Carlsberg AS Class B

CARL B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 464.00	Xlf	Rvbwynyxs

Carlsberg Reports Strong Q1 Sales Growth as Consumers Absorb Raw Material Inflation

Philip Gorham

Apr 28, 2022

Carlsberg reported strong first-quarter sales, particularly in Western Europe. We have slightly raised our near-term revenue growth assumptions for the region, but this has no impact on our DKK 910 fair value estimate, and our full-year forecasts remain comfortably within the company's updated guidance. Following the market's initial over-reaction to the impact of events in Eastern Europe to Carlsberg, we now believe the shares are fairly valued.

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