Carlsberg's Lack of Economic Moat Evident in 3Q; Margin Expansion Priced In
Carlsberg's third-quarter trading update epitomized our investment thesis for both the company and the wider consumer staples sector. Strong structural and cyclical headwinds remain, meaning that organic sales growth is running well below historical rates and EBIT growth depends on cost efficiencies. Durable competitive advantages can help to offset these pressures, but we do not believe Carlsberg has an economic moat, and the modest third-quarter sales contraction lends some support to this bel...
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