Carlsberg (Buy, TP: DKK1075.00) - Risk/reward remains favourable
We expect Carlsberg’s Q4/H2 results to be broadly in line, while it is likely to issue a conservative 2025 guidance for low-single-digit EBIT growth. We continue to find the stock attractively valued, with concerns over Britvic execution, leverage and China more than priced in, in our view. At a c12x 12-month forward P/E, we believe it would not take much for the share price to revalue, helped by a likely improving narrative during 2025. We reiterate our BUY, but have cut our target price to DKK1,075 (1,160).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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