Carlsberg AS: 1 director

A director at Carlsberg AS bought 4,000 shares at 717.743DKK and the significance rating of the trade was 88/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...

Impressions from local investor meeting

Looking to reach the upper end of guidance

Carlsberg (Buy, TP: DKK1160.00) - Top-end of guidance most likely

Overall, the Q3 results fell slightly shy of consensus, driven by China and Western Europe, but were not much of a surprise given competitor reports and yesterday’s release from its Chinese subsidiary. Encouragingly, despite the soft Q3, management stated that it expects to achieve the high end of its maintained 2024 guidance. We still find the stock attractively valued, especially considering the proposed Britvic acquisition, and we reiterate our BUY and DKK1,160 target price.

Carlsberg (Buy, TP: DKK1160.00) - 2024 guidance maintained

Overall, the Q3 results fell slightly shy of consensus, driven by China and Western Europe, but were not much of a surprise given competitor reports and yesterday’s release from its Chinese subsidiary. Encouragingly, despite the soft Q3, management stated that it expects to achieve the high end of its maintained 2024 guidance. We still find the stock attractively valued, especially considering the proposed Britvic acquisition, and we reiterate our BUY and DKK1,160 target price.

Asia weaker. Guidance maintained

Challenging conditions in Asia

Higher risk profile after the Q2 reporting season

Carlsberg (Buy, TP: DKK1160.00) - Slightly weaker than expected

Overall, we find the Q2/H1 results slightly weaker than expected, related to poor weather in Western Europe and seemingly worse performance in China. The 2024 guidance has been raised, but consensus was already slightly above the high end of the new guidance. We expect consensus EPS to drop c2–4% on the release, but still view the stock as undervalued, especially in light of the proposed Britvic acquisition. We reiterate our BUY, but have cut our target price to DKK1,160 (1,185).

Upgraded FY'24 outlook short of consensus

We are in line on sales but 2% below on EBIT

Carlsberg (Buy, TP: DKK1185.00) - Added fizz

While we understand why investors are questioning if the proposed Britvic deal is necessary and how it fits into the strategy, we consider it a fairly low-risk transaction with attractive financials. Having now incorporated Britvic into our model, we also highlight that the deal leaves Carlsberg even more attractively valued at a 24-month forward P/E of c11x. We reiterate our BUY and have raised our target price to DKK1,185 (1,110), suggesting c45% upside potential from the current share price.

Heineken N.V. - Mergers & Acquisitions (M&A), Partnerships & Alliances

Summary Marketline's Heineken N.V. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Heineken N.V. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports...

Shares look cheap at these levels

Adj. EPS for '25e-'26e raised by 3% and 6%, respectively, as we now include Britvic in our forecasts. BUY (Hold), TP unchanged at DKK 1,000.

Carlsberg (Buy, TP: DKK1110.00) - Britvic outcome to overshadow Q2

We expect a solid Q2 report, and Carlsberg could narrow its 2024 organic EBIT growth outlook to the high end. However, we believe the rationale for pursuing a potential acquisition of Britvic will take centre stage with the result, no matter the outcome. While we understand investor concerns about a potential acquisition, we believe once management can communicate its reasoning and the potential synergies, it will be received more positively. We thus reiterate our BUY and DKK1,110 target price.

Surprise M&A attempt catches market off-guard

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Summary Red Bull GmbH - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Red Bull GmbH (Red Bull) is a producer and marketer of energy drinks. The company’s product portfolio includes energy drinks, sugar-free drinks, and special edition drinks in watermelon, tropical and acai...

Guidance looks low and consensus high

2024e forecasts unchanged, '25e-'26e up by 1-2%. Q1 was a good start to a busy year. HOLD, TP of DKK 1,000.

Carlsberg (Buy, TP: DKK1110.00) - Solid start to the year

Overall, we consider the Q1 results a solid start to the year, with China’s and the premium beer momentum especially encouraging and supporting our view that the unchanged 2024 guidance looks conservative. We see room for positive earnings momentum throughout the year, with good weather providing upside potential. We thus reiterate our BUY and DKK1,110 target price.

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Summary Heineken NV - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Heineken NV (Heineken) is a brewing company that develops, markets, and sells alcoholic beverages. The company’s product portfolio comprises beer, cider, soft drinks and other beverages. Heineken markets an...