Carlsberg: Poor Q2 15 figures

NEUTRAL, Fair Value DKK634 (+7%)
News published on August Wednesday 19, 2015
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Carlsberg published this morning pretty bad profit numbers for the second quarter 2015 (and that is putting it mildly) with operating profit down 19% to DKK2,922m which was 11% below consensus of DKK3,265m.  On the back of the weaker results in both Western and Eastern Europe, the company review its 2015 organic operating profit guidance down to a slight decline vs previously mid- to high-single digit growth and is now expecting a slightly less negative impact from currencies at DKK300m vs previously DKK400m.  We are lowering our 2015 operating profit forecast by 8% to DKK8,878 (a 4% decline on 2014) and adjusted net profit by 5% to DKK4,720 which is a 14% decline on 2014.


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