CARLSBERG - NEUTRAL | DKK760 vs. DKK735 (+5%) Strong Q3 was anticipated
Strong Q3 figures were already pre-announcedLast Wednesday, Carlsberg raised its FY18 organic EBIT growth guidance to 10-11%, up from high single digit previously (we were expecting 8.9%). The company explained this upgrade from the higher-than-expected third-quarter revenue and operating profit, following good progress on its strategic priorities, strong execution of Funding the Journey and a warm summer in Western Europe. On the minus side, Carlsberg is now expecting a translation impact on operating profit of around DKK -500m (previously DKK -425m) was assumed, based on the spot rates as at 24 October. So net, the company is now guiding to a 1% higher EBIT than previously. It is still unclear as to why this unscheduled announcement happened in the middle of the day and in full closed period. And all that for only 1%...
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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.
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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