Financial Data and Key Metrics - Organic revenue growth of 1.3% for Q3 and 3% year-to-date, driven by a 2% increase in revenue per hectoliter and a slight volume decline of 0.2% [6] - Year-to-date volumes grew by 0.8%, despite challenging consumer environments and weather impacts in Europe and Asia [7] - Reported revenue grew by 0.9% to DKK 20.5 billion, despite currency headwinds [8] Business Line Performance - Total premium beer portfolio grew by 3% year-to-date, with double-digit growth in most markets excluding China, France, and the UK [9] - Alcohol-free brews grew by 6%, with strong performance in Western Europe and CEE&I [11] - Beyond Beer category grew by 10%, driven by products like Garage and Wind Flower Snow Moon [11] - Soft drinks volumes grew by 4%, supported by Pepsi and Coca-Cola businesses in various markets [12] Regional Performance - **Western Europe**: Flat organic volume and revenue growth, impacted by challenging conditions in France and the UK [17] - Nordics saw 6% volume growth and 8% revenue growth, driven by premium and alcohol-free brews [19] - France faced a tough year with weak consumer demand and weather impacts [20] - UK performance was impacted by supply chain disruptions, but recovery is underway [21] - **Asia**: Organic revenue declined by 3.3%, with a 5.2% volume decline, particularly in China and Laos [24] - China volumes declined by 6%, outperforming the market decline of 7% [25] - Vietnam saw low single-digit volume growth and market share improvement [26] - Laos faced mid-single-digit volume decline due to weather and inflation [27] - **CEE&I**: Organic revenue grew by 9.8%, driven by 5.2% volume growth and 4% revenue per hectoliter increase [29] - India saw low-teens volume growth, with Carlsberg brand growing over 40% [30] - Ukraine delivered mid-teens volume growth across premium and Beyond Beer categories [31] Strategic Direction and Industry Competition - The Britvic acquisition is progressing, with expected closure in Q1 2025 [5][13] - Expansion of the PepsiCo partnership in Kazakhstan and Kyrgyzstan, with a new bottling facility investment of EUR 100 million [14][15] - Increased marketing investments to support long-term growth priorities [12] Management Commentary on Operating Environment and Future Outlook - Management remains cautious about the Chinese market for the second half of the year, with no significant improvement expected in Q4 [25][69] - The company maintains its full-year earnings guidance, expecting organic operating profit growth between 4% and 6% [32][33] - Management does not see structural changes in the European market, attributing current softness to cyclical factors [40][41] Other Important Information - The company expects a currency impact on operating profit of DKK -300 million, based on spot rates [34] - Marketing investments are expected to increase by high single digits, with a focus on cost management [33] Q&A Session Summary Question: Subdued volume growth in Europe and pricing environment [38] - Management believes the softness in Europe is cyclical, driven by high inflation and macroeconomic uncertainty, not structural [39][40] - Pricing actions will continue to cover cost increases, but the magnitude will be lower than in previous years [44][45] Question: China market performance and outlook [50] - China's price mix was flat year-to-date, with a slight decline of 1% in Q3, driven by mix rather than price [51][52] - Management does not expect significant improvement in Q4, with China contributing only 10% of annual business [68][69] Question: Supply chain disruption in the UK [60] - The UK supply chain issue impacted volumes and market share, but recovery is underway, with recent market share gains [64][116] Question: India performance and future changes [90] - India delivered strong growth, with Carlsberg brand growing over 40%, driven by existing team performance and capacity availability [93][94] Question: Vietnam and Laos performance [99] - Vietnam saw low single-digit growth in a stabilizing market, with market share improvements [101][102] - Laos faced mid-single-digit volume decline due to weather and inflation, but premium soft drinks showed growth [105] Question: Ukraine market dynamics [107] - Ukraine delivered strong performance with mid-teens volume growth, driven by premium and Beyond Beer categories [109] Question: UK budget impact [110] - The UK budget changes, including alcohol duty increases, were expected and have a small negative impact on the business [111]

