Carlsberg (Buy, TP: DKK1075.00) - Expect flat start to 2025e

We expect Carlsberg to report a slow start to the year, mainly related to the loss of the San Miguel contract and the timing of Easter. However, we believe this should not come as a surprise, and thus expect the 2025 guidance to be maintained. At a 12-month forward P/E of c14x, we still find the stock attractive, with further upside potential from better-than-expected execution of Britvic and any improvement in China. We reiterate our BUY and DKK1,075 target price.

Carlsberg AS: 1 director

A director at Carlsberg AS bought 1,000 shares at 861.600DKK and the significance rating of the trade was 61/100. 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 ...

Refinancing of bank debt a minor positive

Carlsberg (Buy, TP: DKK1075.00) - Strong H2 and the guidance a relief

Carlsberg had a stronger end-2024 than expected despite headwinds, with the 2025 guidance of 1–5% organic EBIT growth overall in line with expectations, if not a bit better than some had feared, considering the loss of San Miguel and China weakness. We continue to find the stock attractive, with concerns over Britvic execution, leverage and China more than priced in, in our view. We reiterate our BUY and DKK1,075 target price.

Suggests good start to a transition year

Guidance assumptions in focus

Carlsberg (Buy, TP: DKK1075.00) - Risk/reward remains favourable

We expect Carlsberg’s Q4/H2 results to be broadly in line, while it is likely to issue a conservative 2025 guidance for low-single-digit EBIT growth. We continue to find the stock attractively valued, with concerns over Britvic execution, leverage and China more than priced in, in our view. At a c12x 12-month forward P/E, we believe it would not take much for the share price to revalue, helped by a likely improving narrative during 2025. We reiterate our BUY, but have cut our target price to DKK...

Likely to guide for 'low-single-digit' EBIT growth

Russia media: Baltika to be sold by end year

CORRECTION: Regaining control of Baltika and selling assets?

Regaining contral of Baltika and selling assets?

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

Groupe HOLDER SAS - Company Profile and SWOT Analysis

Summary Groupe HOLDER SAS - 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 Groupe HOLDER SAS (Groupe HOLDER) is a producer of bakery products. The company offers a range of bakery and pastry products including ready-to-raise bread, pastries and catering services. The company...

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).