AllAnalyst Report
logoMorningstarMarch 24, 2021

Carlsberg A/S: Carlsberg the Most Upbeat Brewer on 2021 Rebound

Symbols
CABGY
Sector(s)
Consumer Defensive
Rating
Current Price
$36.29
Fair Value
Economic Moat
Stewardship
Summary

Carlsberg is the fourth-largest brewer in the world following the combination of Anheuser-Busch InBev and SABMiller, with major operations in Russia, Europe, and Asia. It holds leading share in Russia, Scandinavia, Laos, Cambodia, and parts of western China. Its key brands include Carlsberg, Tuborg, Baltika, Holsten, and Somersby. The company's 2020 beverage volume was split among Northern and Western Europe (44%), Eastern Europe (25%), and Asia (30%).

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Analyst Profile

Philip Gorham

Director
Philip Gorham, CFA, FRM, is director of equity research for Ibbotson Associates Japan, Inc., a wholly owned subsidiary of Morningstar, Inc. He covers the European consumer staples sector, spanning beverages, tobacco, food, and home and personal-care products.Gorham rejoined Morningstar in 2014 after serving as an equity analyst and associate director of equity research for the consumer staples sector from 2008 to 2011. From 2011 to 2013, he was an equity analyst for Federated Investors, covering the consumer sector for the firm’s global core equity and mid-cap growth funds. Previously, he was a market risk analyst for the Royal Bank of Scotland in the United Kingdom.Gorham holds a bachelor’s degree in economics from the University of Sunderland and master’s degrees in business administration and accounting from the University of North Carolina. He also holds the Chartered Financial Analyst® and Financial Risk Manager® designations. He is a member of the CFA Institute and the Global Association of Risk Professionals and is an affiliate member of the Market Technicians Association.