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CARL B logo

Carlsberg A/SCPSE:CARL B Stock Report

Market Cap DKK 106.4b
Share Price
DKK 757.40
My Fair Value
DKK 972.95
22.2% undervalued intrinsic discount
1Y-4.3%
7D1.7%
Portfolio Value
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Carlsberg A/S

CPSE:CARL B Stock Report

Market Cap: DKK 106.4b

Carlsberg (CARL B) Stock Overview

Produces and markets beer and other beverage products in Denmark, China, the United Kingdom, and internationally. More details

CARL B fundamental analysis
Snowflake Score
Valuation6/6
Future Growth3/6
Past Performance2/6
Financial Health1/6
Dividends5/6

Rewards

Trading at 56.7% below our estimate of its fair value

Earnings are forecast to grow 12.19% per year

Pays a reliable dividend of 3.56%

Trading at good value compared to peers and industry

Analysts in good agreement that stock price will rise by 28%

Risk Analysis

Debt is not well covered by operating cash flow


CARL B Community Fair Values

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See what 36 others think this stock is worth. Follow their fair value or set your own to get alerts.

CARL B logo
Carlsberg

India And China Expansion Will Unlock Premium Market Potential

Key Takeaways Expansion in premium and health-focused beverage segments, plus entry into new categories, is driving sustainable revenue and margin growth across diverse markets. Digital transformation, supply chain efficiencies, and sustainability investments are reducing operating costs and regulatory risks while supporting profit growth.
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DKK 972.95
FV
23.0% undervalued intrinsic discount
7.21%
Revenue growth p.a.
1users have liked this narrative
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26users have followed this narrative
CARL B logo
Carlsberg

Declining Consumption And Rising Costs Will Erode Margin Stability

Key Takeaways Ongoing shifts toward health consciousness, rising regulations, and environmental mandates are constraining Carlsberg's revenue growth, profitability, and investment capacity across core and new markets. Macroeconomic uncertainty, currency volatility, input cost inflation, and increased retailer power are heightening earnings and margin risks, especially in key Asian markets.
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DKK 723
FV
3.6% overvalued intrinsic discount
5.99%
Revenue growth p.a.
0users have liked this narrative
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0users have followed this narrative
CARL B logo
Carlsberg

Emerging Markets And Premiumization Will Unlock Secular Trends

Key Takeaways Bold investments in brand, premium offerings, and emerging markets are driving superior growth, market share gains, and expanding margins beyond consensus expectations. Sustainability leadership and supply chain digitization are supporting higher profitability, investor appeal, and long-term earnings power through operational and funding efficiencies.
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DKK 1.25k
FV
40.2% undervalued intrinsic discount
8.95%
Revenue growth p.a.
0users have liked this narrative
0users have commented on this narrative
1users have followed this narrative
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Carlsberg A/S Competitors

Price History & Performance

Summary of share price highs, lows and changes for Carlsberg
Historical stock prices
Current Share PriceDKK 757.40
52 Week HighDKK 958.80
52 Week LowDKK 662.60
Beta0.60
1 Month Change-1.64%
3 Month Change-16.49%
1 Year Change-4.27%
3 Year Change-20.57%
5 Year Change-12.72%
Change since IPO110.97%

Recent News & Updates

Returns On Capital Are Showing Encouraging Signs At Carlsberg (CPH:CARL B)

Jul 14
Returns On Capital Are Showing Encouraging Signs At Carlsberg (CPH:CARL B)

Carlsberg A/S' (CPH:CARL B) Business Is Trailing The Market But Its Shares Aren't

Jun 16
Carlsberg A/S' (CPH:CARL B) Business Is Trailing The Market But Its Shares Aren't

An Intrinsic Calculation For Carlsberg A/S (CPH:CARL B) Suggests It's 47% Undervalued

May 26
An Intrinsic Calculation For Carlsberg A/S (CPH:CARL B) Suggests It's 47% Undervalued

Recent updates

Returns On Capital Are Showing Encouraging Signs At Carlsberg (CPH:CARL B)

Jul 14
Returns On Capital Are Showing Encouraging Signs At Carlsberg (CPH:CARL B)

Carlsberg A/S' (CPH:CARL B) Business Is Trailing The Market But Its Shares Aren't

Jun 16
Carlsberg A/S' (CPH:CARL B) Business Is Trailing The Market But Its Shares Aren't

An Intrinsic Calculation For Carlsberg A/S (CPH:CARL B) Suggests It's 47% Undervalued

May 26
An Intrinsic Calculation For Carlsberg A/S (CPH:CARL B) Suggests It's 47% Undervalued

Is Carlsberg (CPH:CARL B) Using Too Much Debt?

