BNP Paribas cuts Royal Unibrew to 'neutral' from 'outperform' on Pepsi loss

Royal Unibrew A/S

22/04/2026 09:53

** BNP Paribas downgrades Danish brewer Royal Unibrew RBREW.CO to "neutral" from "outperform" after the termination of its Pepsi bottling partnership in several markets

** The broker notes the loss of Pepsi licenses across Denmark, Finland and the Baltics starting in 2029 represents a "fundamental change to Unibrew's equity story"

** Following the bottling business exit, the brokerage cuts its earnings per share estimates for the period between 2029 and 2030 by roughly 19%

** In the near term, the analyst expects material cost efficiencies at the beverage firm to be offset by the impact of increased cost of goods sold inflation

** The brokerage lowers its price target for the stock to DKK 440 from DKK 690, a reduction of around 36%, valuing the firm at around 14 times its estimated 2030 earnings per share

** Royal Unibrew shares are down 3.2%, extending Tuesday's losses of nearly 25%

 (Reporting by Agnieszka Olenska)

 ((Agnieszka.Olenska@thomsonreuters.com;))