Carlsberg (Buy, TP: DKK1275.00) - Upgraded on visibility improvement
The H2 results were solid and largely in line with expectations. Given the significant cost inflation, the lack of visibility into 2022 earnings has been a drag on the shares, but we believe this has now been addressed with the 2022 guidance. We find the guidance conservative with room for potential increases, possibly in H1. Putting aside the Ukraine situation, we have turned more positive and have lifted our target price to DKK1,275 (1,175) and upgraded to BUY (HOLD).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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