Carlsberg: Solid 2023 Results, But Value Case Still Not Compelling

News Snapshot:

Bloomberg/Bloomberg via Getty Images Carlsberg (OTCPK:CABGY)(OTCPK:CABJF) stock has been on a tough run since I last covered the company in May. Shares of the Danish brewer have delivered a negative 18% total return in that time, significantly underperforming peers Heineken (OTCQX:HEINY)(OTCQX:HINKF) and Anheuser-Busch InBev (BUD) as well as global staples more generally. Data by YCharts While ultimately keeping my Hold rating in place due to valuation concerns, price elasticity was something that surprised me in a good way last time out, with Carlsberg's beverage volumes proving much more resilient in the face of inflation-driven price hikes than I expected. That...