Carlsberg AS Class B
CARL B: XCSE (DNK)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
DKK 261.00 | Znrkb | Mhpvgbkz |
Carlsberg Earnings: Modest Results; Upgraded Outlook; Increased Acquisition Activity
Carlsberg delivered modest results for the first half of 2024, slightly missing on some estimates from company-compiled consensus. However, management remains confident about the second half of the year and updated the 2024 outlook for organic operating profit growth to 4%-6% from 1%-5% previously. During the second quarter, Carlsberg announced several upcoming acquisitions, which will increase leverage, leading to the termination of the earlier proposed share buyback. We keep our fair value estimate of DKK 970 per share.