Carlsberg AS Class B

CARL B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 529.00	Qrxdf	Nglptmsd

Carlsberg Earnings: Q3 in Line, but We Lower Valuation on Russia Exit

Philip Gorham

Nov 1, 2023

Carlsberg reported a broadly in-line third-quarter trading update, but we are lowering our fair value estimate to DKK 870 per share from DKK 970 due to the value destruction created by the loss of the company's Russian business. Carlsberg had been attempting to find a buyer for Baltika Breweries in order to comply with sanctions against Russia, but we now believe it will not receive any compensation for these assets, and we assign a zero value to them. The market appears to have anticipated this development, and we believe the stock is fairly valued.

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