Carlsberg: share up on Morgan Stanley comments

(CercleFinance.com) - Closing up over 2%, Carlsberg shares were one of the biggest risers on the Copenhagen Stock Exchange's OMX 25 index, following positive comments from Morgan Stanley.


The US investment bank has started monitoring the stock with an 'overweight' recommendation and a target price of 900 DKK.

The New York broker considers that concerns about the group's debt levels, the sound execution of the business, possible tightening of alcohol-related regulations and exposure to the Chinese market are all elements that are now more than integrated into the share price.

It believes that the acquisition of soda maker Britvic should enable it to boost EPS growth by generating synergies and enabling it to reduce its capital intensity through lower capital expenditure.

MS also states that it expects growth in the soft drinks market to outstrip that of the beer market.

Trading at a 2025 P/E of 12x and 10.5x for 2026, the US bank believes that Carlsberg shares are currently undervalued, both in absolute and relative terms.

Following these comments, the share price rallied about 2%, after hitting lows since 2020 last week.


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