Carlsberg (Hold, TP: DKK1215.00) - High expectations for H1
Driven by easy comparables and the reopening of the on-trade channel in Europe, we expect strong Q2/H1 results for Carlsberg. In line with consensus, we forecast Q2 revenue growth of c12% and c11% organic EBIT growth for H1. We believe it could lift the low end of its 2021 guidance, but we see limited upside potential to the high end of guidance, our estimates, and consensus due to Covid-19-related headwinds in Asia and cost inflation. We reiterate our HOLD, but have raised our target price to DKK1,215 (1,175).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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