Apr 23
Is Carlsberg (CPH:CARL B) Using Too Much Debt?

Carlsberg (CPH:CARL B) Is Due To Pay A Dividend Of DKK27.00

Mar 15
Carlsberg (CPH:CARL B) Is Due To Pay A Dividend Of DKK27.00

Carlsberg (CPH:CARL B) Has Affirmed Its Dividend Of DKK27.00

Mar 01
Carlsberg (CPH:CARL B) Has Affirmed Its Dividend Of DKK27.00

There's Reason For Concern Over Carlsberg A/S' (CPH:CARL B) Massive 25% Price Jump

Feb 15
There's Reason For Concern Over Carlsberg A/S' (CPH:CARL B) Massive 25% Price Jump
User avatar

Accelerate SAIL Strategy And Britvic Acquisition Will Strengthen Future Market Position

Strategic acquisitions and market entries are poised to drive long-term growth, supporting revenue and market expansion.

Carlsberg (CPH:CARL B) Is Doing The Right Things To Multiply Its Share Price

Feb 03
Carlsberg (CPH:CARL B) Is Doing The Right Things To Multiply Its Share Price

Is Carlsberg (CPH:CARL B) Using Too Much Debt?

Dec 05
Is Carlsberg (CPH:CARL B) Using Too Much Debt?

Carlsberg A/S' (CPH:CARL B) Price In Tune With Earnings

Nov 17
Carlsberg A/S' (CPH:CARL B) Price In Tune With Earnings

Investors Will Want Carlsberg's (CPH:CARL B) Growth In ROCE To Persist

Oct 30
Investors Will Want Carlsberg's (CPH:CARL B) Growth In ROCE To Persist

Shareholder Returns

CARL BDK BeverageDK Market
7D1.7%1.0%-0.02%
1Y-4.3%-14.8%-36.5%

Return vs Industry: CARL B exceeded the Danish Beverage industry which returned -14.8% over the past year.

Return vs Market: CARL B exceeded the Danish Market which returned -34.2% over the past year.

Price Volatility

Is CARL B's price volatile compared to industry and market?
CARL B volatility
CARL B Average Weekly Movement3.0%
Beverage Industry Average Movement3.4%
Market Average Movement4.3%
10% most volatile stocks in DK Market8.1%
10% least volatile stocks in DK Market2.5%

Stable Share Price: CARL B has not had significant price volatility in the past 3 months compared to the Danish market.

Volatility Over Time: CARL B's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
184732,345Jacob Aarup-Andersenwww.carlsberggroup.com

Carlsberg A/S produces and markets beer and other beverage products in Denmark, China, the United Kingdom, and internationally. The company offers abbey beer, alcohol-free drinks, ale, American dark lager, Belgian ale, Belgian pale ale, bock, Bosomian Pilsners, brown ale, cider, dark lager, dubbel, energy drink, English pale ale, European dark and strong lager, European lager and pale lager, fruit beer, golden ale, hard seltzer, Hefeweizen, India pale ale, juices, Kellerbier, Kvass, lager, light beer, light pilsners, march beer, mead, mild lager, Münich, organic, pale ale, pale lager, pilsner, radler, ready-to-drink, red ale, seasonal brews, session, soft drink, sour, specialty, stout, strong pilsner, Vienna, water, wheat beer, white lager, and witbier under various brands. The company was founded in 1847 and is headquartered in Copenhagen, Denmark.

Carlsberg A/S Fundamentals Summary

How do Carlsberg's earnings and revenue compare to its market cap?
CARL B fundamental statistics
Market capDKK 106.43b
Earnings (TTM)DKK 6.68b
Revenue (TTM)DKK 82.06b
15.0x
P/E Ratio
1.2x
P/S Ratio

Is CARL B overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
CARL B income statement (TTM)
RevenueDKK 82.06b
Cost of RevenueDKK 44.47b
Gross ProfitDKK 37.59b
Other ExpensesDKK 30.91b
EarningsDKK 6.68b

Last Reported Earnings

Jun 30, 2025

Next Earnings Date

n/a

Earnings per share (EPS)50.58
Gross Margin45.81%
Net Profit Margin8.14%
Debt/Equity Ratio257.6%

How did CARL B perform over the long term?

See historical performance and comparison

Dividends

3.6%
Current Dividend Yield
53%
Payout Ratio

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/12 23:20
End of Day Share Price 2025/10/10 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Carlsberg A/S is covered by 60 analysts. 19 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Anthony BucaloBanco Santander
Alexandra OldroydBarclays