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Carlsberg

WBAG:CARL
Snowflake Description

Established dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CARL
WBAG
DKK127B
Market Cap
  1. Home
  2. AT
  3. Food, Beverage & Tobacco
Company description

Carlsberg A/S produces and sells beer and other beverage products in Western Europe, Eastern Europe, and Asia. The last earnings update was 71 days ago. More info.


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CARL Share Price and Events
7 Day Returns
-0.9%
WBAG:CARL
0%
Europe Beverage
3.4%
AT Market
1 Year Returns
22.8%
WBAG:CARL
6%
Europe Beverage
-2%
AT Market
CARL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Carlsberg (CARL) -0.9% 1.9% 14.4% 22.8% - -
Europe Beverage 0% 3.6% 18.5% 6% 1.2% 37.6%
AT Market 3.4% 6% 10.1% -2% 43.4% 29.5%
1 Year Return vs Industry and Market
  • CARL outperformed the Beverage industry which returned 6% over the past year.
  • CARL outperformed the Market in Austria which returned -2% over the past year.
Price Volatility
CARL
Industry
5yr Volatility vs Market

CARL Value

 Is Carlsberg undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Carlsberg to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Carlsberg.

WBAG:CARL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 21 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.3%
Perpetual Growth Rate 10-Year AT Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for WBAG:CARL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AT Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.6
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.604 (1 + (1- 22%) (18.92%))
0.795
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.51% + (0.8 * 5.96%)
5.28%

Discounted Cash Flow Calculation for WBAG:CARL using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Carlsberg is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

WBAG:CARL DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (DKK, Millions) Source Present Value
Discounted (@ 5.28%)
2019 6,800.91 Analyst x15 6,459.95
2020 7,224.59 Analyst x16 6,518.35
2021 7,685.63 Analyst x9 6,586.68
2022 8,996.50 Analyst x2 7,323.57
2023 9,325.00 Analyst x1 7,210.42
2024 9,573.50 Est @ 2.66% 7,031.45
2025 9,766.73 Est @ 2.02% 6,813.74
2026 9,919.66 Est @ 1.57% 6,573.49
2027 10,043.57 Est @ 1.25% 6,321.92
2028 10,146.75 Est @ 1.03% 6,066.68
Present value of next 10 years cash flows DKK66,906.25
WBAG:CARL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= DKK10,146.75 × (1 + 0.51%) ÷ (5.28% – 0.51%)
DKK213,894.71
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= DKK213,894.71 ÷ (1 + 5.28%)10
DKK127,886.23
WBAG:CARL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= DKK66,906.25 + DKK127,886.23
DKK194,792.49
Equity Value per Share
(DKK)
= Total value / Shares Outstanding
= DKK194,792.49 / 151.58
DKK1285.07
WBAG:CARL Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in WBAG:CARL represents 0.13429x of CPSE:CARL B
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.13429x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (DKK) x Listing Adjustment Factor
= DKK 1,285.07 x 0.13429
€172.57
Value per share (EUR) From above. €172.57
Current discount Discount to share price of €112.80
= -1 x (€112.80 - €172.57) / €172.57
34.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Carlsberg is available for.
Intrinsic value
35%
Share price is €112.8 vs Future cash flow value of €172.57
Current Discount Checks
For Carlsberg to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Carlsberg's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Carlsberg's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Carlsberg's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Carlsberg's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WBAG:CARL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in DKK DKK34.83
CPSE:CARL B Share Price ** CPSE (2019-04-18) in DKK DKK840
Europe Beverage Industry PE Ratio Median Figure of 50 Publicly-Listed Beverage Companies 22.92x
Austria Market PE Ratio Median Figure of 51 Publicly-Listed Companies 14.73x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Carlsberg.

WBAG:CARL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= CPSE:CARL B Share Price ÷ EPS (both in DKK)

= 840 ÷ 34.83

24.12x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Carlsberg is overvalued based on earnings compared to the Europe Beverage industry average.
  • Carlsberg is overvalued based on earnings compared to the Austria market.
Price based on expected Growth
Does Carlsberg's expected growth come at a high price?
Raw Data
WBAG:CARL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 24.12x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts
6.7%per year
Europe Beverage Industry PEG Ratio Median Figure of 30 Publicly-Listed Beverage Companies 2.33x
Austria Market PEG Ratio Median Figure of 32 Publicly-Listed Companies 1.34x

*Line of best fit is calculated by linear regression .

