Carlsberg (Sell, TP: DKK670.00) - 2018 guidance raised
Based on higher revenue and operating profit in Q3, Carlsberg has raised it 2018 earnings expectations to 10–11% organic operating profit growth (previously high-single-digit percentage growth). This was done mainly owing to the warm summer in western Europe in combination with good progress on the strategic priorities and strong execution of Funding the Journey (FtJ). We expect consensus to increase operating profit estimates by 1–2% to reflect the new guidance.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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