HOLT Global Stock Highlights from the Week - 10 July 2026

Research evidence excerpt

HOLT Global Stock Highlights from the Week - 10 July 2026

Global Research

10 July 2026ab

HOLT Equities

GlobalGlobal Stock Highlights from the Week - 10 July

2026 Hiten Patel, CFA, FCA

HOLT Specialist

hiten.j.patel@ubs.com

+44-20-7883 5132

Consumer and Auto Steffen Spillecke, CFA HOLT Sector Specialist

Carlsberg shares rise on Sapporo JV announcement; market pricing steffen.spillecke@ubs.com

(1) +44-20-7883 6549implies only half the long-term annual sales growth of ABI

John Talbott, CFA

The Sapporo - Carlsberg joint venture is anticipated to strengthen Carlsberg's premium HOLT Sector Specialist

beer portfolio by securing a long-term licence for the Sapporo brand and leveraging john.talbott@ubs.com

Carlsberg's distribution network to expand the brand's reach across key markets (UBS +1-212-325 1813

Research). Carlsberg continues to benefit from positive CFROI revisions, with consensus Brendan Munson

forecasting CFROI improvement in 2026/27e, margin expansion and strong execution HOLT Sector Specialist

following the Britvic acquisition, are expected to drive Economic Profit to record highs brendan.munson@ubs.com

(click here). Despite the improving price momentum, CARLb continues to trade near an +1-212-325 2784

11-year low on 23.3x Economic P/E (vs.15-year median of 30.8x) and at its widest Shawn Lee

discount to ABI over the past decade. Based on IBES consensus estimates through 2028e HOLT Sector Specialist

and assuming flat EBITDA margins and asset turns thereafter, Carlsberg is priced for just shawn.lee@ubs.com

3% p.a. sales growth through 2035 (click here) - roughly half the 6% p.a. sales growth +65-6212 3370

implied for ABI.

Genuine Parts (GPC) Auto Unit separation gets renewed attention after

(2)

receiving cash bid; trading at a discount to peers on Economic P/E