Summary of Q324 sales Q3 LFL sales at Carlsberg grew +1.3% and missed consensus expectations by c.-100bp. Organic volumes declined -0.2% (co. cons. +0.4%) made up of a Beer vols decline of -1.3% partially offset by Other beverage vol. growth of +5.1%. From a regional perspective, strength in CEE and India (LFL sales +9.8% vs. co. cons. +8.0%) was offset by weakness in Western Europe (LFL sales +0.1% vs. co. cons. +1.7%) and Asia (LFL sales -3.3% vs. co. cons. -2.0%). News We highlight that Carlsberg is confident that it can deliver the high-end of its +4-6% FY24 organic EBIT guidance range. Earnings Our FY24e / FY25e / FY26e EPS are materially unchanged. Investment thesis As the market digests the Britvic acquisition and re-appraises the merits of being a Pepsi bottling consolidator, we expect the stock to recover its multiple on a higher earnings base. Rating and target price We maintain our Outperform rating. Our target price moves from DKK1,000 to DKK1,020. 15 questions for management Excluding the impact of the loss of the San Miguel UK license, do you expect to be within your long-term organic sales growth ambition range of +4-6% next year?