Bryan Garnier - Carlsberg A/S Class B (CARL B) CARLSBERG: Q3 volume growth of 2.4% | BUY Top Picks | DKK1120 vs. DKK1200

Report

Bryan Garnier

Nikolaas Faes

CARLSBERG: Q3 volume growth of 2.4% | BUY Top Picks | DKK1120 vs. DKK1200

CARLSBERG - BUY Top Picks | DKK1120 vs. DKK1200 (+34%)
Q3 volume growth of 2.4%

Again an upgrade on earnings guidance
Russia pulls Eastern European top line performance
Good volume growth in China
Craft, speciality and alcohol free brews hold up Western Europe

28/10/2020 4 EN

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.

See profile

DK0010181759 Nasdaq Nordic Copenhagen Denmark

Provider

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.

See profile

Analysts

Nikolaas Faes

Other Reports on these Companies

DnB Markets

Carlsberg (Buy, TP: DKK1075.00) - Soft Q1, but with bright spots

We consider the Q1 results slightly on the soft side (with organic volume misses across the board), albeit less so adjusted for the loss of the San Miguel contract. Despite the general weakness, there were a couple of bright spots, including positive commentary on the premium beer market in China. We reiterate our BUY and DKK1,075 target price.

Free Trial

April 29, 2025 April 29, 2025 1 EN

DnB Markets

Carlsberg (Buy, TP: DKK1075.00) - Expect flat start to 2025e

We expect Carlsberg to report a slow start to the year, mainly related to the loss of the San Miguel contract and the timing of Easter. However, we believe this should not come as a surprise, and thus expect the 2025 guidance to be maintained. At a 12-month forward P/E of c14x, we still find the stock attractive, with further upside potential from better-than-expected execution of Britvic and any improvement in China. We reiterate our BUY and DKK1,075 target price.

Free Trial

April 22, 2025 April 22, 2025 1 EN

MarketLine

Heineken N.V. - Mergers & Acquisitions (M&A), Partnerships & Alliances

Summary Marketline's Heineken N.V. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Heineken N.V. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organ...

EUR 299.43

April 21, 2025 April 21, 2025 1 EN

H&M: modest signs of improvement

While still showing a contraction YoY, Q2 margins improved sequentially versus Q1, lending more credibility to the company’s guidance for a positive inflexion point expected in H2 2025. However, H&M remains particularly sensitive to fluid external factors such as promotional activity, freight c

13h / 44m 13h / 44m 1 EN

Cédric Rossi

Cédric Rossi

Emerging consolidator in Germany’s optical retail sector

After announcing its ambition to enter the optical sector earlier this month, the German software company The Platform Group (TPG) has already acquired four optical players in Germany. In addition to joining TPG’s MyGlasses.de online platform to implement an omnichannel approach, these acquisitions

June 26, 2025 June 26, 2025 1 EN

Mahaut Arnaud ... (+3)

Mahaut Arnaud
Paul de Froment
Thomas Mordelle

Avantium: multi-year capacity reservation with Royal Hordijk

This morning, Avantium announced a multi-year capacity reservation agreement (CRA) with Royal Hordijk to supply PEF from its future license network. This deal gives Royal Hordijk preferred access to PEF volumes for making trays and injection-moulded packaging in food, cosmetics and other consumer-g

June 25, 2025 June 25, 2025 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN