Weak quarter - focus on Russia
Carlsberg is due to release its Q3 trading update at 07:00 CET on 2 November, containing only volume and top-line numbers for the quarter. Management has already flagged a weak Q3 top-line, and expects focus to be on potential market share losses in Russia. We expect the company to maintain its 2017 guidance of mid-single-digit EBIT growth. SELL recommendation and DKK600 target price reiterated.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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