Research, Charts & Company Announcements
Research Tree offers CARLSBERG AS-B research coverage from 1 professional analysts, and we have 6 reports on our platform.
Our simple but effective charting function allows for a quick scan of CARLSBERG AS-B's performance over multiple time horizons.
Frequency of research reports
Research reports on CARLSBERG AS-B
Providers covering CARLSBERG AS-B
H1: Funding the Journey improves profitability but FX drags down the figures
17 Aug 16
Carlsberg’s H1 update: organic revenue was up 4% (cons. +3.2%, Q2: 6%). Volumes were down 1% (cons. -0.8%), price/mix stood at 5%. On a reported basis revenue was down 4% due to adverse currency effects. H1 organic net revenue by region: Western Europe 2% (Q2: +7%), Eastern Europe +8% (Q2: -4%), Asia +4% (Q2: +3%). The group’s operating margin was up +50bp in organic terms and contracted by 10bp on a reported basis due to higher central costs linked to investments behind EURO 2016. Operating profit grew 8% organically. The group maintains its FY guidance: low single-digit operating profit growth and financial leverage reduction.
11 May 16
Carlsberg released its Q1 update. Organic volumes contracted by 2% (cons. -1.1%). Organic revenue was up +2% (cons. 1.3%). Price/mix stood at 4%. On reported figures, revenue was down -3% (FX: -5%). Q1 beer volumes by region: Western Europe -7% (cons. -4.1%), Eastern Europe +6% (cons. -2.5%), Asia -1% (cons. +1%). Q1 organic net revenue by region: Western Europe -3% (cons. -2.6%), Eastern Europe +20% (cons. +10%), Asia +5% (cons. +4.6%). The group maintains its FY guidance of organic operating profit growth in a low single-digit.
SAIL ’22 strategy
16 Mar 16
Carlsberg presented its SAIL ’22 strategy. The group aims to deliver a continuous organic operating profit growth and continuous improvement in the ROIC. On the financial side, the group is targeting a net interest-bearing debt/EBITDA ratio of less than 2.0x and increasing its dividend payout ratio to 50% of the adjusted net result. The excess cash will be distributed to shareholders via share buy-backs or extraordinary dividends.
Strategic review to be announced on 16 March. Fingers crossed.
10 Feb 16
Carlsberg reported its Q4 & FY results. In Q4, organic beer volumes were down 4% (consensus -2.7%) whereas the net revenue grew organically by +5% (cons +1.8%). Price/mix stood at +6%. Q4 organic beer volume by region: Western Europe -2% (consensus -0.5%), Eastern Europe -9% (cons -8%), Asia -1% (cons +2%). Q4 organic net revenue by region: Western Europe +2% (cons -0.8%), Eastern Europe +12% (cons +5.9%), Asia +3% (cons +4.6%). For the full year, organic beer volumes were down 4% whereas the organic net revenue rose +2%. On reported figures, net revenue increased +1% whereas the operating margin was down 140bp to 12.9%. The net profit attributable to shareholders was down to DKK-2,926m. The proposed dividend is DKK9.00. For FY16, the group expects the developments in its major beer markets to be in line with 2015: Europe flat with some positive impact from UEFA Euro 2016 (Carlsberg is a global sponsor). South-East Asia should perform well whereas Eastern Europe should remain under pressure. Consequently, Carlsberg expects in FY16 to deliver low single-digit percentage organic operating profit growth and reduce financial leverage. The revised strategy, SAIL’22, will be announced on 16 March.
Q3 net profit squeezed painfully by impairment charges; announces 15% workforce cut
12 Nov 15
Carlsberg released its Q3 update. Organic net revenue grew by 3% (cons. +1.7%). Organic beer volume was down by 3% (cons. -3.2%) whereas price/mix was up 4%. On a reported basis, net revenue was up +1% (FX -3% due to Russia and Ukraine, net acquisitions +1%). OG net revenue by region: Western Europe 2% (cons. 0.8%), Eastern Europe 6% (cons. 0.8%) and Asia 2% (cons. 6%). OG beer volume by region: Western Europe 2% (cons. 0%), Eastern Europe -12% (cons. -12.5%) and Asia 0% (cons. +2%). The Q3 operating margin has improved by 20bp but the company recorded a DKK4.5bn loss for the period, linked to one-off impairments in Russia and China as well as restructuring charges (DKK7.6bn). After 9M, the group's OG net revenue is +1%, OG beer volumes are down 4%, whereas the operating margin is down by 90bp. In Q3, the Carlsberg brand declined by 2% due to a weaker Eastern and Western Europe as well as the strong World Cup comparisons from last year. Following a reclassification of some one-off items in the UK and restructuring costs in Q4, the company expects that the FY organic operating profit will be decline by a high single-digit (-3% after 9M15).
