- Carlsberg has seen less volume erosion and better margin performance than its peers, with growth markets like China and Vietnam performing well.
- The proposed Marston's JV is a sign of things to come in developed markets, as I believe Carlsberg needs to focus on driving increased premium volumes and optimize its manufacturing/distribution.
- Asia is the long-term growth driver, with Carlsberg executing well in markets like China, India, and Vietnam.
- Carlsberg isn't quite as well-positioned as Heineken with respect to premium brands and its geographical footprint, but it has been improving margins and looks undervalued today.
For further details see:
Carlsberg Undervalued And Executing Well