Valuation Result
Final Brand Value
Puck — Food
Valuation date: 10/30/2026
Total Brand Value
€151.8M
This result turns the selected legal, brand, benchmark and discount-rate assumptions into one reviewable brand value estimate.
Brand Strength
78/100
Royalty Rate
2.5%
Discount Rate
9.5%
Benchmark recommendation not unlocked for this result
Sensitivity snapshot
Quick decision check for discount rate, royalty rate and long-term growth.
Variable
Lower input
Current
Higher input
WACC (Discount Rate)
9.5%
-1.0%
€172.9M
9.5%
€151.8M
+1.0%
€135.3M
Royalty Rate
2.5%
-0.5%
€121.8M
2.5%
€151.8M
+0.5%
€181.7M
Terminal Growth
1.5%
-0.5%
€145.1M
1.5%
€151.8M
+0.5%
€159.3M
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Revenue Base
€528.0M
Legal Protection
79/100
Long-term Growth
1.5%
Recommendation basis
Brand-strength range • Pro
This reference case derives its royalty rate by applying the brand-strength score to a documented industry royalty ceiling.
This valuation uses benchmark support informed by external market references and curated internal calibration.
Use this section to confirm whether the result reflects unlocked benchmark guidance or a non-benchmark method.
Forecast profile
5 years explicit forecast
High growth: 4.0%
Base growth: 3.0%
Long-term growth: 1.5%
Value build
Value for planning period: €46.7M
Terminal value: €105.1M
How the valuation is built
Valuation Build
| Year | Revenue | Royalty | After Tax | PV |
|---|---|---|---|---|
| Y1 | €549,120,000 | €13,920,192 | €10,857,750 | €10,376,067 |
| Y2 | €571,084,800 | €14,477,000 | €11,292,060 | €9,854,895 |
| Y3 | €593,928,192 | €15,056,080 | €11,743,742 | €9,359,900 |
| Y4 | €611,746,038 | €15,507,762 | €12,096,054 | €8,804,289 |
| Y5 | €630,098,419 | €15,972,995 | €12,458,936 | €8,281,660 |
| Explicit PV (Y1–Y5) | €46,676,812 | |||
| Terminal Value (undiscounted) | €158,072,751 | |||
| Terminal PV (discounted) | €105,073,567 | |||
| Total Brand Value | €151,750,379 |
Supporting context
This section explains the evidence and judgment used to support the recommendation and the legal, brand and financial assumptions used in the valuation.
Reference case
Puck
Prepared reference case
Indicative value of the Puck dairy name, mainly in the Middle East and North Africa. Arla, milk supply, dairies and enterprise value are excluded.
No brand profit is published. MENA currency and geopolitical exposure raises the discount rate. Puck has been Arla's leading brand in the region since 1983. The 3.25% name-only ceiling and 2.535% selected royalty are analyst assumptions, not an observed licence. Opening hypothetical rent of EUR 13.4m is about 2.1% of EUR 647m FY2025 Arla group EBIT; this is not a matched name-profit test. Legal and behavioural inputs are outside-in estimates, not a trademark opinion or customer survey.
Informed by numerous sources including company reporting, investor materials, analyst research, market data and selected benchmark references where relevant.
Key inputs
Reported = directly sourced • Estimated = selected judgment • Inferred = derived from broader evidence • Assumed = inclusion choice
Revenue base
EUR 528m FY2025 Puck revenuereported
Planning growth
4.00% for 3 years, then 3.00%estimated
Long-term growth
1.50%estimated
Royalty rate selected
2.54%estimated
Discount rate
9.50%estimated
Brand Strength
78/100 (B+)estimated
Legal analysis
79/100estimated
Company disclosures
These links lead to company-issued materials. BrandValuator cross-checks indicative estimates against multiple sources; the final assumptions and judgments are our own. Each input is labeled by evidence status above.
Legal Protection
trademark Status86
scope Of Rights84
risk Profile72
litigation74
contractual Rights78
goodwill Evidence84
regulatory Compliance74
Brand Strength
marketing Investment78
quality84
availability84
distinctive Brand Codes86
mental Availability82
consideration80
trust82
choice Share78
penetration78
price Elasticity62
revenue Premium70
margin Premium68
stability76