Carlsberg (Buy, TP: DKK1160.00) - Slightly weaker than expected
Overall, we find the Q2/H1 results slightly weaker than expected, related to poor weather in Western Europe and seemingly worse performance in China. The 2024 guidance has been raised, but consensus was already slightly above the high end of the new guidance. We expect consensus EPS to drop c2–4% on the release, but still view the stock as undervalued, especially in light of the proposed Britvic acquisition. We reiterate our BUY, but have cut our target price to DKK1,160 (1,185).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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