Carlsberg A/S

DB:CBGB Stock Report

Market Cap: €13.6b

Carlsberg Valuation

Is CBGB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CBGB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CBGB (€95.5) is trading below our estimate of fair value (€393.29)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CBGB?

Key metric: As CBGB is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CBGB. This is calculated by dividing CBGB's market cap by their current earnings.
What is CBGB's PE Ratio?
PE Ratio14x
EarningsDKK 6.80b
Market CapDKK 101.43b

Price to Earnings Ratio vs Peers

How does CBGB's PE Ratio compare to its peers?

The above table shows the PE ratio for CBGB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18x
KUL Kulmbacher Brauerei Aktien-Gesellschaft
23.7xn/a€140.4m
2502 Asahi Group Holdings
14.6x6.6%JP¥2.7t
291 China Resources Beer (Holdings)
15.8x10.4%HK$88.4b
1876 Budweiser Brewing Company APAC
18x14.3%HK$101.3b
CBGB Carlsberg
14x12.2%€101.4b

Price-To-Earnings vs Peers: CBGB is good value based on its Price-To-Earnings Ratio (14x) compared to the peer average (18.2x).

Price to Earnings Ratio vs Industry

How does CBGB's PE Ratio compare vs other companies in the European Beverage Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CBGB 14.0xIndustry Avg. 17.2xNo. of Companies9PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CBGB is good value based on its Price-To-Earnings Ratio (14x) compared to the European Beverage industry average (17.3x).

Price to Earnings Ratio vs Fair Ratio

What is CBGB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CBGB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14x
Fair PE Ratio23.5x

Price-To-Earnings vs Fair Ratio: CBGB is good value based on its Price-To-Earnings Ratio (14x) compared to the estimated Fair Price-To-Earnings Ratio (23.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CBGB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€95.50
€134.70
+41.0%
12.8%€165.03€93.65n/a16
Nov ’25€101.80
€139.23
+36.8%
10.7%€164.91€111.21n/a16
Oct ’25€106.55
€139.67
+31.1%
10.2%€164.89€116.63n/a16
Sep ’25€105.40
€141.36
+34.1%
11.3%€164.89€113.95n/a16
Aug ’25€111.85
€144.94
+29.6%
8.0%€164.88€119.30n/a16
Jul ’25€113.10
€145.15
+28.3%
6.6%€164.93€130.07n/a16
Jun ’25€124.50
€143.02
+14.9%
8.2%€164.85€112.58n/a18
May ’25€129.25
€142.88
+10.5%
8.2%€164.87€112.59n/a18
Apr ’25€126.50
€142.08
+12.3%
7.2%€154.16€112.60n/a18
Mar ’25€129.15
€142.32
+10.2%
8.2%€154.31€112.71n/a19
Feb ’25€118.40
€136.70
+15.5%
11.8%€155.54€103.92n/a20
Jan ’25€114.10
€136.22
+19.4%
12.6%€161.00€103.98n/a20
Dec ’24€114.15
€142.97
+25.2%
15.0%€201.22€103.96n/a21
Nov ’24€113.00
€144.63
+28.0%
14.2%€200.96€103.83€101.8021
Oct ’24€119.80
€151.71
+26.6%
12.7%€201.12€113.97€106.5522
Sep ’24€134.10
€153.29
+14.3%
12.6%€201.20€114.01€105.4023
Aug ’24€135.95
€155.59
+14.4%
12.9%€201.28€114.06€111.8523
Jul ’24€146.40
€156.30
+6.8%
13.2%€201.41€114.13€113.1023
Jun ’24€141.00
€156.62
+11.1%
13.3%€201.42€114.14€124.5023
May ’24€149.65
€152.31
+1.8%
12.1%€174.44€114.06€129.2522
Apr ’24€140.35
€144.44
+2.9%
12.5%€170.38€97.34€126.5023
Mar ’24€134.40
€143.16
+6.5%
12.7%€170.59€97.46€129.1524
Feb ’24€131.75
€142.02
+7.8%
11.6%€167.99€97.43€118.4024
Jan ’24€123.40
€142.53
+15.5%
12.6%€177.45€97.46€114.1024
Dec ’23€122.05
€142.09
+16.4%
12.5%€177.45€97.47€114.1524
Nov ’23€120.70
€144.61
+19.8%
9.7%€177.34€122.93€113.0023

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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