UPDATE: Credit Suisse Starts Celsius Holdings (CELH) at Neutral
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Credit Suisse analyst Kaumil S. Gajrawala initiates coverage on Celsius Holdings (NASDAQ: CELH) with a Neutral rating and a price target of $50.00.
The analyst comments "Celsius markets and distributes energy drinks primarily in the United States, Scandinavia, and China. 2020 revenues were $131m (+74% Y/Y) and EBITDA $15m (12% margin). Its flagship brand Celsius holds about 1% share of the $18bn US energy drinks market. Celsius differentiates itself as a ‘fitness’ better-for-you energy drink, with added vitamins and no sugar, and cites ‘thermogenic’ properties. We believe there is great potential for the brand to succeed in the US, especially with category tailwinds. But at its current valuation (13x consensus FY2 Sales), execution on distribution and branding must be near flawless. We forecast Celsius global sales will reach $1bn by 2024, capturing mid-single-digit share of the US energy market."
Shares of Celsius Holdings closed at $51.91 yesterday.
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