Carlsberg suffers a share-price discount that lacks an easy fix. The Danish brewer binged less on mergers and acquisitions than others as the industry consolidated in recent years. But the result is a narrower geographical footprint. Nor has it fully integrated the operations it has bought.
Full-year results on Feb. 18 were particularly hard for investors to swallow. Carlsberg abandoned some margin targets, and guided for surprisingly weak operating profit this year. The shares fell 7 per cent.