Carlsberg Foundation sale of shares in connection with Carlsberg A/S share buy-back programme

Carlsberg (Buy, TP: DKK1075.00) - Expect flat start to 2025e

We expect Carlsberg to report a slow start to the year, mainly related to the loss of the San Miguel contract and the timing of Easter. However, we believe this should not come as a surprise, and thus expect the 2025 guidance to be maintained. At a 12-month forward P/E of c14x, we still find the stock attractive, with further upside potential from better-than-expected execution of Britvic and any improvement in China. We reiterate our BUY and DKK1,075 target price.

Carlsberg AS: 1 director

A director at Carlsberg AS bought 1,000 shares at 861.600DKK and the significance rating of the trade was 61/100. 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 ...

Refinancing of bank debt a minor positive

Carlsberg (Buy, TP: DKK1075.00) - Strong H2 and the guidance a relief

Carlsberg had a stronger end-2024 than expected despite headwinds, with the 2025 guidance of 1–5% organic EBIT growth overall in line with expectations, if not a bit better than some had feared, considering the loss of San Miguel and China weakness. We continue to find the stock attractive, with concerns over Britvic execution, leverage and China more than priced in, in our view. We reiterate our BUY and DKK1,075 target price.

Suggests good start to a transition year