WBAG:CARL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 24.12x ÷ 6.7%

3.6x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Carlsberg is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Carlsberg's assets?
Raw Data
WBAG:CARL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in DKK DKK297.15
CPSE:CARL B Share Price * CPSE (2019-04-18) in DKK DKK840
Europe Beverage Industry PB Ratio Median Figure of 57 Publicly-Listed Beverage Companies 2.16x
Austria Market PB Ratio Median Figure of 59 Publicly-Listed Companies 1.27x
WBAG:CARL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= CPSE:CARL B Share Price ÷ Book Value per Share (both in DKK)

= 840 ÷ 297.15

2.83x

* Primary Listing of Carlsberg.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Carlsberg is overvalued based on assets compared to the Europe Beverage industry average.
X
Value checks
We assess Carlsberg's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Beverage industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Beverage industry average (and greater than 0)? (1 check)
  5. Carlsberg has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CARL Future Performance

 How is Carlsberg expected to perform in the next 1 to 3 years based on estimates from 21 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Carlsberg expected to grow at an attractive rate?
  • Carlsberg's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Carlsberg's earnings growth is positive but not above the Austria market average.
  • Carlsberg's revenue growth is expected to exceed the Austria market average.
Annual Growth Rates Comparison
Raw Data
WBAG:CARL Future Growth Rates Data Sources
Data Point Source Value (per year)
WBAG:CARL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts 6.7%
WBAG:CARL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 21 Analysts 3.8%
Europe Beverage Industry Earnings Growth Rate Market Cap Weighted Average 12.1%
Europe Beverage Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
Austria Market Earnings Growth Rate Market Cap Weighted Average 9%
Austria Market Revenue Growth Rate Market Cap Weighted Average 2.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
WBAG:CARL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below
All numbers in DKK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WBAG:CARL Future Estimates Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 76,595 14,813 7,687 3
2022-12-31 73,693 14,093 7,234 4
2021-12-31 69,590 13,044 6,538 13
2020-12-31 67,014 12,114 6,100 20
2019-12-31 64,909 11,557 5,716 21
WBAG:CARL Past Financials Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income *
2018-12-31 62,503 12,047 5,309
2018-09-30 61,474 12,081 3,368
2018-06-30 61,598 12,115 1,426
2018-03-31 61,703 11,975 1,343
2017-12-31 60,655 11,834 1,259
2017-09-30 61,601 11,428 3,091
2017-06-30 62,547 11,022 4,923
2017-03-31 62,581 10,176 4,705
2016-12-31 62,614 9,329 4,486
2016-09-30 61,585 9,394 3,255
2016-06-30 64,195 11,589 -2,554
2016-03-31 67,505 13,335 -1,903

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Carlsberg's earnings are expected to grow by 6.7% yearly, however this is not considered high growth (20% yearly).
  • Carlsberg's revenue is expected to grow by 3.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
WBAG:CARL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below

All data from Carlsberg Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:CARL Future Estimates Data
Date (Data in DKK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 58.37 58.55 58.20 2.00
2022-12-31 52.86 53.42 52.30 2.00
2021-12-31 47.38 49.31 45.41 8.00
2020-12-31 41.88 44.05 39.00 15.00
2019-12-31 38.25 39.53 36.15 16.00
WBAG:CARL Past Financials Data
Date (Data in DKK Millions) EPS *
2018-12-31 34.83
2018-09-30 22.09
2018-06-30 9.36
2018-03-31 8.81
2017-12-31 8.26
2017-09-30 20.27
2017-06-30 32.27
2017-03-31 30.84
2016-12-31 29.41
2016-09-30 21.33
2016-06-30 -16.74
2016-03-31 -12.47

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Carlsberg is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Carlsberg's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Carlsberg has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CARL Past Performance

