CARL B Carlsberg A/S Class B

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

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

Please see attached document.

Attachment

EN
06/04/2020

Underlying

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Reports on Carlsberg A/S Class B

ABGSC Food & Beverage Research ... (+2)
  • ABGSC Food & Beverage Research
  • Mikkel Kousgaard Rasmussen
Emira Sagaama ... (+2)
  • Emira Sagaama
  • Robert Jan Vos

Carlsberg : A beer with a twist - Coverage initiated at Outperform and...

We initiate coverage on Carlsberg with an Outperform recommendation and a DKK 985 TP, valuing the brewer at 12-month EV/EBITDA of 10.7x, EV/EBIT of 14.7x, and P/E of 15.8x. All three European listed brewers in our coverage universe have an attractive valuation. However, we prefer Carlsberg because of its geographical exposure – with a focus on less volatile Europe and Asia – and because of its 30% soft drink exposure, which we conclude is synergistic to beer, adds to growth, and is less debated ...

ABGSC Food & Beverage Research ... (+2)
  • ABGSC Food & Beverage Research
  • Mikkel Kousgaard Rasmussen

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