Carlsberg AS Class B

CARL B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Carlsberg’s Diversification Efforts Should Support Growth

Verushka Shetty

Aug 19, 2026

Business Strategy and Outlook

Carlsberg is the third-largest brewer globally, with strong positions in several markets including western China and Scandinavia. Through its strong market share, the firm has built up regional cost advantages, enabling superior procurement, manufacturing, and distribution efficiencies. Carlsberg’s scale benefits coupled with its entrenched relationships and route-to-market strategy should enable the firm to continue to earn excess economic profits over the next decade.

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Carlsberg AS Class B

Carlsberg’s Diversification Efforts Should Support Growth

Business Strategy and Outlook

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