Carlsberg
Market Cap
ø108.7b
Last Updated
2020/03/29 20:56 UTC
Data Sources
Company Financials +
Executive Summary
Carlsberg A/S produces and sells beer and other beverage products in Western Europe, Eastern Europe, and Asia.
Rewards
Risk Analysis
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 B's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
1.6%
CARL B
-0.06%
DK Beverage
4.8%
DK Market
1 Year Return
-13.5%
CARL B
-31.1%
DK Beverage
-0.6%
DK Market
Return vs Industry: CARL B exceeded the Danish Beverage industry which returned -31.1% over the past year.
Return vs Market: CARL B underperformed the Danish Market which returned -0.6% over the past year.
Shareholder returns
| CARL B | Industry | Market | |
|---|---|---|---|
| 7 Day | 1.6% | -0.06% | 4.8% |
| 30 Day | -19.0% | -21.7% | -12.2% |
| 90 Day | -27.7% | -32.0% | -12.9% |
| 1 Year | -11.0%-13.5% | -29.7%-31.1% | 2.4%-0.6% |
| 3 Year | 20.1%11.6% | -24.3%-29.0% | 30.0%19.0% |
| 5 Year | 38.2%24.6% | -21.0%-29.2% | 24.1%8.2% |
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
2 weeks ago | Simply Wall St
Carlsberg A/S's (CPH:CARL B) Could Be A Buy For Its Upcoming Dividend4 weeks ago | Simply Wall St
How Does Carlsberg A/S's (CPH:CARL B) Earnings Growth Stack Up Against Industry Performance?1 month ago | Simply Wall St
Our Take On Carlsberg A/S's (CPH:CARL B) CEO SalaryValuation
Is Carlsberg undervalued compared to its fair value and its price relative to the market?
>50%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: CARL B (DKK718.8) is trading below our estimate of fair value (DKK1600.52)
Significantly Below Fair Value: CARL B is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: CARL B is poor value based on its PE Ratio (16.5x) compared to the Beverage industry average (16.3x).
PE vs Market: CARL B is poor value based on its PE Ratio (16.5x) compared to the Danish market (12x).
Price to Earnings Growth Ratio
PEG Ratio: CARL B is poor value based on its PEG Ratio (3x)
Price to Book Ratio
PB vs Industry: CARL B is overvalued based on its PB Ratio (2.4x) compared to the XE Beverage industry average (1.7x).
Next Steps
Future Growth
How is Carlsberg forecast to perform in the next 1 to 3 years based on estimates from 18 analysts?
5.4%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: CARL B's forecast earnings growth (5.4% per year) is above the savings rate (-0.3%).
Earnings vs Market: CARL B's earnings (5.4% per year) are forecast to grow slower than the Danish market (11.9% per year).
High Growth Earnings: CARL B's earnings are forecast to grow, but not significantly.
Revenue vs Market: CARL B's revenue (3.3% per year) is forecast to grow slower than the Danish market (6% per year).
High Growth Revenue: CARL B's revenue (3.3% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: CARL B's Return on Equity is forecast to be low in 3 years time (19.4%).
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 B has high quality earnings.
Growing Profit Margin: CARL B's current net profit margins (10%) are higher than last year (8.5%).
Past Earnings Growth Analysis
Earnings Trend: CARL B's earnings have grown significantly by 26.1% per year over the past 5 years.
Accelerating Growth: CARL B's earnings growth over the past year (23.7%) is below its 5-year average (26.1% per year).
Earnings vs Industry: CARL B earnings growth over the past year (23.7%) exceeded the Beverage industry 3.5%.
Return on Equity
High ROE: CARL B's Return on Equity (16.2%) is considered low.
Next Steps
Financial Health
How is Carlsberg's financial position?
Financial Position Analysis
Short Term Liabilities: CARL B's short term assets (DKK17.9B) do not cover its short term liabilities (DKK33.3B).
Long Term Liabilities: CARL B's short term assets (DKK17.9B) do not cover its long term liabilities (DKK43.8B).
Debt to Equity History and Analysis
Debt Level: CARL B's debt to equity ratio (50.8%) is considered high.
Reducing Debt: CARL B's debt to equity ratio has reduced from 72.2% to 50.8% over the past 5 years.
Debt Coverage: CARL B's debt is well covered by operating cash flow (52.3%).
Interest Coverage: CARL B's interest payments on its debt are well covered by EBIT (26.6x coverage).
Balance Sheet
Inventory Level: CARL B has a high level of physical assets or inventory.
Debt Coverage by Assets: CARL B'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?
2.92%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: CARL B's dividend (2.92%) is higher than the bottom 25% of dividend payers in the Danish market (1.7%).
High Dividend: CARL B's dividend (2.92%) is low compared to the top 25% of dividend payers in the Danish market (5.62%).
