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Carlsberg A/S ADR CABGY

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Carlsberg Reports Strong Q3 Volumes and Raises Guidance as Some Markets Reopen

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. 

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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 2018 beverage volume was split among Northern and Western Europe (47%), Eastern Europe (24%), and Asia (29%).

100 Ny Carlsberg Vej
Copenhagen, 1799, Denmark
T +45 33273300
Sector Consumer Defensive
Industry Beverages - Brewers
Most Recent Earnings Dec 31, 2015
Fiscal Year End Dec 31, 2020
Stock Type
Employees 41,248