Carlsberg A/S 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.
  • TickerCARL B
  • ISINDK0010181759
  • ExchangeNasdaq Nordic Copenhagen
  • SectorBeverages
  • CountryDenmark

Analysts

Frank Maaø ...
  • Håkon Astrup
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Paul Harper
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Philip Gorham

Morningstar | Asia Outperforms Again for Carlsberg in 1Q; Raising FVE But Shares Appear Fully Priced. See Updated Analyst Note from 02 May 2019

Carlsberg beat our sales estimates again in the first quarter, posting 6.4% organic growth, supported by volume tailwinds in Asia. We are raising our fair value estimate to DKK 785 from DKK 750 for the B-shares and to $23.50 from $23 for the ADRs, entirely as a result of raising our revenue growth estimates for the Asia segment for this year and next. After a strong rally in the stock year-to-date, we believe Carlsberg is now slightly overvalued, although we acknowledge that the business is performing very well at present. First quarter organic sales growth of 6.4% maintains the momentum of l...

Philip Gorham

Morningstar | Asia Outperforms Again for Carlsberg in 1Q; Raising FVE But Shares Appear Fully Priced. See Updated Analyst Note from 02 May 2019

Carlsberg beat our sales estimates again in the first quarter, posting 6.4% organic growth, supported by volume tailwinds in Asia. We are raising our fair value estimate to DKK 785 from DKK 750 for the B-shares and to $23.50 from $23 for the ADRs, entirely as a result of raising our revenue growth estimates for the Asia segment for this year and next. After a strong rally in the stock year-to-date, we believe Carlsberg is now slightly overvalued, although we acknowledge that the business is performing very well at present. First quarter organic sales growth of 6.4% maintains the momentum of l...

Philip Gorham

Morningstar | Asia Outperforms Again for Carlsberg in 1Q; Raising FVE But Shares Appear Fully Priced

Carlsberg beat our sales estimates again in the first quarter, posting 6.4% organic growth, supported by volume tailwinds in Asia. We are raising our fair value estimate to DKK 785 from DKK 750 for the B-shares and to $23.50 from $23 for the ADRs, entirely as a result of raising our revenue growth estimates for the Asia segment for this year and next. After a strong rally in the stock year-to-date, we believe Carlsberg is now slightly overvalued, although we acknowledge that the business is performing very well at present. First quarter organic sales growth of 6.4% maintains the momentum of l...

Philip Gorham

Asia Outperforms Again for Carlsberg in 1Q; Raising FVE But Shares Appear Fully Priced

Carlsberg beat our sales estimates again in the first quarter, posting 6.4% organic growth, supported by volume tailwinds in Asia. We are raising our fair value estimate to DKK 785 from DKK 750 for the B-shares and to $23.50 from $23 for the ADRs, entirely as a result of raising our revenue growth estimates for the Asia segment for this year and next. After a strong rally in the stock year-to-date, we believe Carlsberg is now slightly overvalued, although we acknowledge that the business is perf...

Rune Majlund Dahl

Carlsberg (Sell, TP: DKK720.00) - Volume growth in ‘small’ quarter

We expect focus in the Q1 trading update (due at 07:00 CET on 2 May) to be on the volume trends in Western Europe following declining volumes last year. Q1 is a ‘small’ quarter so we expect no changes to the guidance organically, but due to the strengthening of the RUB we expect the company to guide for a positive EBIT FX translation of cDKK100m (zero). We reiterate our SELL recommendation and DKK720 target price.

Philip Gorham

Morningstar | Carlsberg Playing Its Hand Well but Is Lower Quality Than Some Competitors

Carlsberg has its fair share of challenges, but we think it is embarking on the right strategies to improve execution in a highly competitive industry. The company's largest market is Russia, which has been in a multi-year decline due to macroeconomic volatility, a decade-long government clampdown on the availability and affordability of beer, and a shrinking drinking age population (although the market appreared to stabilize in 2018). Even in Western Europe, the emergence of craft, the shift to the off-trade, and pricing pressure from large retailers, have created an unfavourable cocktail of ...

Frank Maaø ...
  • Håkon Astrup
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Paul Harper
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Jesper Ingildsen ...
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Ahmed Ben Salem ...
  • Alain William
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/08/2019

In the face of macroeconomic turbulence, office and retail real estate investment companies are “safe haven” stocks due to the durability of their dividends and their capacity to create value via their project pipelines. We particularly appreciate stocks which have adapted/clarified their strategies to fit new trends in the market. As such, we confirm our Buy recommendations on Gecina, Klépierre and Carmila and have upgraded Icade and Unibail-Rodamco-Westfield to Buy. Cf. report publi...

