Carlsberg A/S B

Carlsberg is engaged in the production and sale of beer and other beverages. Co.'s brewing operations are concentrated in Northern and Western Europe, Eastern Europe and Asia, while markets outside these regions are serviced through exports and production under license. Co.'s other beverages include soft drinks, water and cider. In addition to beverage activities, Co. is also engaged in real estate.
  • TickerCARL B
  • ISINDK0010181759
  • ExchangeNasdaq Nordic Copenhagen
  • SectorBeverages
  • CountryDenmark

Carlsberg AS: 1 director sold

A director at Carlsberg AS sold 31,200 shares at 943.834DKK and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Equities At New Highs Despite Some Caution Signs We continue to believe the path of least resistance is higher for global equities. As a result, our outlook remains bullish and we suggest buying any dips. · Global Equities Remain Bullish. A weaker US dollar (DXY) has paved the way for new highs in a number of non-US global indexes, including for emerging markets (EEM-US) and developed international (VEA-US). As we like to say, new highs are not a sell signal. We believe that as long as the DXY is below 96, it will be bullish for global risk sentiment and we believe EM/non-US outpe...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Squarely in the neutral camp At this point in time the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, EM) have failed to break above their respective resistance levels, leaving us squarely in the neutral camp. • We need to see more from cyclical value. We believe the aforementioned major global indexes are likely to remain below resistance or have limited upside unless and until we see more definitive signs of bottoming within cyclical value areas of the market (e.g., Materials, Energy, banks, major autos & parts, etc.)... see page 2. • Indicators supportive of a neutral outlook. Sever...

Carlsberg AS: 1 director sold

A director at Carlsberg AS sold 31,200 shares at 943.834DKK and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Equities At New Highs Despite Some Caution Signs We continue to believe the path of least resistance is higher for global equities. As a result, our outlook remains bullish and we suggest buying any dips. · Global Equities Remain Bullish. A weaker US dollar (DXY) has paved the way for new highs in a number of non-US global indexes, including for emerging markets (EEM-US) and developed international (VEA-US). As we like to say, new highs are not a sell signal. We believe that as long as the DXY is below 96, it will be bullish for global risk sentiment and we believe EM/non-US outpe...

Nikolaas Faes

CARLSBERG: First half pre-release | BUY | DKK1120 vs. DKK1050 (+21%)

CARLSBERG - BUY | DKK1120 vs. DKK1050 (+21%) First half pre-release China bounce back Price/mix negative across the different regions Strong balance sheet and buy backs have continued But need for cash for acquisitions might stop H2 share buy-back

Jesper Ingildsen

Carlsberg (Buy, TP: DKK1093.00) - Covid-19 hangover not so bad

Carlsberg’s preliminary H1 results were not as weak as expected; in particular, the pace of recovery in China and better than expected cost control stand out as the main positive surprises.

Nikolaas Faes

CARLSBERG - BUY | DKK1050(+24%) Carlsberg UK and Marston’s to create a JV

GBP24m cost synergies and further revenue synergies Marston’s has a premium portfolio CMBC will still be a distant number 4 Positive for Carlsberg

Nikolaas Faes

CARLSBERG: Key points from our virtual meeting | BUY | DKK1050(+24%)

CARLSBERG - BUY | DKK1050(+24%) Key points from our virtual meeting Learnings from a China re-opening: no rushing out Preparing a European re-opening Changes in competitive landscape?

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Carlsberg, Telia and Dutch utilities

Consumers: Carlsberg prints €500m 7y paper; TMT: Telia confirms potential Turkcell stake sale for c.US$530m Utilities: It's not easy to become green: the investment and funding challenge for Dutch network operators

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/AB InBev, Carlsberg, Beverages & Suez

AB InBev and Asahi group will close Carlton United transaction on 1 June

ING
Alyssa Gammoudy

Beverages/The unprecedented impact on beer

We consider the Covid-19 pandemic as credit negative for the beer segment. We expect consumption in general will slow, while the re-opening of the global economy is already positively impacting the on-trade channel. However, we foresee that off-trade will also be negatively impacted in the wake of the pandemic. It is not only doom and gloom. We also believe that the longer-term trends like premiumisation, are still valid and will lead to growth in the sector over time, albeit with a delay. We also believe that, as soon as the trade environment becomes more benign, a speedy recovery is likely.

ING
Alyssa Gammoudy

Carlsberg/Trading update 1Q20: Sailing

Today Carlsberg (CARLBDC) published a trading update. Organic revenue declined by 7.4% caused by a 7.6% organic volume decline and a flat price/mix. China was impacted the most, and adjusted for the decline in China, volume decline would have been 4.4%. Reported revenue declined by 6.8% to DKK12.9bn. Although Carlsberg sees initial signs of recovery in China, and in some regions restrictions are cautiously being lifted, the expectation is that volumes will further decline in the second quarter as a result of continuing social distancing requirement. The outlook for 2020 remains suspended. We l...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/BBVA, Danske Bank, Société Générale, BAWAG, Carlsberg, KPN, Orange, Proximus, Suez & Shell

Financials: BBVA earnings drop to a loss due to goodwill impairment and Covid-19 charges, capital shrinks with higher RWA. Danske Bank reports weak earnings and deteriorating credit quality. Société Générale earnings drop to a loss due to higher impairments and poor revenues. BAWAG's earnings down with higher provisions, capital ratio mainly shrinks with dividend accrual

Frank Maaø ...
  • Håkon Astrup
  • Jesper Ingildsen
  • Martin Arnell
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Jesper Ingildsen
  • Jimi Lehtonen
  • Joachim Gunell
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Jesper Ingildsen
  • Jon Masdal
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Jesper Ingildsen ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Eivind Sars Veddeng ...
  • Håkon Astrup
  • Jesper Ingildsen
  • Jimi Lehtonen
  • Jon Berggren
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Nicolai Farstad Olsen
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

CARLSBERG AS sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of CARLSBERG AS (DK), a company active in the Brewers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date July 10, 2020, the closing price was DKK 926.60 and its potential was estimated at DKK 994.70.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Carlsberg - AGM 16 March 2020

In general, Carlsberg is in compliance with the Danish regulations relating to organisation and procedures of the Annual General Meeting. Under ITEM 2 the supervisory board seeks approval of the Company's financial statements as well as discharge from liability. Although ECGS has no concerns over the annual accounts, it does not approve of the discharge requested since there is no (legal) requirement for it in Denmark. Accordingly, ECGS recommends to vote OPPOSE. Under ITEM 4a the supervisory board seeks approval for the Company's executive remuneration policy. ECGS notes that the maximum va...

Expert Corporate Governance Service (ECGS)

Carslberg - March, 13 2019

In general, Carlsberg is in compliance with the Danish regulations relating to organisation and procedures of the Annual General Meeting. Under ITEM 2, the supervisory board seeks approval of the Company's financial statements as well as discharge from liability. Although ECGS has no concerns over the annual accounts, it does not approve of the discharge requested since there is no (legal) requirement for it in Denmark. Accordingly, ECGS recommends to vote OPPOSE. Under ITEM 5a, it is proposed to re-appoint Mr. Flemming Besenbacher as Chairman of the Supervisory board. Mr. Besenbacher is cur...

Carlsberg – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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