  How has Carlsberg performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Carlsberg's growth in the last year to its industry (Beverage).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Carlsberg's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Carlsberg's 1-year earnings growth exceeds its 5-year average (321.7% vs -8.2%)
  • Carlsberg's earnings growth has exceeded the Europe Beverage industry average in the past year (321.7% vs 7%).
Earnings and Revenue History
Carlsberg's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Carlsberg Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:CARL Past Revenue, Cash Flow and Net Income Data
Date (Data in DKK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 62,503.00 5,309.00 22,166.00
2018-09-30 61,474.00 3,367.50 21,935.50
2018-06-30 61,598.00 1,426.00 22,980.00
2018-03-31 61,703.00 1,342.50 23,030.00
2017-12-31 60,655.00 1,259.00 21,805.00
2017-09-30 61,601.00 3,091.00 22,404.00
2017-06-30 62,547.00 4,923.00 23,003.00
2017-03-31 62,580.50 4,704.50 23,411.00
2016-12-31 62,614.00 4,486.00 23,819.00
2016-09-30 61,584.50 3,254.50 23,676.00
2016-06-30 64,195.00 -2,554.00 24,001.00
2016-03-31 67,504.50 -1,902.50 24,663.50
2015-12-31 65,354.00 -2,926.00 24,212.00
2015-09-30 65,026.00 -2,836.00 24,038.00
2015-06-30 64,850.00 3,766.00 23,914.00
2015-03-31 65,081.00 4,391.00 23,603.00
2014-12-31 64,506.00 4,414.00 23,454.00
2014-09-30 65,347.00 5,373.00 23,486.00
2014-06-30 64,646.00 5,478.00 23,200.00
2014-03-31 64,542.00 5,342.00 22,977.00
2013-12-31 64,350.00 5,471.00 22,711.00
2013-09-30 64,951.00 4,536.00 22,853.00
2013-06-30 66,119.00 4,464.00 23,072.00
2013-03-31 66,397.00 5,745.00 23,124.00
2012-12-31 66,468.00 5,607.00 23,155.00
2012-09-30 65,551.00 5,330.00 23,397.00
2012-06-30 64,404.00 6,200.00 23,285.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Carlsberg has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Carlsberg used its assets less efficiently than the Europe Beverage industry average last year based on Return on Assets.
  • Carlsberg has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Carlsberg's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Beverage industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Carlsberg has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CARL Health

 How is Carlsberg's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Carlsberg's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Carlsberg's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Carlsberg's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Carlsberg's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Carlsberg Company Filings, last reported 3 months ago.

WBAG:CARL Past Debt and Equity Data
Date (Data in DKK Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 47,889.00 23,983.00 5,589.00
2018-09-30 47,889.00 23,983.00 5,589.00
2018-06-30 48,466.00 24,087.00 5,722.00
2018-03-31 48,466.00 24,087.00 5,722.00
2017-12-31 49,525.00 24,189.00 3,462.00
2017-09-30 49,525.00 24,189.00 3,462.00
2017-06-30 51,098.00 28,704.00 5,719.00
2017-03-31 51,098.00 28,704.00 5,719.00
2016-12-31 53,650.00 30,204.00 3,502.00
2016-09-30 53,650.00 30,204.00 3,502.00
2016-06-30 48,826.00 33,322.00 3,642.00
2016-03-31 48,826.00 33,322.00 3,642.00
2015-12-31 47,231.00 36,028.00 3,131.00
2015-09-30 49,097.00 37,658.00 3,024.00
2015-06-30 60,633.00 40,889.00 2,826.00
2015-03-31 59,484.00 44,158.00 2,309.00
2014-12-31 55,997.00 40,525.00 2,418.00
2014-09-30 69,459.00 39,230.00 3,358.00
2014-06-30 70,001.00 41,096.00 3,406.00
2014-03-31 64,784.00 43,220.00 3,052.00
2013-12-31 71,001.00 39,656.00 3,612.00
2013-09-30 71,507.00 36,710.00 3,417.00
2013-06-30 71,123.00 39,048.00 3,279.00
2013-03-31 73,680.00 43,017.00 4,898.00
2012-12-31 73,650.00 40,058.00 5,760.00
2012-09-30 74,819.00 39,540.00 5,932.00
2012-06-30 74,659.00 37,609.00 4,514.00
  • Carlsberg's level of debt (50.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (56% vs 50.1% today).
  • Debt is well covered by operating cash flow (50.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 21.9x coverage).
X
Financial health checks
We assess Carlsberg's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Carlsberg has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CARL Dividends

 What is Carlsberg's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.14%
Current annual income from Carlsberg dividends. Estimated to be 2.47% next year.
If you bought €2,000 of Carlsberg shares you are expected to receive €43 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Carlsberg's pays a higher dividend yield than the bottom 25% of dividend payers in Austria (1.44%).
  • Carlsberg's dividend is below the markets top 25% of dividend payers in Austria (4.62%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
WBAG:CARL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below
Europe Beverage Industry Average Dividend Yield Market Cap Weighted Average of 44 Stocks 2%
Austria Market Average Dividend Yield Market Cap Weighted Average of 49 Stocks 3.4%
Austria Minimum Threshold Dividend Yield 10th Percentile 1.1%
Austria Bottom 25% Dividend Yield 25th Percentile 1.4%
Austria Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

