Report
Fatma Agnès Hamdani

Carlsberg : 2018 results in line, share buybacks

>Neutral recommendation maintained - Trends in the group’s priority segments have been favourable: specialty beers (+26%) and alcohol-free beers (+33% in western Europe), and Asia, are also posting stronger performances than the other regions. But 2019 will be a more difficult year given the demanding comparative base. The share buyback programme will have a positive impact of +4% on EPS. However, the 2019 guidance is moderate (mid-single EBIT growth) given a cautious...
Underlying
Carlsberg A/S Class B

Carlsberg is engaged in the production and sale of beer and other beverages. Co.'s brewing operations are concentrated in Northern and Western Europe, Eastern Europe and Asia, while markets outside these regions are serviced through exports and production under license. Co.'s other beverages include soft drinks, water and cider. In addition to beverage activities, Co. is also engaged in real estate.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Fatma Agnès Hamdani

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