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No big surprises in this report given the recent guidance update. The slight Q1 beat, however, reassured, driven by the strong on-trade reopening in Western Europe. Let’s keep an eye on China.
Companies: Carlsberg (CARL-B:CPH)Carlsberg AS Class B (CARL.B:CSE)
Carlsberg had accustomed us to better results, but we can’t judge them negatively, as they remain good overall and continue to reflect the group’s good financial health. Cautious next FY guidance, as usual.
Very strong publication which demonstrates, once again, the robustness of Carlsberg (vs. peers) even in the volatile market. Although the group says it is confident about inflation this year, comments for 2022 would be welcome during tomorrow’s conference call to give a clearer picture of the brewer’s future.
Another strong release, with slight beats on the top and bottom-lines, as well as upgraded FY21 guidance. The group continues to deliver.
Although most of the positives seem to be priced in, the share should continue to be ahead given the new performance of today. We can’t find anything to complain about.
Carlsberg demonstrated its resilience thanks to its off-trade exposure, China’s growth, and management’s ability to manage costs well. The FY21 guidance appears slightly cautious, but the group usually under promises, while over delivers. New quarterly share buy-back programme.
Companies: Carlsberg AS Class B
Carlsberg upgraded its EBIT guidance after Q3 volume and revenue beat the consensus expectations. Carlsberg continues to be our favourite beer stock, with a strong balance sheet, limited risk from emerging markets and offering much more visibility than Heineken and ABI.
Carlsberg has navigated the COVID-19 crisis well, especially if we compared it to peers. The FY20 guidance implies H2 EBIT lower than in H1, but still in line with the consensus and our expectations. We remain positive.
The month of March drove down Carlsberg’s Q1 figures. Q2 is expected to be worse and no major improvements are expected in H2. A dark year for the brewers, although they are thought to be more resilient than spirits. No announcement has been made yet regarding the dividend, which leaves some hope for investors.
Strong FY19 results (expected) and the step-up in cash return to investors proves the company’s robustness. The more cautious FY20 guidance reflects the continuing difficulties in Russia, as well as the volatile environment (coronavirus), but we should expect an upgrade if the situation stabilizes.
Carlsberg reported Q3 figures slightly ahead of consensus expectations (DKK18.5bn revenue vs. DKK18.3bn estimated). The group stands out, particularly from ABI, thanks to the upward revision of its FY19 expectations (for the second time this year!) and its well-managed price/mix.
Carlsberg reported a good financial performance, with a strong top-line and improving profitability. The first six months reflect that the long-term strategy is working well, supported by significant growth in Asia and the Craft/Alcohol free portfolio. The group sees slower momentum in H2 but we are confident that it will reach (or even beat?) its target anyway.
The Q1 results modestly beat expectations on the net revenue side. Satisfying volume growth and price/mix, thanks particularly to Asia which continued to boost the top-line. We note positive signs in European breweries and we are likely to raise our expectations for the year.
A robust set of FY18 results. The Craft, Premium and Alcohol-free beers have done well, pushing up the top-line, and the cost savings initiatives, through “Funding the Journey”, have positively driven profitability.
We see strong potential for further growth, through investments and acquisitions, while returns to shareholders have proved to be very satisfying. The group is actually managing its capital allocation well.
A very strong quarter across all regions, additionally helped by the warm weather in Western Europe. As positives, we note the very favourable development of price/mix in Asia as well as an acceleration in Craft & Specialities and Alcohool Free. Our Add recommendation is maintained.
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