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

Carlsberg AS: 2 directors

Two Directors at Carlsberg AS bought/sold 22,743 shares at between 928.680DKK and 936.580DKK. 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 ov...

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.

Carlsberg (Buy, TP: DKK1110.00) - Solid start to the year

Overall, we consider the Q1 results a solid start to the year, with China’s and the premium beer momentum especially encouraging and supporting our view that the unchanged 2024 guidance looks conservative. We see room for positive earnings momentum throughout the year, with good weather providing upside potential. We thus reiterate our BUY and DKK1,110 target price.

Growth slightly ahead but lack of upgrade likely to disappoint

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.