Ahmed Ben Salem ...
  • Alain William
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/02/2019

Face à quelques turbulences macroéconomiques, les foncières de bureaux et de commerce constituent des valeurs de refuge par la pérennité de leurs dividendes et leur capacité à créer de la valeur à travers leur pipeline. Nous privilégions plus particulièrement les valeurs qui ont anticipé / clarifié leur stratégie face aux nouvelles tendances de marché. Ainsi, nous confirmons notre opinion Achat sur Gecina, Klépierre et Carmila et passons à l’Achat sur Icade et Unibail-Rodamco-Westfiel...

Christoffer Wang Bjørnsen ...
  • Jon Masdal
  • Mattias Holmberg
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

With a more favourable environment, CARLSBERG AS improves to Slightly Positive

CARLSBERG AS (DK), a company active in the Brewers industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date February 5, 2019, the closing price was DKK 750.80 and its potential was estimated at DKK 788.34.

Carlsberg

Carlsberg

Carlsberg

Carlsberg

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/BNP Paribas, Ahold, Carlsberg and Veolia

BNP Paribas (BNP) reported stable earnings and capital metrics for 1Q19 as the positive performance of the bank's international business compensated for the other divisions. BNP is well positioned to meet its NPS supply target for this year with another €5bn to be printed by the end of the year. Credit neutral. (For full story, download report)

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Carlsberg, BNP, Nordea, Handelsbanken

Carlsberg (CARLB) reported strong results with net revenue of DKK62,503m in FY18 on the back of 3% reported growth or 6.5% organic growth. This was split between 4.8% organic volume growth and 2% growth from price/mix. Beer volumes were up 4.4% organically. This was in particular supported by craft & specialty, which grew 26% in volume terms, while at the same time underpinning price/mix. Growth was supported by all regions with especially Asia performing strongly. Operating profit before special items grew 5.1% to DKK9,329m with organic growth of 11% but hampered by a 5.6% currency headwind. ...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Carlsberg, Credit Suisse and Danske Bank

Carlsberg (CARLB) reported on 3Q18 sales this morning. We view today's report card as a mild positive for spreads. Organic net revenue growth came in at 9%, beating company compiled consensus of +5.6%. Organic growth was for the largest part driven by volume growth of +7.6% (consensus: +4.2%). Acquisitions had a positive impact of 0.7%, while currencies constituted a headwind of 2.3%, taking reported revenue to DKK17.6bn with growth of +7.4%. Carlsberg reported a solid performance of its international premium portfolio with volumes of the Tuborg and Carlsberg brands up 11% and 9% respectively....

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/AB InBev, Carlsberg, AT&T, Orange, RELX, UBS, SEB and SNAM

UBS (UBS) reported solid earnings and stable capital metrics for 3Q18, that we view altogether as supportive of its credit profile. UBS booked a reported net income of CHF1.2bn for 3Q18, up by 32% YoY from CHF946mSEB (SEB) reported altogether robust 3Q18 numbers with higher earnings and improving capital ratios. The numbers are supportive of the bank's credit profile. We expect the bank to continue building its MREL buffers eventually with non-preferred senior issuance. (For full story, please download report)

MarketLine Department

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Summary Marketline's Asahi Group Holdings Ltd 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 Asahi Group Holdings Ltd since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive a...

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Diageo plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Diageo plc 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 Diageo plc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights T...

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Heineken NV - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

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MarketLine Department

San Miguel Corp - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

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Expert Corporate Governance Service (ECGS)

Carslberg - March, 13 2019

In general, Carlsberg is in compliance with the Danish regulations relating to organisation and procedures of the Annual General Meeting. Under ITEM 2, the supervisory board seeks approval of the Company's financial statements as well as discharge from liability. Although ECGS has no concerns over the annual accounts, it does not approve of the discharge requested since there is no (legal) requirement for it in Denmark. Accordingly, ECGS recommends to vote OPPOSE. Under ITEM 5a, it is proposed to re-appoint Mr. Flemming Besenbacher as Chairman of the Supervisory board. Mr. Besenbacher is cur...

Carlsberg – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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