Carlsberg: Credit Suisse still a buyer after CMD

(CercleFinance.com) - Carlsberg held a CMD in Copenhagen yesterday.


Following the event, reiterates its Outperform rating on the stock with a target price of 1,160 Danish kronor.

The broker believes that business growth in Asia could surprise positively in the second half of 2022, which should offset the decline in consumption in Europe, where it already expects an impact on volumes.

"Management is cautious on the premiumisation outlook for the beer category in 2023 in a downturn; however sounded upbeat on continued premiumisation across its own portfolio," Credit Suisse added.

"Management is closely monitoring pricing actions versus cost inflation, targeting for >80% of cost inflation headwinds to be offset by pricing, with the balance from brand/channel mix and incremental cost savings."


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