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Unibrew/SHB: Italiensk opkøb passer godt og kan give besparelser

Source RBB StockExchange Thursday, 5 Oct, 2017 05:28:44 GMT
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Royal Unibrews beslutning for at lægge mere end en halv milliard for en række italienske sodavandsmærker giver strategisk god mening. Det vurderer analytiker Karri Rinta fra Handelsbanken.

- Det passer godt til dem, synes jeg, for de har været relativt små i Italien og mere eller mindre kun haft ét produkt. Nu kan de tilføje den her portefølje af ikke-alkoholiske drikke, og jeg antager, at der er et ret stort overlap af kunder, som de allerede sælger til, så det giver mening, siger Karri Rinta til Ritzau Finans.

Unibrew afslørede sent onsdag købet af Gruppo Camparis sodavandsforretning for 0,6 mia. kr. Opkøbet, der ventes gennemført inden udgangen af 2017, finansierer bryggeriet ved at optage bankgæld.

Med købet fordobler Royal Unibrew antallet af dets drikkevarer, som butikkerne forventes at have på hylderne, fortæller det selv, da det regner både sin egen Ceres Strong Ale og det nytilkøbte hovedprodukt, Freedea Lemonsoda, som såkaldte "must-stock"-produkter, forhandlerne er næsten nødt til at have på hylderne.

- Royal Unibrew har ikke produktion i forvejen i Italien, så de kan ikke spare på den del, men siden distribution er en ret væsentlig omkostningspost for bryggerier på omkring 10-11 pct., så kan man i det mindste få noget mere effektivitet på logistikfronten, vurderer Karri Rinta.

Analytikeren ser også prisen som fair:

- Købet er til nogenlunde samme multipler som Royal Unibrew selv handles til, så det er ikke billigt, men det er ikke overdrevet dyrt, siger Handelsbankens analytiker, som i forvejen har den positive "akkumulér"-anbefaling for Unibrew-aktien.

Købet ventes ifølge Unibrew at bidrage med en omsætning på omkring 245 mio. kr. og styrke indtjeningen per aktie fra og med 2018.

Med købet følger 73 medarbejdere samt varemærker som Freedea Lemonsoda, Freedea Oransoda, Freedea Pelmosoda, Crodo Lisiel og Crodo Chinotto samt produktionsfaciliteter i Crodo i det nordvestlige Italien nær Lago Maggiore.

Freedea Lemonsoda beskrives af Unibrew som nummer et i det italienske marked for citrusbaserede læskedrikprodukter, og citronvanden står for cirka to tredjedele af den tilkøbte omsætning. Næststærkeste brand er Freedea Oransoda.

Købet ændrer hverken Unibrews finansielle mål på mellemlangt sigt eller målsætningerne for kapitalstrukturen og udlodning.

/ritzau/FINANS

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