Carlsberg Rebounds in Eastern Europe in 3Q, but Lack of Moat Means Gains May Not Be Sustainable
Carlsberg built upon a stable start to the year with further improvement in the third quarter. Management raised guidance for the rest of the year, but as we were slightly above consensus and in line with the revised guidance, we will not make changes to our forecasts in the near or long term. We are maintaining our DKK 610 fair value estimate for the B shares but lowering our valuation of the ADRs to $18 from $19 due to the slight depreciation in the value of the Danish krone against the U.S. d...
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