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Carlsberg A/S ADR CABGY

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Morningstar’s Analysis

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Another Beat and Raise for Carlsberg in Q2 but Inflation Is Rearing Its Head

Analyst Note

| Philip Gorham, CFA, FRM |

Carlsberg reported strong results in the second quarter of 2021, beating our revenue growth expectations for the second consecutive quarter, and allowing management to again raise its full-year guidance. We are raising our fair value estimate to DKK 880 per share from DKK 810 to account for the time value of money (DKK 10 of the change), for a higher full-year revenue growth rate in the full year (DKK 40) and for a marginally faster stage II EBI growth rate (DKK 20). Despite the strong start to the year, we still think the market is more than pricing in Carlsberg's rebound from COVID-19, and we feel the current market valuation does not reflect Carlsberg's weaker competitive positioning relative to some of its larger peers.

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Company Profile

Business Description

Carlsberg is the fourth-largest brewer in the world following the combination of Anheuser-Busch InBev and SABMiller, with major operations in Russia, Europe, and Asia. It holds leading share in Russia, Scandinavia, Laos, Cambodia, and parts of western China. Its key brands include Carlsberg, Tuborg, Baltika, Holsten, and Somersby. The company's 2020 beverage volume was split among Northern and Western Europe (44%), Eastern Europe (25%), and Asia (30%).

J.C. Jacobsens Gade 1
Copenhagen, 1799, Denmark
T +45 33273300
Sector Consumer Defensive
Industry Beverages - Brewers
Most Recent Earnings Dec 31, 2015
Fiscal Year End Dec 31, 2021
Stock Type
Employees 40,010