Summary of FY23 results Carlsberg''s Q4 LFL sales grew +9.2% (co. cons. +6.8%) with both volumes (-0.2% vs. co. cons. -1.0%) and price / mix (+9.4% vs. co. cons. +7.8%) coming ahead of expectation. FY LFL EBIT growth at +5.2% was -60bp below co. cons. and contributed to EBIT being a -160bp miss. FY EPS (adj. cont.) at DKK54.6 was c.5% ahead of co. cons. due to a combination of favourable non-controlling interest and tax. Carlsberg will propose an FY dividend of DKK27 (in-line with co. cons.). For FY24e Carlsberg expects group organic EBIT growth of +1% to +5%. News We highlight that as part of its strategy update (Accelerate SAIL) Carlsberg increased its long-term organic sales growth ambition to a +4-6% CAGR (cf. +3-5% previously). Earnings We revise our FY23e / FY24e / FY25e EPS by -3% / -2% / 0%. Investment thesis We believe Carlsberg will re-rate as the new CEO delivers a beat and raise pattern to 2024 that investors became accustomed to under the previous management team. Rating and target price We maintain our Outperform rating. Our target price moves from DKK1,040 to DKK1,080 (driven a 1-P/E upward increment in our target multiple). 15 questions for management Please could you share some examples of the supply chain productivity improvements which you expect to drive restoration of your gross margin to pre-Covid levels over time?