
Af Philip Gorham, CFA, FRM, Morningstar Aktieanalytiker.
Carlsberg beat our sales estimates again in the first quarter, posting 6.4% organic growth, supported by volume tailwinds in Asia. We are raising our fair value estimate to DKK 785 from DKK 750 for the B-shares and to $23.50 from $23 for the ADRs, entirely as a result of raising our revenue growth estimates for the Asia segment for this year and next. After a strong rally in the stock year-to-date, we believe Carlsberg is now slightly overvalued, although we acknowledge that the business is performing very well at present.
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