More Progress on Margins in 1H for Carlsberg, but Lack of Moat May Limit Profitability Gains
There were few surprises in Carlsberg’s first-half earnings report, with revenue only slightly below our above-consensus estimate, and earnings roughly in line. Strong cost and cash management made this another decent quarter for Carlsberg, but our no-moat rating reflects the lower pricing power and scale efficiencies of the business relative to competitors. With mid-single-digit EBIT growth, the firm is currently performing in line with our medium-term forecasts, and the market appears to be pr...
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