Carlsberg (Buy, TP: DKK1275.00) - Solid start to the year
We view the Q1 results as a strong start to the year and believe the narrowed 2023 outlook is still conservative, with room for further increases in the coming quarters. The stock continues to offer resilience in a tough macro environment in our view, helped by its strong balance sheet and solid exposure to China’s recovery. We reiterate our BUY and have raised our target price to DKK1,275 (1,235).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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