Report
Jesper Ingildsen
EUR 91.02 For Business Accounts Only

Carlsberg (Buy, TP: DKK1160.00) - Top-end of guidance most likely

Overall, the Q3 results fell slightly shy of consensus, driven by China and Western Europe, but were not much of a surprise given competitor reports and yesterday’s release from its Chinese subsidiary. Encouragingly, despite the soft Q3, management stated that it expects to achieve the high end of its maintained 2024 guidance. We still find the stock attractively valued, especially considering the proposed Britvic acquisition, and we reiterate our BUY and DKK1,160 target price.
Underlying
Carlsberg A/S Class B

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Jesper Ingildsen

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