Report
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
Underlying
Carlsberg A/S Class 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.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Nikolaas Faes

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