Another Strong Quarter for Carlsberg Shows Rationale of Asia Investments
There were few surprises in Carlsberg's fourth-quarter results, with key metrics very much in line with our forecasts. The big news from the press release is an increase in returns of capital to shareholders, with the announcement of a DKK 4.5 billion share repurchase program this year and an increased dividend. We are maintaining our DKK 743 fair value estimate for the ordinary shares, but will raise this in due course to account for the time value of money. We also reiterate our no-moat rating...
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