Stability and Growth of Payments
Stable Dividend: CARL B's dividends per share have been stable in the past 10 years.
Growing Dividend: CARL B'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 B's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: CARL B's dividends in 3 years are forecast to be covered by earnings (50.3% 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)
4.75s
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 ($USD7.39M) is above average for companies of similar size in the Danish market ($USD3.26M).
Compensation vs Earnings: Cees's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, President & Member of Executive Board | 4.75yrs | ø49.80m | 0.019% DKK20.6m | |
| CFO & Member of Executive Board | 4.17yrs | ø27.40m | 0.014% DKK14.8m | |
| Vice President of Investor Relations | 11.17yrs | no data | no data | |
| Executive Vice President of Eastern Europe | 0.83yr | no data | no data | |
| Executive Vice President of Western Europe | 5.17yrs | no data | no data | |
| Executive Vice President of Group Strategy | 2.17yrs | no data | no data | |
| Executive Vice President of Supply Chain | 3yrs | no data | no data | |
| Senior Vice President of Digital Business Transformation | 1.83yrs | no data | no data | |
| Senior Vice President of Asia | 0.17yr | no data | no data | |
| Chief Commercial Officer | no data | no data | no data |
3.0yrs
Average Tenure
53yo
Average Age
Experienced Management: CARL B's management team is considered experienced (3.1 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Non-Executive Independent Member of the Supervisory Board | 11.17yrs | no data | 0.0014% DKK1.5m | |
| Employee Representative Member of Supervisory Board | 6.17yrs | no data | 0.000050% DKK54.4k | |
| Employee Representative Member of Supervisory Board | 22.17yrs | no data | no data | |
| Chairman of Supervisory Board | 8yrs | no data | 0.0013% DKK1.4m | |
| Deputy Chair of Supervisory Board | 1yr | no data | 0.00010% DKK108.7k | |
| Employee Representative Member of Supervisory Board | 10yrs | no data | no data | |
| Non-Executive Non-Independent Member of Supervisory Board | 10.17yrs | no data | no data | |
| Non-Executive Non-Independent Member of Supervisory Board | 8yrs | no data | 0.00044% DKK478.4k | |
| Employee Representative Member of Supervisory Board | 6yrs | no data | no data | |
| Non-Executive Non-Independent Member of Supervisory Board | 6.17yrs | no data | no data |
8.0yrs
Average Tenure
63.5yo
Average Age
Experienced Board: CARL B's board of directors are considered experienced (8 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 B
- Exchange: CPSE
- Founded: 1847
- Industry: Brewers
- Sector: Food, Beverage & Tobacco
- Market Cap: ø108.724b
- Shares outstanding: 147.17m
- Website: https://www.carlsberggroup.com
Number of Employees
Location
- Carlsberg A/S
- J.C. Jacobsens Gade 1
- Copenhagen V
- Copenhagen
- Capital Region of Denmark
- 1799
- Denmark
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| CABJ.F | OTCPK (Pink Sheets LLC) | Yes | Class B Shares | US | USD | Jan 1992 |
| CARL B | CPSE (OMX Nordic Exchange Copenhagen) | Yes | Class B Shares | DK | DKK | Jan 1992 |
| CBGB | DB (Deutsche Boerse AG) | Yes | Class B Shares | DE | EUR | Jan 1992 |
| 0AI4 | LSE (London Stock Exchange) | Yes | Class B Shares | GB | DKK | Jan 1992 |
| CARLBC | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Class B Shares | GB | DKK | Jan 1992 |
| CARLB | SWX (SIX Swiss Exchange) | Yes | Class B Shares | CH | CHF | Jan 1992 |
| CARL | WBAG (Wiener Boerse AG) | Yes | Class B Shares | AT | EUR | Jan 1992 |
| CABH.F | OTCPK (Pink Sheets LLC) | Class A Shares | US | USD | Jan 1992 | |
| CARL A | CPSE (OMX Nordic Exchange Copenhagen) | Class A Shares | DK | DKK | Jan 1992 | |
| CBGA | DB (Deutsche Boerse AG) | Class A Shares | DE | EUR | Jan 1992 | |
| 0AI3 | LSE (London Stock Exchange) | Class A Shares | GB | DKK | Jan 1992 | |
| CARLAC | BATS-CHIXE (BATS 'Chi-X Europe') | Class A Shares | GB | DKK | Jan 1992 | |
| CABG.Y | OTCPK (Pink Sheets LLC) | SPONSORED ADR | US | USD | Mar 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 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.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/03/29 20:56 |
| End of Day Share Price | 2020/03/27 00:00 |
| Earnings | 2019/12/31 |
| Annual Earnings | 2019/12/31 |
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.