Celsius Holdings Inc "How Is Core Celsius Performing? A Comprehensive Deep..."

研报英文原文证据摘录

Celsius Holdings Inc "How Is Core Celsius Performing? A Comprehensive Deep..."

the core EPS (UBS, diluted) (USD)

could drive stronger growth longer term. CELH is now trading at ~15x our '27 EPS 12/26E

estimate despite what remains one of the more attractive top/bottom line outlooks over UBS Cons.

the next 12-18 months in the space. We recognize that the NT catalyst will continue to Q1 0.41 0.41

hinge on tracked trends and given the volatility investors will likely take a wait and see Q2E 0.38 0.44

Q3E 0.36 0.44

approach, but longer term, we think the risk/reward continues to skew to the upside

Q4E 0.28 0.37

and view the weakness as overdone.

12/26E 1.44 1.63

12/27E 1.80 2.01

Core Celsius: Weakness May Persist, But Top SKUs Are Performing Well 12/28E 1.96 2.25

As we stand today, we emphasize that trends for core Celsius are constantly evolving,

especially given all of the moving pieces around the shape of the portfolio, shelf space, Peter Grom

Analyst

an existing distributor transition for Alani Nu and other factors. However, our current

peter.grom@ubs.com

takeaways from our deep dive into Nielsen/Numerator trends are as follows: +1-212-713 3482

1. Traditional Fruit Flavors Should Be The Core Focus, Portfolio Pruning Could Arian Chakravarty

Be Additive To Growth: 8/10 of core Celsius' best-performing SKUs (MoM T4W) Associate Analyst

are single can Traditional Fruit flavor SKUs, with that portion of the portfolio being arian.chakravarty@ubs.com

the sole driver of current positive trends for the brand. We believe that +1-212-713 5000

management's previous commentary around leaning into their strongest SKUs Chirac Ndetan

(where most lie in the Traditional Fruit flavor side) could yield positive results as the Associate Analyst