Carlsberg: Deutsche Bank raises target price
(CercleFinance.com) - Deutsche Bank has reaffirmed its 'buy' recommendation on Carlsberg shares, which replaces Heineken as the top choice in European beverages, with its target price raised from DKK1,100 to DKK1,200.
The broker updates its estimates for the Danish brewer to reflect the terms of its recommended offer for Britvic, as well as its purchase of Marston's minority stake in Carlsberg Marston's Limited.
Based on its new estimates, Carlsberg trades on a 2025 P/E of 13.8x, representing discounts of 29% to the five-year average P/E of the share or 27% to European commodities.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker updates its estimates for the Danish brewer to reflect the terms of its recommended offer for Britvic, as well as its purchase of Marston's minority stake in Carlsberg Marston's Limited.
Based on its new estimates, Carlsberg trades on a 2025 P/E of 13.8x, representing discounts of 29% to the five-year average P/E of the share or 27% to European commodities.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.