Carlsberg A/S

DB:CBGB Stock Report

Market Cap: €13.0b

Carlsberg Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 (€94.04) is trading below our estimate of fair value (€386.2)

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 Ratio13.5x
EarningsDKK 6.80b
Market CapDKK 96.98b

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 Average16.7x
KUL Kulmbacher Brauerei Aktien-Gesellschaft
23.7xn/a€137.1m
TAP Molson Coors Beverage
13x3.8%US$12.3b
2502 Asahi Group Holdings
14.5x7.5%JP¥2.5t
2503 Kirin Holdings Company
15.6x10.6%JP¥1.7t
CBGB Carlsberg
13.5x12.2%€97.0b

Price-To-Earnings vs Peers: CBGB is good value based on its Price-To-Earnings Ratio (13.5x) compared to the peer average (16.7x).

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 13.5xIndustry Avg. 18.0xNo. of Companies8PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CBGB is good value based on its Price-To-Earnings Ratio (13.5x) compared to the European Beverage industry average (18x).

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 Ratio13.5x
Fair PE Ratio23.4x

Price-To-Earnings vs Fair Ratio: CBGB is good value based on its Price-To-Earnings Ratio (13.5x) compared to the estimated Fair Price-To-Earnings Ratio (23.4x).

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€94.04
€130.32
+38.6%
16.7%€164.94€83.14n/a18
Dec ’25€97.30
€134.75
+38.5%
12.4%€164.89€93.57n/a17
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€103.96€97.3021
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

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/18 22:23
End of Day Share Price 2024/12/18 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

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 here.

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 .

Analyst Sources

Carlsberg A/S is covered by 57 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Michael Vitfell-RasmussenABG Sundal Collier
Anthony BucaloBanco Santander
Laurence WhyattBarclays