Strong 2Q for Carlsberg but Margin Expansion Already Priced In
Carlsberg performed well in the first half of the year and in line with our forecasts. However, increased guidance for the full year of high-single-digit percentage organic operating income growth implies a stronger second half than we had anticipated, and we may raise our near-term estimates slightly. However, we remain comfortable with our medium-term assumptions, and we are maintaining our DKK 705 fair value estimate. While we acknowledge the positive momentum in the business, we believe Carl...
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