WBAG:CARL Future Dividends Estimate Data
Date (Data in DKK) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 30.00 1.00
2022-12-31 27.00 1.00
2021-12-31 22.62 13.00
2020-12-31 20.75 20.00
2019-12-31 18.90 22.00
WBAG:CARL Past Annualized Dividends Data
Date (Data in DKK) Dividend per share (annual) Avg. Yield (%)
2019-03-13 18.000 2.157
2018-02-12 16.000 2.159
2018-02-07 16.000 2.266
2017-02-24 10.000 1.423
2017-02-08 10.000 1.627
2016-02-24 9.000 1.453
2016-02-10 9.000 1.508
2015-03-26 9.000 1.568
2014-02-27 8.000 1.501
2014-02-19 8.000 1.376
2013-02-18 6.000 1.068
2012-08-15 5.500 1.016
2012-02-28 5.500 1.178
2012-02-20 5.500 1.244
2011-03-24 5.000 1.128
2010-03-01 3.500 0.674
2010-02-23 3.500 0.839
2009-04-20 3.500 0.987

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Carlsberg's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.1x coverage).
X
Income/ dividend checks
We assess Carlsberg's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Carlsberg afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Carlsberg has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CARL Management

 What is the CEO of Carlsberg's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Cees ´t Hart
COMPENSATION DKK52,500,000
AGE 60
TENURE AS CEO 3.8 years
CEO Bio

Mr. Cees C. 't Hart has been the Chief Executive Officer and President of Carlsberg A/S since February 2015. Mr. 't Hart serves as Global Chief Executive Officer at Frieslandcampina Wamco Nigeria Plc. He served as the Chief Executive Officer at FrieslandCampina Cheese & Butter B.V. and has been its Member of Executive Board since January 1, 2009. He is responsible for Cooperative Affairs, Corporate Communication, Corporate Human Resources, Corporate Legal & Company Secretary, Corporate Public Affairs & Quality Affairs, Corporate Research and Corporate Strategy. He serves as Global Chief Executive Officer at Friesland Campina Wamco Nigeria Plc. He has been the Chief Executive Officer of Royal FrieslandCampina NV. since December 31, 2008. He is an Employee of Friesland Foods. From 2006 to 2008, he served as Senior Vice President of Marketing Operations Foods Europe & Member of the Executive Board Unilever Europe. Mr. 't Hart has a 25 year international career at Unilever across Eastern and Western Europe and Asia. Mr. 't Hart served as the Chief Executive Officer at Koninklijke FrieslandCampina NV from January 1, 2009 to June 1, 2015 and served as its President of the Board of Management since May 2008. From 1998 to 2002, he served as Chief Executive officer of Poland and Member of the Executive Board of Unilever Central and Eastern Europe. From 2002 to 2006, he served as Chief Executive officer of Lever Fabergé Italy and Member of the Executive Board of Home and Personal Care Europe (Unilever). He served as the Chairman of Global Dairy Platform from January 1, 2015 to April 16, 2015 and has been its Director since January 1, 2015. He serves as a Member of Executive Board at Carlsberg A/S. He has been a Member of Supervisory Board at KLM Royal Dutch Airlines since April 23, 2014. He serves as a Member of Supervisory Board at Carlsberg Breweries A/S. He served as a Member of The Supervisory Board at Carlsberg Breweries A/S since June 25, 2015.

CEO Compensation
  • Cees's compensation has increased by more than 20% in the past year.
  • Insufficient data for Cees to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure and age of the Carlsberg management team in years:

3.3
Average Tenure
51
Average Age
  • The tenure for the Carlsberg management team is about average.
Management Team

Cees ´t Hart

TITLE
CEO, President & Member of Executive Board
COMPENSATION
DKK53M
AGE
60
TENURE
3.8 yrs

Heine Dalsgaard

TITLE
CFO & Member of Executive Board
COMPENSATION
DKK28M
AGE
47
TENURE
3.3 yrs

Nancy Cruickshank

TITLE
Senior Vice President of Digital Business Transformation
AGE
48
TENURE
0.9 yrs

