CABJF - Carlsberg: Solid 2023 Results But Value Case Still Not Compelling
2024-02-09 14:54:56 ET
Summary
- Danish brewer Carlsberg has underperformed peers and global staples since previous coverage in the first half of last year.
- Recently released results were solid, with volumes and revenue landing a shade higher than company-compiled consensus, while improved longer-term financial goals were also well received.
- While Carlsberg has the drivers to achieve its revenue and profit targets, the value case remains hard to see here absent a discount to peers Anheuser-Busch InBev and Heineken.
Carlsberg ( OTCPK:CABGY )( OTCPK:CABJF ) stock has been on a tough run since I last covered the company in May. Shares of the Danish brewer have delivered a negative 18% total return in that time, significantly underperforming peers Heineken ( OTCQX:HEINY )( OTCQX:HINKF ) and Anheuser-Busch InBev ( BUD ) as well as global staples more generally....
Carlsberg: Solid 2023 Results, But Value Case Still Not Compelling