WBAG:CARL

Stock Analysis Report

Executive Summary

Carlsberg A/S produces and sells beer and other beverage products in Western Europe, Eastern Europe, and Asia.

Rewards

Trading at 36.8% below its fair value

Earnings are forecast to grow 6.11% per year

Earnings grew by 23.7% over the past year

Pays a high and reliable dividend of 2.05%

Risk Analysis

Has a high level of debt



Snowflake Analysis

Established dividend payer with proven track record.


Similar Companies

Share Price & News

How has Carlsberg's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CARL has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

2.2%

CARL

0.8%

AT Beverage

1.9%

AT Market


1 Year Return

28.1%

CARL

5.9%

AT Beverage

5.1%

AT Market

Return vs Industry: CARL exceeded the Austrian Beverage industry which returned 5.9% over the past year.

Return vs Market: CARL exceeded the Austrian Market which returned 5.1% over the past year.


Shareholder returns

CARLIndustryMarket
7 Day2.2%0.8%1.9%
30 Day-2.1%-3.4%0.3%
90 Day5.7%-0.04%0.8%
1 Year30.9%28.1%8.0%5.9%8.8%5.1%
3 Yearn/a12.0%5.0%27.7%16.2%
5 Yearn/a21.8%9.0%56.9%35.2%

Price Volatility Vs. Market

How volatile is Carlsberg's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Carlsberg undervalued compared to its fair value and its price relative to the market?

36.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CARL (€137.05) is trading below our estimate of fair value (€216.68)

Significantly Below Fair Value: CARL is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: CARL is poor value based on its PE Ratio (23.5x) compared to the Beverage industry average (20.7x).

PE vs Market: CARL is poor value based on its PE Ratio (23.5x) compared to the Austrian market (14.2x).


Price to Earnings Growth Ratio

PEG Ratio: CARL is poor value based on its PEG Ratio (3.8x)


Price to Book Ratio

PB vs Industry: CARL is overvalued based on its PB Ratio (3.5x) compared to the XE Beverage industry average (2.1x).


Next Steps

Future Growth

How is Carlsberg forecast to perform in the next 1 to 3 years based on estimates from 16 analysts?

6.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CARL's forecast earnings growth (6.1% per year) is above the savings rate (-0.1%).

Earnings vs Market: CARL's earnings (6.1% per year) are forecast to grow slower than the Austrian market (9.9% per year).

High Growth Earnings: CARL's earnings are forecast to grow, but not significantly.

Revenue vs Market: CARL's revenue (3.5% per year) is forecast to grow faster than the Austrian market (2.7% per year).

High Growth Revenue: CARL's revenue (3.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CARL's Return on Equity is forecast to be low in 3 years time (18.7%).


Next Steps

Past Performance

How has Carlsberg performed over the past 5 years?

26.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CARL has high quality earnings.

Growing Profit Margin: CARL's current net profit margins (10%) are higher than last year (8.5%).


Past Earnings Growth Analysis

Earnings Trend: CARL's earnings have grown significantly by 26.1% per year over the past 5 years.

Accelerating Growth: CARL's earnings growth over the past year (23.7%) is below its 5-year average (26.1% per year).

Earnings vs Industry: CARL earnings growth over the past year (23.7%) exceeded the Beverage industry 2.7%.


Return on Equity

High ROE: CARL's Return on Equity (16.2%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Carlsberg's financial position?


Financial Position Analysis

Short Term Liabilities: CARL's short term assets (DKK17.9B) do not cover its short term liabilities (DKK33.3B).

Long Term Liabilities: CARL's short term assets (DKK17.9B) do not cover its long term liabilities (DKK43.8B).


Debt to Equity History and Analysis

Debt Level: CARL's debt to equity ratio (50.8%) is considered high.

Reducing Debt: CARL's debt to equity ratio has reduced from 71.6% to 50.8% over the past 5 years.

Debt Coverage: CARL's debt is well covered by operating cash flow (52.3%).

Interest Coverage: CARL's interest payments on its debt are well covered by EBIT (26.6x coverage).


Balance Sheet

Inventory Level: CARL has a high level of physical assets or inventory.

Debt Coverage by Assets: CARL's debt is not covered by short term assets (assets are 0.8x debt).


Next Steps

Dividend

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

2.05%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Carlsberg before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company2.0%marketbottom25%1.6%markettop25%4.5%industryaverage2.2%forecastin3Years2.5%

Current dividend yield vs market & industry

Notable Dividend: CARL's dividend (2.05%) is higher than the bottom 25% of dividend payers in the Austrian market (1.58%).

High Dividend: CARL's dividend (2.05%) is low compared to the top 25% of dividend payers in the Austrian market (4.47%).


Stability and Growth of Payments

Stable Dividend: CARL's dividends per share have been stable in the past 10 years.

