Carlsberg (Buy, TP: DKK1052.00) - On track to recover first
We expect Carlsberg to report a strong Q3 update (due at 07:00 CET on 28 October) as volumes seem set to return to positive territory, albeit with negative price/mix. However, Carlsberg lifted its 2020 guidance mid-September following a solid August, so a strong Q3 should not be a total surprise. Still, our Q3 forecast of 0.7% organic volume and -2.9% revenue growth is above consensus of -1.1% and -4.9%, respectively. We reiterate our BUY and DKK1,052 target price.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.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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