CreditSights logo
Forgot Password?


Out of the 5 brewers that account for just over half of the global market, Carlsberg is the third largest in terms of volume, selling 112 million hectolitres of beer in 2017, but it is still a considerable distance behind Heineken (almost twice as large) and AB InBev (more than 4x larger). Carlsberg's main beer market is Western Europe from where the majority of its net revenues, beer volumes and operating profits are generated (approximately 59% of total revenues in FY17). The group's beer portfolio includes its flagship brand Carlsberg as well as Tuborg, Baltika and 1664. In addition to its core brewing business, Carlsberg bottles and distributes soft drinks and mineral water, among other beverages, in markets in which it has an extensive distribution network. The Carlsberg Foundation, set up by the founder of Carlsberg, owns 30% of the shares and 75% of the voting rights of Carlsberg A/S. (24 Aug 2018)

Search Results

Excerpts only. To access full content please login or request a free trial.

IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.

Carlsberg: 3Q18 – Hot Quarter

Worth Watching: 01 Nov 2018, 5:53 AM ET - Carlsberg (CARLB: Baa2/NR/BBB), where we hold an Outperform opinion relative to its European food & beverage peers, reported strong 3Q18 revenue growth and confirmed its recently upgraded full year expectations this morning.  We wouldn't expect ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

IG European Food & Bev/HPC: New Names in the Frame

Sector Analysis: 15 Oct 2018, 11:29 PM ET - Amendments to our investment grade European IG food & Beverage/HPC membership, left us downgrading our opinion on Barry Callebaut but upgrading our recommendation on Nestlé.            

Spotlight on Coca-Cola HBC AG: Underperform

Company Spotlight: 15 Oct 2018, 11:27 PM ET - We initiate coverage on Coca-Cola HBC AG (Hellenic), the world's fourth largest independent Coca-Cola bottler based on revenue, since we believe that there is a high chance that the company might announce major M&A in the next few months. 

Carlsberg: Vietnam M&A Update

Worth Watching: 13 Sep 2018, 5:01 AM ET - Carlsberg (CARLB: Baa2/NR/BBB+), where we have an Outperform opinion relative to its IG European Food & Beverage/HPC peers after our latest review of our intra sector rankings (IG European Food & Bev/HPC: Second Half), is turning its attention ..

Carlsberg: 1H18 - Still Strong

Worth Watching: 16 Aug 2018, 7:15 AM ET - Carlsberg : summary 1H18 results were moderately positive for the bonds. LTM credit metrics improved a little and management raised its profit outlook for the full year on the back of a strong 2Q18, more influenced by China, now Carlsberg's mos ..

IG European Food & Bev/HPC: 2H18 Opinion Changes

Sector Outlook: 05 Jul 2018, 9:38 PM ET - We set out specific bond choices to execute our new opinions on AB InBev, Pernod and Reckitt Benckiser. 

IG European Food & Bev/HPC: Second Half

Sector Outlook: 03 Jul 2018, 9:32 PM ET - AB InBev falls to a Market performer as a result of our European food & bev/HPC 2H18 outlook. 

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.

Euro IG Strategy: Picks and Pans (May 2018)

Strategy Analysis: 21 May 2018, 10:34 PM ET - In this piece we summarise our sector recommendations, and provide a few names within each sector that our sector analysts like and dislike, their picks and pans. 

Carlsberg: 1Q18 – Russian Weakness

Worth Watching: 01 May 2018, 4:55 AM ET - Carlsberg  (CARLB: Baa2/NR/BBB), where we hold an Outperform opinion, updated on 1Q18 trading this morning which we would categorise as neutral for the bonds. Although the top line declined on the back of unfavourable currency and performance i ..

Russia Sanctions: A Euro Credit Market Perspective

Strategy Analysis: 19 Apr 2018, 11:31 PM ET - We take a look at the impact of Russian sanction on euro credit markets and identify the companies with the most significant revenue exposure to the country.

Carlsberg FY17: Special Game

Earnings Note: 07 Feb 2018, 11:48 AM ET - Carlsberg’s latest results highlighted its Russian exposure but also management’s superior cost saving abilities.

Euro IG Strategy: Picks and Pans (February 2018)

Strategy Analysis: 04 Feb 2018, 10:28 PM ET - In this piece we summarise our sector recommendations, and provide a few names within each sector that our sector analysts like and dislike, their picks and pans. 

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.

IG European Consumer: 2018 New Issuance

Sector Outlook: 21 Dec 2017, 9:59 PM ET - A brief look at possible investment grade and crossover European food & beverage and retail issuance in 2018.

IG European Consumer: 2018 Outlook Opinion Changes

Sector Outlook: 11 Dec 2017, 9:29 PM ET - We set out more on our five opinion changes in European food & beverage and retail for 2018 and give specific bond recommendations in order to execute them. 

2017 Euro Conference: IG Consumer

Transcript: 11 Dec 2017, 8:47 PM ET - We spoke about our outlook for our high grade and crossover European food & beverage and retail names in 2018, the 50th anniversary of the Apollo 8 space mission.

Request A Free Trial

CreditSights offers free trials to individuals in qualified institutions.

Sign up now >>



Refine Results