Growing Dividend: CARL's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (48.1%), CARL's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CARL's dividends in 3 years are forecast to be well covered by earnings (49.3% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.0yrs

Average management tenure


CEO

Cees ´t Hart (61yo)

4.7yrs

Tenure

ø49,800,000

Compensation

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 s ...


CEO Compensation Analysis

Compensation vs Market: Cees's total compensation ($USD7.23M) is above average for companies of similar size in the Austrian market ($USD3.59M).

Compensation vs Earnings: Cees's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Cees ´t Hart
CEO, President & Member of Executive Board4.7yrsø49.80m0.0049% DKK987.3k
Heine Dalsgaard
CFO & Member of Executive Board4.1yrsø27.40m0.0051% DKK1.0m
Peter Kondrup
Vice President of Investor Relations11.1yrsno datano data
Lars Lehmann
Executive Vice President of Eastern Europe0.8yrsno datano data
Jacek Pastuszka
Executive Vice President of Western Europe5.1yrsno datano data
Christopher Warmoth
Executive Vice President of Group Strategy2.1yrsno datano data
Philip Hodges
Executive Vice President of Supply Chain3yrsno datano data
Nancy Cruickshank
Senior Vice President of Digital Business Transformation1.8yrsno datano data
Søren Brinck
Senior Vice President of Asia0.08yrsno datano data
João Abecasis
Chief Commercial Officer0yrsno datano data

3.0yrs

Average Tenure

53yo

Average Age

Experienced Management: CARL's management team is considered experienced (3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Richard George Burrows
Non-Executive Independent Member of the Supervisory Board11.1yrsno data0.0014% DKK279.2k
Eva Decker
Employee Representative Member of Supervisory Board6.1yrsno data0.000050% DKK10.1k
Hans Andersen
Employee Representative Member of Supervisory Board22.1yrsno datano data
Flemming Besenbacher
Chairman of Supervisory Board7.9yrsno data0.0013% DKK252.9k
Lars Jørgensen
Deputy Chair of Supervisory Board0.9yrsno datano data
Peter Petersen
Employee Representative Member of Supervisory Board9.9yrsno datano data
Lars Stemmerik
Non-Executive Non-Independent Member of Supervisory Board10.1yrsno datano data
Søren-Peter Olesen
Non-Executive Non-Independent Member of Supervisory Board7.9yrsno data0.00044% DKK89.0k
Finn Lok
Employee Representative Member of Supervisory Board5.9yrsno datano data
Carl Bache
Non-Executive Non-Independent Member of Supervisory Board6.1yrsno datano data

7.9yrs

Average Tenure

63.5yo

Average Age

Experienced Board: CARL's board of directors are considered experienced (7.9 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Carlsberg A/S's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Carlsberg A/S
  • Ticker: CARL
  • Exchange: WBAG
  • Founded: 1847
  • Industry: Brewers
  • Sector: Food, Beverage & Tobacco
  • Market Cap: ø151.162b
  • Listing Market Cap: ø20.231b
  • Shares outstanding: 147.58m
  • Website: https://www.carlsberggroup.com

Number of Employees


Location

  • Carlsberg A/S
  • 100 Ny Carlsberg Vej
  • Copenhagen V
  • Copenhagen
  • Capital Region of Denmark
  • 1799
  • Denmark

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CABJ.FOTCPK (Pink Sheets LLC)YesClass B SharesUSUSDJan 1992
CARL BCPSE (OMX Nordic Exchange Copenhagen)YesClass B SharesDKDKKJan 1992
CBGBDB (Deutsche Boerse AG)YesClass B SharesDEEURJan 1992
0AI4LSE (London Stock Exchange)YesClass B SharesGBDKKJan 1992
CARLBCBATS-CHIXE (BATS 'Chi-X Europe')YesClass B SharesGBDKKJan 1992
CARLBSWX (SIX Swiss Exchange)YesClass B SharesCHCHFJan 1992
CARLWBAG (Wiener Boerse AG)YesClass B SharesATEURJan 1992
CABH.FOTCPK (Pink Sheets LLC)Class A SharesUSUSDJan 1992
CARL ACPSE (OMX Nordic Exchange Copenhagen)Class A SharesDKDKKJan 1992
CBGADB (Deutsche Boerse AG)Class A SharesDEEURJan 1992
0AI3LSE (London Stock Exchange)Class A SharesGBDKKJan 1992
CARLACBATS-CHIXE (BATS 'Chi-X Europe')Class A SharesGBDKKJan 1992
CABG.YOTCPK (Pink Sheets LLC)SPONSORED ADRUSUSDMar 2009

Biography

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 alcoholic-free beers; and soft drinks. It offers its products primarily under the Carlsberg, Tuborg, Ringnes, Lvivske, Wusu, 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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/16 22:03
End of Day Share Price2020/02/14 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.