Carlsberg (Hold, TP: DKK1175.00) - Eyes on 2022 guidance
Despite Omicron and new restrictions, we expect Carlsberg to reach the high end of its 2021 guidance (in line with consensus). Otherwise, all eyes are likely to be on the 2022 guidance given the significant cost-inflation headwinds. We also expect the company to set a date to announce its SAIL’27 strategy. We reiterate our HOLD and DKK1,175 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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