Analyst Note
| Philip Gorham, CFA, FRM |Carlsberg reported respectable third-quarter sales figures that were a whisker below our estimates. Volumes were better, however, and the company has raised its operating profit guidance for the full year to an organic decline in the mid single digits, up from the previous guidance of a high-single-digit drop. We have adjusted our near term forecasts but make no changes to our medium term estimates and we retain our no-moat rating and fair value estimate of DKK 760 per B-class shares.