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Unibrew/SHB: Anbefaling ned efter regnskab - NY

Source RBB StockExchange Friday, 24 Nov, 2017 07:28:57 GMT
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Handelsbanken sænker sin anbefaling af Royal Unibrew oven på bryggeriets regnskab fra onsdag aften.

- Bryggeriets salg og volumen faldt med 2-3 pct. i kvartalet. På trods af dette fortsatte bryggeriet med at have godt styr på omkostningerne og lykkedes at opnå en forbedring i driftsresultatet (EBIT) på 0,6 pct. Det højere EBIT blev drevet af en forbedring af bruttomarginen kombineret med en reduktion i administrationsomkostninger, som var på det laveste niveau siden tredje kvartal 2013, skriver Handelsbanken i en kommentar fredag morgen.

Den fastholdte guidance var ikke nogen overraskelse, og indtjeningen var alt i alt på niveau med forventningerne, mener banken, som anfører, at Unibrews stærke kursudvikling i 2017 har givet aktien en anstrengt prissætning.

- Målt på værdi i forhold driftsindtjening handler aktien med en præmie på 32 pct. til Carlsberg og 23 pct. til Heineken. Vi synes ikke, at denne høje præmie kan retfærdiggøres og sænker derfor anbefalingen til "Reducér", skriver Handelsbankens analytikere, som tidligere sagde "Akkumulér" til aktien.

Handelsbankens kursmål fastholdes dog på 345 kr.

Unibrew-aktien koster 363,50 kr. i den tidlige handel fredag. Den steg 5 pct. torsdag oven på regnskabet, men falder 1,8 pct. fredag.

/ritzau/FINANS

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