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

Nikolaas Faes

CARLSBERG: Model maintenance post results | NEUTRAL | DKK860 vs. DKK760

CARLSBERG - NEUTRAL | DKK860 vs. DKK760 (+6%) Model maintenance post results Model maintenance – 2019 operating profit forecasts increased by 3% A step up in organic revenue growth Management remuneration policy could lead to less profit and more top line growth

Nikolaas Faes

CARLSBERG: Model maintenance post results | NEUTRAL | DKK860 vs. DKK760

CARLSBERG - NEUTRAL | DKK860 vs. DKK760 (+6%) Model maintenance post results Model maintenance – 2019 operating profit forecasts increased by 3% A step up in organic revenue growth Management remuneration policy could lead to less profit and more top line growth

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Carlsberg : 2018 results in line, share buybacks

>Neutral recommendation maintained - Trends in the group’s priority segments have been favourable: specialty beers (+26%) and alcohol-free beers (+33% in western Europe), and Asia, are also posting stronger performances than the other regions. But 2019 will be a more difficult year given the demanding comparative base. The share buyback programme will have a positive impact of +4% on EPS. However, the 2019 guidance is moderate (mid-single EBIT growth) given a cautious...

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Carlsberg : Résultat 2018 en ligne, rachat d’actions

>Opinion Neutre maintenue - Les segments prioritaires du groupe ont été bien orientés : bières de spécialité (+26%) et sans-alcool (+33% en Europe de l’Ouest), ainsi que l'Asie affichant également de meilleures performances que les autres zones. Mais, 2019 sera une année plus difficile compte tenu de la base de comparaison élevée. Le programme de rachat d'actions aura un impact positif de +4% sur le BPA. Toutefois, la guidance 2019 est modérée (croissance mid-single d...

Carlsberg

Carlsberg

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

Christer Magnergård ...
  • Martin Arnell
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl

Northern Lights

Karl-Johan Bonnevier ...
  • Nicolay Dyvik
  • 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/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

United Spirits Ltd - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's United Spirits 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 United Spirits 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 advantage. K...

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Asahi Group Holdings Ltd - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

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...

MarketLine Department

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

Summary Marketline's Heineken NV 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 NV 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 ...

MarketLine Department

Harboes Bryggeri A/S - Strategy, SWOT and Corporate Finance Report

Summary Harboes Bryggeri A/S - Strategy, SWOT and Corporate Finance Report, 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 Harboes Bryggeri A/S (Harboes) is a producer and marketer of alcoholic and non-alcoholic beverages. The company's product portfolio includes beers, soft drinks, packaged water, juices, ciders, syrups, energy drinks and malt beverages. Harboes markets its products under various brands su...

MarketLine Department

Nigerian Breweries Plc - Strategy, SWOT and Corporate Finance Report

Nigerian Breweries Plc - Strategy, SWOT and Corporate Finance Report Summary Nigerian Breweries Plc - Strategy, SWOT and Corporate Finance Report, 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 Nigerian Breweries Plc (Nigerian Breweries), a subsidiary of Heineken N.V, brews, distributes and markets alcoholic and non-alcoholic products. The company product portfolio includes lagers, stouts, non-alcohol malt...

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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