Celsius Holdings Inc. Common Stock (CELH) : juste valeur

Thèse ACCE

Celsius Holdings makes Celsius-branded functional energy drinks, sold through grocery, mass and convenience channels, and since its 2025 acquisition of Alani Nu it also owns that brand's fast-growing energy line. The company's edge is a 48.8% gross margin and 19.1% operating margin in a category where scale has usually meant margin compression, which suggests its distribution and brand pricing are holding up. Revenue growth of 10.6% is modest for a stock carrying a 122.4 trailing P/E, but the forward P/E of 16.9 implies the market expects earnings to catch up sharply as acquisition and integration costs roll off. The thesis hinges on whether Alani Nu's velocity and the combined portfolio translate into the earnings step-up the forward multiple assumes. The 5.1% ROE and lack of index membership at a 7.1 billion dollar market cap mean the market has not yet rewarded the earnings inflection, so this is worth a deeper look at the integration and margin trajectory before deciding anything further.