Guidance looks low, consensus looks high

2024-25e earnings estimates raised by 1-2%. We see a decent start to Q1'24 and are 1% above cons. revenues. TP unchanged at DKK 1,000: HOLD.

Resetting the cost base in 2024

2024-25e EBIT forecasts lowered by 7-8%. We think '24 will be an investment year where the cost base is reset. TP 1000 (941) , we maintain HOLD.

H2'23 mixed; FY'24 headline guidance below expectations

Updated growth targets, but at what cost?

Beer sales in Germany decline by 4% in Q4'23

Heineken raises UK on-trade prices by ~2% for '24

Strategy update and guidance in focus

2024e-25e EBIT forecasts raised by 3%, EPS down 0-1%. We forecast 2024e organic EBIT growth of 10.1% (cons. at 9.7%). TP unchanged at DKK 900: HOLD.

Swedish sector top picks post Q3 reports

Mid- and large cap durables missed expectations. Minor revisions to '24e earnings as visibility remains low. Opportunities within E-com and price/value players.

SAIL'27 update alongside Q4'23

Review of SAIL'27 underway. Update alongside Q4'23. 2023e earnings lowered due to higher costs. Reiterate HOLD, TP DKK 900.

Slighly weaker than exepcted Q3'23

Q3 focus on new CEO's first impressions

Sales forecasts increased by 0-1%, earnings lowered by 0-8%. We are broadly in line with consensus ahead of Q3'23. HOLD, TP lowered to DKK 900 (1,040).

Sector top picks post Q2 reports

Mid- and large caps beat expectations and got paid for it. Small estimate revisions as visibility remains low. Valuations in the sector offer opportunities.

Solid start to FY'23

Q1'23 sales 2% above FactSet cons. FY'23 guidance upgraded, in line with our expectations. Reiterate HOLD and target price of DKK 1,040

Solid Q1e likely to lead to raised guidance floor

Q1 expected to be solid, with a more resilient Europe. HOLD recommendation and target price reiterated.