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Carlsberg A/S Class B - Stock Quote CARL B

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Morningstar's Carlsberg A/S Class B Stock Analysis

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Carlsberg Reports Strong Q1 Sales Growth as Consumers Absorb Raw Material Inflation

Analyst Note

| Philip Gorham, CFA, FRM |

Carlsberg reported strong first-quarter sales, particularly in Western Europe. We have slightly raised our near-term revenue growth assumptions for the region, but this has no impact on our DKK 910 fair value estimate, and our full-year forecasts remain comfortably within the company's updated guidance. Following the market's initial over-reaction to the impact of events in Eastern Europe to Carlsberg, we now believe the shares are fairly valued.

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Carlsberg A/S Class B's 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 2021 beverage volume was split among Northern and Western Europe (30%), Eastern Europe (39%), and Asia (31%).

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, 2022
Stock Type
Employees 39,375