Carlsberg Makes Solid Start to 2017; Shares Fairly Valued
Carlsberg’s first-quarter trading update puts the firm perfectly on track to meet our full-year expectation of 4% organic growth and just over 5% on a reported basis. We are raising our fair value estimate to DKK 665 from DKK 610 to account for the time value of money over the past year, and we regard the shares as being fairly valued. Although first-quarter pricing of 4% indicates pricing in line with the bets of the global brewers, we expect this to be relatively temporary, and we are maintain...
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