Core Viewpoint - The article emphasizes the importance of value investing and highlights Carlsberg (CABGY) as a strong value stock based on its financial metrics and Zacks Rank [1][5]. Group 1: Investment Metrics - Carlsberg (CABGY) has a Zacks Rank of 2 (Buy) and an A grade for Value, indicating strong potential for value investors [3][5]. - The stock is currently trading with a P/E ratio of 13.11, significantly lower than the industry average of 17.15, suggesting it may be undervalued [3]. - CABGY's Forward P/E has fluctuated between 13.11 and 17.79 over the past 12 months, with a median of 15.68 [3]. Group 2: Valuation Ratios - Carlsberg has a P/B ratio of 4.07, which is also lower than the industry's average P/B of 8.91, further indicating potential undervaluation [4]. - Over the past year, CABGY's P/B has ranged from 3.61 to 5.29, with a median of 4.52 [4]. Group 3: Earnings Outlook - The combination of the above metrics, along with a strong earnings outlook, positions Carlsberg as one of the market's strongest value stocks [5].

Carlsberg shares were on course for their largest single-day decline in more than four years on Friday, after the British soft drinks maker Britvic said it had rejected the Danish brewer's £3.11 billion ($3.9 billion) takeover proposal. Shares of Carlsberg were down by 8.7% at 09:04 a.m. London time, according to LSEG data. This is the company's largest single-day share drop since March 12, 2020, when stock fell 8.77%. Britvic surged by 12.5% on the back of the same news. This breaking news story is being u ...

A downtrend has been apparent in Carlsberg AS (CABGY) lately. While the stock has lost 5.8% over the past two weeks, it could witness a trend reversal as a hammer chart pattern was formed in its last trading session. This could mean that the bulls have been able to counteract the bears to help the stock find support. The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish case f ...

Core Viewpoint - Carlsberg AS (CABGY) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling actions that affect stock prices [4]. Recent Performance and Projections - Carlsberg is projected to earn $1.60 per share for the fiscal year ending December 2024, reflecting a year-over-year increase of 1.3% [8]. - Over the past three months, the Zacks Consensus Estimate for Carlsberg has risen by 0.2%, indicating a positive trend in earnings estimates [8]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with only the top 20% receiving a 'Buy' or 'Strong Buy' rating, suggesting superior earnings estimate revisions [9][11]. - The upgrade to Zacks Rank 2 places Carlsberg in the top 20% of Zacks-covered stocks, indicating potential for stock price appreciation in the near term [11].

Investors with an interest in Beverages - Alcohol stocks have likely encountered both Carlsberg AS (CABGY) and Diageo (DEO) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out. We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision t ...

Jessica Zheng En Chew Investment summary My recommendation for Carlsberg (CABGY) is a buy rating. There is a strong growth outlook in the key regions for CABGY, especially in China and India, that should continue to drive organic growth. There are also visible catalysts in Europe that should drive volume recovery—specifically, warmer weather and an upcoming sports event. As earnings grow, I expect CABGY to trade back to its historical average forward PE multiple of 19x. Business Overview CABGY produces, mar ...

THORKILD AMDI/AFP via Getty Images Overview My recommendation for Carlsberg (OTCPK:CABGY) is a buy rating as I believe growth can revert back to mid-single-digit as guided, with margin expanding as gross margin improves to pre-covid levels on the back of the premiumization trend and operational leverage. Valuation should also rerate back to CABGY average trading levels as the market becomes convinced that CABGY mid-single-digit growth is achievable and sustainable. Business Carlsberg is a well-known brand a ...

Investors looking for stocks in the Beverages - Alcohol sector might want to consider either Carlsberg AS (CABGY) or Diageo (DEO) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank puts an emphasis on earnings estimat ...

Carlsberg A/S (OTCPK:CABGY) Q4 2023 Results Conference Call February 7, 2024 3:30 AM ET Company Participants Jacob Aarup-Andersen - CEO Ulrica Fearn - CFO Conference Call Participants Andrea Pistacchi - Bank of America Edward Mundy - Jefferies Gen Cross - BNP Paribas Olivier Nicolai - Goldman Sachs Laurence Whyatt - Barclays Mitch Collett - Deutsche Bank Richard Withagen - Kepler Cheuvreux Sanjeet Aujla - UBS Simon Hales - Citi Søren Samsøe - SEB Trevor Stirling - Bernstein Jacob Aarup-Andersen Thank you ve ...