Jefferies cuts Carlsberg to 'hold' on expected slowdown in sales growth

Carlsberg A/S

14/09/2026 07:33

** Jefferies downgrades Carlsberg CARLb.CO to "hold" from "buy" and cuts PT to DKK 950 from DKK 1,100, warning of slower sales growth as competition rises in China and a one-off boost from Kazakhstan fades
** China, accounting for about 30% of Carlsberg's beer volumes, is the biggest swing factor, with rising competition expected to temper growth, Jefferies says
** It estimates underlying organic sales growth at about 1.3% in 2026, excluding Kazakhstan's boost, which implies a sharp acceleration is needed to meet 2027 consensus of 3.5%
** "Slower growth is a headwind to re-rating," the broker says, warning that weaker sales growth could also put pressure on Carlsberg's medium-term growth target of 4-6%
** Cost cuts should help sustain profit growth despite weaker sales, while Carlsberg's expansion into soft drinks makes "strong strategic sense", Jefferies says
** Out of 26 analysts that cover Carlsberg, 21 rate the stock "strong buy" or "buy",​ four "hold" and one "sell" - LSEG data

(Reporting by Jesus Calero)
((jesus.calero@thomsonreuters.com))