Carlsberg (Buy, TP: DKK1275.00) - Solid H1, despite Asia stumble
Carlsberg’s H1 earnings were stronger than expected, but were mainly driven by Western Europe, helped by pricing. However, the key growth driver Asia fell slightly shy of expectations. We do not see any major change to the investment case and expect further share-price support short-term from another likely increase to the new (in our view conservative) guidance later this year. We reiterate our BUY and DKK1,275 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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