Carlsberg (Buy, TP: DKK1110.00) - Britvic outcome to overshadow Q2
We expect a solid Q2 report, and Carlsberg could narrow its 2024 organic EBIT growth outlook to the high end. However, we believe the rationale for pursuing a potential acquisition of Britvic will take centre stage with the result, no matter the outcome. While we understand investor concerns about a potential acquisition, we believe once management can communicate its reasoning and the potential synergies, it will be received more positively. We thus reiterate our BUY and DKK1,110 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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