Peter Kondrup

TITLE
Vice President of Investor Relations
TENURE
10.3 yrs

Jacek Pastuszka

TITLE
Executive Vice President of Eastern Europe
AGE
55
TENURE
4.3 yrs

Chris Warmoth

TITLE
Executive Vice President of Western Europe
AGE
59
TENURE
1.3 yrs

Graham Fewkes

TITLE
Executive Vice President of Asia
AGE
50
TENURE
4.3 yrs

Phil Hodges

TITLE
Executive Vice President of Supply Chain
AGE
52
TENURE
2.2 yrs

Jessica Alice Spence

TITLE
Executive Vice President of Group Commercial
AGE
43
TENURE
1.1 yrs

Julian Momen

TITLE
Interim Chief Executive Officer of UK
Board of Directors Tenure

Average tenure and age of the Carlsberg board of directors in years:

7.1
Average Tenure
62.5
Average Age
  • The tenure for the Carlsberg board of directors is about average.
Board of Directors

Flemming Besenbacher

TITLE
Chairman of Supervisory Board
AGE
66
TENURE
7.1 yrs

Lars Jørgensen

TITLE
Deputy Chair of Supervisory Board
AGE
52
TENURE
0.1 yrs

Richard George Burrows

TITLE
Non-Executive Independent Member of the Supervisory Board
AGE
72
TENURE
10.3 yrs

Eva Decker

TITLE
Employee Representative Member of Supervisory Board
AGE
54
TENURE
5.3 yrs

Hans Andersen

TITLE
Employee Representative Member of Supervisory Board
AGE
63
TENURE
21.3 yrs

Peter Petersen

TITLE
Employee Representative Member of Supervisory Board
AGE
49
TENURE
9.1 yrs

Lars Stemmerik

TITLE
Non-Executive Non-Independent Member of Supervisory Board
AGE
62
TENURE
9.3 yrs

Søren-Peter Olesen

TITLE
Non-Executive Non-Independent Member of Supervisory Board
AGE
63
TENURE
7.1 yrs

Finn Lok

TITLE
Employee Representative Member of Supervisory Board
AGE
60
TENURE
5.1 yrs

Carl Bache

TITLE
Non-Executive Non-Independent Member of Supervisory Board
AGE
65
TENURE
5.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Carlsberg's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Carlsberg has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CARL News

Simply Wall St News

CARL Company Info

Description

Carlsberg A/S produces and sells beer and other beverage products in Western Europe, Eastern Europe, and Asia. The company provides craft and specialty, and non-alcoholic beers; and soft drinks. It offers its products primarily under the Carlsberg, Baltika, Tuborg, birell, Ringnes, and other local brand names. Carlsberg A/S also exports its products to approximately 100 countries worldwide. The company was founded in 1847 and is based in Copenhagen, Denmark.

Details
Name: Carlsberg A/S
CARL
Exchange: WBAG
Founded: 1847
DKK16,982,151,068
151,581,012
Website: http://www.carlsberggroup.com
Address: Carlsberg A/S
100 Ny Carlsberg Vej,
Copenhagen V,
Copenhagen,
Capital Region of Denmark, 1799,
Denmark
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
CPSE CARL B Class B Shares OMX Nordic Exchange Copenhagen DK DKK 01. Jan 1992
OTCPK CABJ.F Class B Shares Pink Sheets LLC US USD 01. Jan 1992
DB CBGB Class B Shares Deutsche Boerse AG DE EUR 01. Jan 1992
LSE 0AI4 Class B Shares London Stock Exchange GB DKK 01. Jan 1992
SWX CARLB Class B Shares SIX Swiss Exchange CH CHF 01. Jan 1992
WBAG CARL Class B Shares Wiener Boerse AG AT EUR 01. Jan 1992
BATS-CHIXE CARLBC Class B Shares BATS 'Chi-X Europe' GB DKK 01. Jan 1992
OTCPK CABG.Y SPONSORED ADR Pink Sheets LLC US USD 23. Mar 2009
CPSE CARL A Class A Shares OMX Nordic Exchange Copenhagen DK DKK 02. Jan 1992
OTCPK CABH.F Class A Shares Pink Sheets LLC US USD 02. Jan 1992
DB CBGA Class A Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0AI3 Class A Shares London Stock Exchange GB DKK 02. Jan 1992
BATS-CHIXE CARLAC Class A Shares BATS 'Chi-X Europe' GB DKK 02. Jan 1992
Number of employees
Current staff
Staff numbers
40,837
Carlsberg employees.
Industry
Brewers
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 22:08
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/02/06
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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 here.