Carlsberg: Good weather and World Cup
Carlsberg: (NEUTRAL vs. SELL, Fair Value DKK735 vs. DKK710 (-2%))Good weather and World Cup
We have updated our Carlsberg full year earnings outlook to take into account of good volume growth in Q2 Western Europe due to better weather and anecdotal reports on strong East European beer demand during the world cup in Russia. We increase our operating profit forecasts for 2018 by 1.5% and our fair value by 3.5% to DKK735 (from DKK710). We change our recommendation to Neutral from Sell.
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.
Carrefour is a distribution group based in France. Co. is engaged in retailing business, primarily in Europe (France, Belgium, Spain, Italy, Poland, and Romania); Asia (China, India, and Taiwan); and Latin America (Argentina and Brazil). Co. offers a variety of fresh produce, products from local suppliers and major-brand products. Co. operates Hypermarkets, Supermarkets, Convenience stores and Cash & Carry stores, as well as food and non-food e-commerce sites. Co. also offers services such as financial and insurance services, travel, entertainment, after-sales services, and leasing of commercial vehicles. As of Dec 31 2013 Co. operated 10,105 stores under its brand.
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.
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