Carlsberg's 1Q Good Enough Despite Continued Trouble in Russia; Shares...

Carlsberg performed in line with our forecasts in the first quarter of 2018, but foreign exchange weighed on reported sales growth more than we had anticipated, and Russia was weak from a volume perspective. We have lowered our forecasts for the full year accordingly, but the impact is immaterial to our DKK 705 fair value estimate. After a 10% pullback in the stock this year, we now regard Carlsberg as being fairly valued.  Organic net revenue growth of 2% continues to undershoot Carlsberg's la...