CARLB DC (Update)

Carlsberg AS

Consumer


Presented:12/03/2014
Price:DKK516.00
Cap:$11.90B
Current Price:DKK784.00
Cap:$15.35B

Presented

Date12/03/2014
PriceDKK516.00
Market Cap$11.90B
Ent Value$17.91B
P/E Ratio18.65x
Book ValueDKK55.87
Div Yield1.67%
Shares O/S152.54M
Ave Daily Vol400,000
Short IntN/A

Current

PriceDKK784.00
Market Cap$15.35B
Carlsberg A/S is a Denmark-based company active within the brewing industry. It is primarily engaged in the production, marketing and sale of beer and soft drinks. The Company’s portfolio consists of more than 500 beer brands, including Carlsberg, Kronenbourg, Baltika, Holsten, Tuborg, Lav and Lvivske, among others. Its operations are divided in geographical segments: Western Europe, Eastern Europe and Asia, which create Beverages division, and Non-beverage. The Company is also present in markets where it does not have own breweries, through license business and export. Additionally, the Company has interests in development and sales of real estate. It operates through numerous subsidiaries in Europe and Asia, including Carlsberg Danmark A/S, Carlsberg Sverige AB, Carlsberg Polska SA, Baltika Breweries and Carlsberg Brewery Hong Kong Ltd, among others. In December 2013, it acquired an approximately 30.3% stake in China's Chongqing Brewery Company Co. Ltd, raising its stake to 60%.

Please note, this is an update to Long – Carlsberg A/S (CARLB DC) presented on 6/23/2014 which is an update to LONG - Carlsberg A/S (CARLB DC) originally presented on 4/10/2014.

Publicly traded companies mentioned herein: Anheuser-Busch InBev (BUD/ ABI BR), Carlsberg A/S (CARLB DC), Heineken (HEIA NA)

Highlights

The presenter has been adding to his long position in shares of Carlsberg A/S (CARLB) on recent weakness he attributes to concerns about Russia and the Russian beer market (shares are off ~11% since late June, 2014). He continues to see value in shares of the world’s fourth largest brewer, and provided the following updates to his thesis:

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