Carlsberg: Strong Growth Momentum In Key Regions

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 ...