Carlsberg (CABGY) has been one of the best performing large-cap beer breweries during the past year when the company saw a significant multiple repricing.
Carlsberg's strong beer brand portfolio, in combination with its high return on capital, makes it a compelling investment opportunity. However, the company's high market share and elevated share price seem less sustainable than those of other large cap names in the space.
Firstly, Carlsberg's recent multiple repricing and high stock returns were caused by factors that are unlikely to provide further tailwinds in the coming years. Thus, it