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UBS has reduced its target price for Carlsberg A/S to DKK 800 from DKK 870 while maintaining a neutral stance. The company is a major global beer producer, with 101 million hectoliters sold in 2023, primarily under the Carlsberg and Tuborg brands, and operates 71 breweries across various regions. Its net sales are predominantly from Western Europe (50.7%), followed by Asia (31.7%) and Eastern/Central Europe (17.6%).
10:04 12.12.2024
UBS has reduced its target price for Carlsberg to DKK 800 from DKK 870 while maintaining a neutral stance on the company. Carlsberg A/S, a leading global beer producer, sold 101 million hectoliters of beer in 2023, primarily under the Carlsberg and Tuborg brands, and 24.1 million hectoliters of non-alcoholic beverages. The company's sales are distributed across Western Europe (50.7%), Asia (31.7%), and Eastern and Central Europe (17.6%).
10:04 12.12.2024
UBS has reduced its target price for Carlsberg A/S to DKK 800 from DKK 870, maintaining a neutral stance on the company. Carlsberg, a leading global beer producer, sold 101 million hectoliters of beer in 2023, primarily under the Carlsberg and Tuborg brands, and also produced 24.1 million hectoliters of non-alcoholic beverages in 2022. The company operates 71 breweries across various regions, with net sales distributed as follows: Western Europe (50.7%), Asia (31.7%), and Eastern/Central Europe (17.6%).
Danish brewer Carlsberg is selling its Russian unit, Baltika Breweries, to local firm VG Invest for $322 million, following the lifting of state control by President Putin. The deal, which includes cash and shareholdings in Carlsberg Azerbaijan and Kazakhstan, comes after Carlsberg accused the Russian government of "stealing" its business. Carlsberg's CEO stated this outcome is the best possible given the circumstances, while analysts noted that companies that exited the Russian market early fared better.
Carlsberg A/S shares rose by up to 3.9% following a decree from Russian President Vladimir Putin that ended government control over the brewer's Russian operations. The Kremlin's decision to exclude Baltika Breweries from temporary management has restored ownership to Carlsberg, although the company's shares are still down over 10% year-to-date.
Carlsberg A/S reported a 0.2% decline in organic volumes for the third quarter, impacted by poor summer weather in Europe and a consumer downturn in China. Despite marketing investments aimed at boosting sales, the company faced challenges as consumers reduced spending amid China's economic slowdown.
Beer prices in Karnataka may rise as the brewers' association, including major players like United Breweries, AB InBev, and Carlsberg, urges the Chief Minister to withdraw proposed draft rules. The draft suggests doubling the excise duty on strong beer to Rs 20 per bulk litre, increasing the minimum billing price to Rs 300 per case, and setting the Additional Excise Duty at 195% of the billing price or Rs 130 per bulk litre, whichever is higher.
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