ABG Sundal Collier has upgraded its recommendation for brewing giant Carlsberg from Hold to Buy, while maintaining its price target of DKK 940, according to Bloomberg data.
Carlsberg shares are currently trading around DKK 819 on Monday.
Carlsberg A/S is one of the world's leading beer producers. Net sales break down by activity as follows:
- beer production and sales: 99 million hectoliters sold in 2025 primarily under the Carlsberg and Tuborg brands;
- production, bottling, and distribution of non-alcoholic beverages: carbonated beverages, energy drinks, and mineral waters (49 million hectoliters sold in 2025).
At the end of 2025, the group had 57 breweries located in Denmark, in Poland (3), in Germany (3), in the United Kingdom (2), in Western Europe (4), in China (27), in India (7), in Asia (3), and in Central/Eastern Europe (7).
Net sales are distributed geographically as follows: Western Europe (58%), Asia (21.6%), and Eastern Europe/Central Europe/India (20.4%).
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