Carlsberg (Sell, TP: DKK630.00) - Less support from self-help in 2018
The raised 2017 guidance given with the Q3 results should be reachable in our view; thus, we believe focus with the H2 results (due 07:00 CET on 7 February) will be on the 2018 outlook that will have less support from Funding the Journey initiatives. We expect Carlsberg to guide for mid-single digit organic EBIT growth, although significantly lower in reported terms due to recent FX movements. We have lifted our target price to DKK630 (600), but reiterate our SELL recommendation.
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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