Carlsberg A/S

Panmure Liberum analysts warned that simple tournament-themed stock baskets tied to the 2026 World Cup could mislead investors, even as Adidas, Entain, and Carlsberg draw fresh attention. Strategists Joachim Klement and Francisca Reis reviewed nine World Cups since 1990 and found the strongest performers often had little obvious link to soccer, including Sagax AB, Man Group Plc, and Fresnillo Plc. They described many World Cup baskets as noise dressed up as thematic investing. Instead, the analysts pointed to stocks that may look attractive beyond the tournament because of valuation, profitability, and growth, highlighting Adidas with a forward price-to-earnings ratio of around 18, about 40% below its 10-year average, and expected annual earnings growth of more than 15% over the next three years. Entain, which owns more than 35 betting and gaming brands including Ladbrokes, Bwin, and BetMGM, trades at about 10 times forward earnings with double-digit annual profit growth estimated over the next three years. Both Adidas and Entain are seeing positive earnings revisions, possibly helped by the World Cup's familiarity effect, though some optimism may fade after the tournament, creating a risk of modest downgrades. For a more defensive play, the analysts highlighted Carlsberg A/S, trading at about 13 times forward earnings, around 20% below its 10-year average, with earnings expected to grow roughly 10% a year.