Carlsberg Earnings: Price Elasticity Remains Robust in the Face of Further Price Increases

Not for the first time in recent quarters, Carlsberg posted revenue growth marginally above our estimates in the first quarter of 2023, driven by implementation of price increases. Although volume was slightly weaker than our forecast, consumers appear to remain willing to accept higher prices, and revenue growth was very strong. Management raised the lower end of its full-year guidance, but with stiffening currency headwinds offsetting the revenue upside in the quarter, we make no change to our DKK 970 fair value estimate, despite minor tweaks to our near-term forecasts.