Carlsberg AS Class B

CARL B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Carlsberg: Soft Growth Due to Challenging Environment; 2024 Outlook Maintained

Verushka Shetty

Oct 31, 2024

No-moat Carlsberg reported its third-quarter trading update for 2024, which was in line with our expectations. Similar to its peers, a challenging consumer environment dimmed Carlsberg’s top-line growth in the quarter. Nevertheless, management maintained its full-year outlook including organic operating profit growth of 4%-6%. Therefore, we maintain our DKK 970 per-share fair value estimate and continue to view the stock as undervalued. Still, we prefer our wide-moat stocks in the brewing industry, which have broader portfolios.

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Carlsberg AS Class B

Carlsberg: Soft Growth Due to Challenging Environment; 2024 Outlook Maintained

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