Asiatisk væksteventyr trækker Carlsberg op i Q1

Carlsberg langede flere kolde bajere over disken i første kvartal, end vi havde ventet, og vi har derfor opjusteret både vores vækstforventninger i Asien og aktiens fair værdi til 785 kroner fra 750 kroner. Selvom aktien fremstår en smule dyr, anerkender vi dog, at Carlsberg har leveret stærke resultater.

CARL B

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.

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

For at se denne artikel registrér dig som Morningstar Basis-medlem

Registrér dig gratis

Om forfatteren

Morningstar Equity Analysts  Morningstar stock and fund analysts cover 2,000 mutual funds, 2,100 equities, and 300 exchange-traded funds.

© Copyright 2020 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Cookies