Carlsberg (Buy, TP: DKK1150.00) - Weathering the tough conditions
The Q4 and H2 results were largely in line with our estimates and consensus, while we find the 2023 guidance conservative given Carlsberg’s track record of overachieving and upside potential as visibility increases. In our view, the company offers solid resilience in the current environment, helped by its strong balance sheet and good exposure to China’s recovery. We reiterate our BUY and DKK1,150 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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