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30 May 2025
Initiate coverage of Carlsberg ADR
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Initiate coverage of Carlsberg ADR
- Published:
30 May 2025 -
Author:
Cross Gen GC | Ford Matthew MF -
Pages:
12 -
Initiate coverage of Carlsberg ADR
With this report we initiate coverage of Carlsberg ADR, in coordination with our pre-existing coverage of Carlsberg. Converting our existing Carlsberg target price (DKK880) at the current DKK/USD spot rate, we initiate coverage of Carlsberg ADR with a Neutral rating and a target price of USD27 which is adjusted for the 5:1 ADR ratio (five Carlsberg ADRs represent one Carlsberg ordinary share). Our target price implies 15.4x CY25e P/E.
Our latest research on Carlsberg can be found here: CARLSBERG: Q125 sales and 15 questions for management