Carlsberg AS Class B

CARL B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Global Beer Brewers: As We Transfer Coverage, Ambev Is Our Preferred Pick

Verushka Shetty

Mar 13, 2025

We are relaunching coverage of four of the largest global brewers: InBev, Ambev, Heineken, and Carlsberg. We are maintaining our Morningstar Economic Moat Ratings of wide for InBev and Ambev, upgrading Heineken to wide from narrow, and upgrading Carlsberg to narrow from none. Ambev is our preferred pick, as we believe the market does not fully reflect its region-leading growth potential, offering 33% upside from current levels.

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Carlsberg AS Class B

Global Beer Brewers: As We Transfer Coverage, Ambev Is Our Preferred Pick

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