Carlsberg (Sell, TP: DKK720.00) - Guidance up to high single digits
Based on stronger than expected performance in H1, Carlsberg has lifted its 2019 operating profit organic growth guidance to high single digits (previously mid-single digits). At this stage there are limited comments on what is driving the better performance, but both organic revenue and volume growth of c4.2% and 1.4%, respectively, are largely in line with consensus, and the increased guidance thus mainly reflects better margin progression. We expect consensus 2019 EPS to come up by c3% 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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