Very poor Q2; FY guidance sharply cut; strategic review outcome to be known in H1 16
19 Aug 15
Carlsberg reported its Q2. Net revenue stood at DKK18.9bn (in line with consensus). Operating trading profit before special items was DKK2.9bn (cons. at DKK3.2bn). Organic net revenue growth stood at -3% (cons. at -0.1%). OG net revenue by region: Western Europe -6%, Eastern Europe -5%, Asia +10%. The overall organic beer volume was down by 7% (cons. at -4%; -19% for Eastern Europe and -5% for Western Europe, Asia up by 5%). On a reported basis, Q2 net revenue was down by 1% whereas the operating margin contracted by 340bp (280bp contraction in Western Europe, -460bp for Eastern Europe and -110bp for Asia). For H1, net revenue was flat on an organic basis with a 5% price/mix (1% on reported figures). OG net revenue by region: Western Europe -2%, Eastern Europe -4%, Asia +9%. The overall organic beer volume was down by -5%. The Russian market declined by an estimated 9% ytd. The operating margin was down by 160bp. The group revised downwards its guidance. It expects organic operating profit to decline slightly (previously mid to high single-digit percentage growth).
Research on related companies
View the latest research on other companies in the sector, published by expert analysts across the city, at some of the best quality Banks, Brokers, and Independent Providers in the market.
Panmure Morning Note 19-09-2016
19 Sep 16
FIF has delivered FY16 results slightly ahead of expectations. The results attest to FIF’s evolution, over the seven years of the current executive management team’s tenure, into the UK’s leading speciality baked goods manufacturer achieved through a consistent and unrelenting focus around: (1) customer/ consumer needs; (2) new product innovation; and (3) investment in a high quality asset base to drive low cost/efficiency and support operational excellence. The shares have been very strong recently (c.10% in the last month, thereby delivering +20% outperformance relative to the wider stockmarket over the past year) and have pushed beyond our 127p TP. Combining this with the lack of an upgrade to our FY17E PBTA, the shares may therefore pause for breath. We remain however very positive on FIF given: (1) its dominant scale to capture the available long-term growth opportunities; (2) its valuation discount (c.15%) to its small/mid cap peers; and (3) the likely M&A momentum/ optionality as an added investment attraction. We therefore raise our TP to 150p (from 127p), thereby retaining our BUY.
STABER acquisition strengthens engineering IP
26 Oct 16
Carr’s Group has acquired STABER GmbH for a net consideration of €6.75m (£6.0m). This brings key IP used in the Engineering division’s remote handling products in house. We make minor adjustments to our FY18 PBT and EPS estimates and reiterate our indicative valuation of 161p.
VSA Agri Monthly: July 2015
31 Jul 15
With Australian cattle prices reaching all-time highs and the country agreeing health protocols for the export of live cattle to China, there has been a rash of recent deals in the Australian cattle sector. Has this made it more likely that MP Evans (MPE LN) will finally dispose of its 34.37% stake in the 200,000 head North Australian Pastoral Company (NAPCo)? This month saw Chinese billionaire Xingfa Ma acquire two cattle stations in Australian’s Northern Territory with a combined 40,000 head of cattle in a A$47m deal. This would suggest an adjusted read-across valuation of approximately A$80m for MPE’s NAPCo stake. Although no transaction has yet been announced, the price range for the rumoured acquisition of the 185,000-head S Kidman & Co business, mooted in April, valued MPE’s NAPCo stake on an adjusted read-across basis of up to A$70m.
VSA Agri Monthly
28 Jun 16
VSA Agri Thought for the Month It is hard to forecast the precise impact on UK farming from the recent Brexit vote but we would highlight a few areas: Subsidies: Annual subsides of c£3bn are currently paid to UK farmers. Farming Minister George Eustice has previously said that support would be maintained following a Brexit vote. Farmers will be anxious to see this happen. However, money may be saved through a cap on the maximum payout for the largest farms. Regulation: How will regulations change as we exit the EU Common Agricultural Policy? Farmers will look for regulations to be simplified and more tailored to the UK. Exports: A weaker currency should increase the attractiveness of UK farming exports, offset by any increased cost from raw material imports and any newly imposed trade tariffs. Labour: UK farming is heavily reliant on seasonal agricultural workers, many from other EU states. The UK government has previously looked to encourage the employment of more UK workers on-farm but how will things change for those bringing in workers from abroad?
VSA Agri Monthly
28 Jul 16
VSA Agri Thought for the Month Leading Brexiteer Andrea Leadsom was appointed Secretary of State for the Department of Environment, Food and Rural Affairs (DEFRA) this month. Perhaps one of the most unenviable jobs in the new UK government, given the importance of EU subsidies to the country’s farming sector. Agra Europe estimated last year that up to 90% of UK farms would not survive without them. Given that the EU Common Agricultural Policy has long been criticised by environmentalists and free-market proponents alike, leaving the scheme is likely to be viewed positively by many. But what comes next? We believe we are likely to see some sort of reduction of subsidies (particularly for the largest farms and most uneconomic activities) as well as greater exposure to foreign imports through additional free trade agreements. We feel a focus on technology and a push for “efficiency” will also be high on the agenda, which could provide a boost to AgTech companies developing products in this area.