset aktiestigning, fordi aktien er gået rigtig godt i forvejen, siger Frans Høyer.

- Markedet har vænnet sig til altid at løbe lidt i forvejen med den her aktie, og så bliver de reddet af bedre resultater end ventet. Det har været god latin i denne aktie længe, siger han.

Aktien løber tirsdag eftermiddag op med 2,2 pct. til 415,20 kr.

Unibrew solgte i det første kvartal øl, cidere og sodavand for 1425 mio. kr. mod 1354 mio. kr. året før. Driftsresultatet, EBIT, endte på 194 mio. kr. mod 152 mio. kr. i samme periode sidste år.

Også driftsresultatet før renter, skatter og ned- og afskrivninger, EBITDA, stiger til 274 mio. kr. fra 224 mio. kr. i samme periode året før. Her bidrager 14 mio. kr. dog til stigningen fra implementeringen af nye regler fra IFRS, oplyser selskabet.

Bryggeriet venter i år en omsætning på 6650 til 6900 mio. kr., et driftsresultat før af- og nedskrivninger (EBITDA) på mellem 1450 og 1550 mio. kr., mens EBIT-resultatet ventes at blive 1090 til 1190 mio. kr.

/ritzau/FINANS

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