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

Guidance looks low and consensus high

2024e forecasts unchanged, '25e-'26e up by 1-2%. Q1 was a good start to a busy year. HOLD, TP of DKK 1,000.

Growth slightly ahead but lack of upgrade likely to disappoint

Carlsberg AS: 1 director

A director at Carlsberg AS sold 25,684 shares at 907.760DKK 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 ...

Carlsberg (Buy, TP: DKK1110.00) - Probably a good start to the year

We expect the Q1 results to show Carlsberg had a good start to the year (due at 07:30 CET on 30 April). Slightly above consensus, we forecast c2% volume growth YOY and c6% organic revenue growth. Given Q1 is seasonally a small quarter, we believe the FY guidance could be kept for now, but that it remains conservative as usual, and see room for increases during the year. We reiterate our BUY and DKK1,110 target price.

Carlsberg (Buy, TP: DKK1110.00) - Refreshing long-term targets

The main positive surprise with the results was the new, higher long-term top-line growth guidance, which despite concerns did not come at the expense of lower margins. While the 2024 guidance was weaker than expected, it should be seen in light of increased investment related to the new targets. We reiterate our BUY and DKK1,100 target price.