Stærkt Q2 for Carlsberg, men den højere indtjening er allerede indpriset

Carlsberg serverede et stærkt regnskab for andet kvartal og kunne blandt andet bryste sig af at vokse hurtigere end sine multinationale konkurrenter i kvartalet. Hos Morningstar fastholder vi dog fair value på 705 kroner og mener derfor allerede at forbedringerne er indregnet i den nuværende aktiekurs.

CARL B

Af Philip Gorham, CFA, FRM, Morningstar Aktieanalytiker.

Carlsberg performed well in the first half of the year and in line with our forecasts. However, increased guidance for the full year of high-single-digit percentage organic operating income growth implies a stronger second half than we had anticipated, and we may raise our near-term estimates slightly. However, we remain comfortable with our medium-term assumptions, and we are maintaining our DKK 705 fair value estimate. While we acknowledge the positive momentum in the business, we believe Carlsberg is fully priced.

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Papirer nævnt i artikel

Navn på papirPrisÆndring (%)Morningstar Rating
Anheuser-Busch InBev SA/NV41,91 EUR-3,38
Anheuser-Busch InBev SA/NV ADR46,97 USD-1,07
Carlsberg A/S B866,60 DKK-2,54
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Heineken NV82,48 EUR-1,88
Heineken NV ADR46,17 USD-0,67
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