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CARL

Carlsberg CPSE:CARL B Stock Report

Last Price

kr.916.40

Market Cap

kr.136.1b

7D

6.6%

1Y

-18.0%

Updated

17 May, 2022

Data

Company Financials +
CARL B fundamental analysis
Snowflake Score
Valuation3/6
Future Growth3/6
Past Performance2/6
Financial Health3/6
Dividends5/6

CARL B Stock Overview

Carlsberg A/S produces and sells beer and other beverage products in Denmark.

Carlsberg Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Carlsberg
Historical stock prices
Current Share Pricekr.916.40
52 Week Highkr.1,190.50
52 Week Lowkr.769.40
Beta0.72
1 Month Change10.09%
3 Month Change-14.48%
1 Year Change-17.96%
3 Year Change4.73%
5 Year Change29.34%
Change since IPO155.27%

Recent News & Updates

Mar 07
Shareholders Will Most Likely Find Carlsberg A/S' (CPH:CARL B) CEO Compensation Acceptable

Shareholders Will Most Likely Find Carlsberg A/S' (CPH:CARL B) CEO Compensation Acceptable

Under the guidance of CEO Cees ´t Hart, Carlsberg A/S ( CPH:CARL B ) has performed reasonably well recently. In light...

Feb 22
Carlsberg (CPH:CARL B) Has Announced That It Will Be Increasing Its Dividend To kr.24.00

Carlsberg (CPH:CARL B) Has Announced That It Will Be Increasing Its Dividend To kr.24.00

Carlsberg A/S' ( CPH:CARL B ) dividend will be increasing to kr.24.00 on 17th of March. This will take the annual...

Shareholder Returns

CARL BDK BeverageDK Market
7D6.6%4.6%1.6%
1Y-18.0%-3.1%3.3%

Return vs Industry: CARL B underperformed the Danish Beverage industry which returned -3% over the past year.

Return vs Market: CARL B underperformed the Danish Market which returned 2.2% over the past year.

Price Volatility

Is CARL B's price volatile compared to industry and market?
CARL B volatility
CARL B Average Weekly Movement5.9%
Beverage Industry Average Movement5.3%
Market Average Movement6.6%
10% most volatile stocks in DK Market10.7%
10% least volatile stocks in DK Market3.9%

Stable Share Price: CARL B is not significantly more volatile than the rest of Danish stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: CARL B's weekly volatility (6%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
184739,000Cees ´t Harthttps://www.carlsberggroup.com

Carlsberg A/S produces and sells beer and other beverage products in Denmark. It offers core, and craft and specialty beers; and alcohol-free brews. The company provides its products primarily under the Carlsberg, Tuborg, Feldschlösschen, Baltika, Chongqing, 1664 Blanc, Grimbergen, Ringnes, and Somersby brand names.

Carlsberg Fundamentals Summary

How do Carlsberg's earnings and revenue compare to its market cap?
CARL B fundamental statistics
Market Capkr.136.10b
Earnings (TTM)kr.6.85b
Revenue (TTM)kr.66.63b

18.8x

P/E Ratio

1.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CARL B income statement (TTM)
Revenuekr.66.63b
Cost of Revenuekr.35.31b
Gross Profitkr.31.33b
Other Expenseskr.24.48b
Earningskr.6.85b

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Aug 17, 2022

Earnings per share (EPS)48.73
Gross Margin47.01%
Net Profit Margin10.27%
Debt/Equity Ratio56.5%

How did CARL B perform over the long term?

See historical performance and comparison

Dividends

1.8%

Current Dividend Yield

50%

Payout Ratio

Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • PE vs Industry

  • PE vs Market

  • PEG Ratio

  • PB vs Industry


>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: CARL B (DKK916.4) is trading below our estimate of fair value (DKK1909.28)

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 good value based on its PE Ratio (18.8x) compared to the European Beverage industry average (21.7x).

PE vs Market: CARL B is poor value based on its PE Ratio (18.8x) compared to the Danish market (14x).


Price to Earnings Growth Ratio

PEG Ratio: CARL B is poor value based on its PEG Ratio (1.2x)


Price to Book Ratio

PB vs Industry: CARL B is overvalued based on its PB Ratio (2.9x) compared to the XE Beverage industry average (2x).


Future Growth

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

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


15.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CARL B's forecast earnings growth (15.3% per year) is above the savings rate (0.09%).

Earnings vs Market: CARL B's earnings (15.3% per year) are forecast to grow faster than the Danish market (8.4% per year).

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

Revenue vs Market: CARL B's revenue (4.1% per year) is forecast to grow slower than the Danish market (6% per year).

High Growth Revenue: CARL B's revenue (4.1% 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 high in 3 years time (21.8%)


Past Performance

How has Carlsberg performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


16.2%

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 (10.3%) are lower than last year (10.3%).


Past Earnings Growth Analysis

Earnings Trend: CARL B's earnings have grown by 16.2% per year over the past 5 years.

Accelerating Growth: CARL B's earnings growth over the past year (13.5%) is below its 5-year average (16.2% per year).

Earnings vs Industry: CARL B earnings growth over the past year (13.5%) underperformed the Beverage industry 47.4%.


Return on Equity

High ROE: CARL B's Return on Equity (16.4%) is considered low.


Financial Health

How is Carlsberg's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: CARL B's short term assets (DKK23.1B) do not cover its short term liabilities (DKK43.3B).

Long Term Liabilities: CARL B's short term assets (DKK23.1B) do not cover its long term liabilities (DKK34.3B).


Debt to Equity History and Analysis

Debt Level: CARL B's net debt to equity ratio (39.4%) is considered satisfactory.

Reducing Debt: CARL B's debt to equity ratio has increased from 56.3% to 56.5% over the past 5 years.

Debt Coverage: CARL B's debt is well covered by operating cash flow (48.2%).

Interest Coverage: CARL B's interest payments on its debt are well covered by EBIT (25.5x coverage).


Balance Sheet


Dividend

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

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


1.80%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: CARL B's dividend (1.8%) is higher than the bottom 25% of dividend payers in the Danish market (1.41%).

High Dividend: CARL B's dividend (1.8%) is low compared to the top 25% of dividend payers in the Danish market (6.06%).


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.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (50.4%), CARL B's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (25.6%), CARL B's dividend payments are well covered by cash flows.


Next Steps

Management

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

3.7yrs

Average management tenure


CEO

Cees ´t Hart (63 yo)

6.92yrs

Tenure

kr.46,600,000

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 Chief Executive Officer of Carlsberg Breweries A/S since February 2015 an...


CEO Compensation Analysis

Compensation vs Market: Cees's total compensation ($USD6.60M) is above average for companies of similar size in the Danish market ($USD3.23M).

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


Leadership Team

Experienced Management: CARL B's management team is considered experienced (3.7 years average tenure).


Board Members

Experienced Board: CARL B's board of directors are considered experienced (5.4 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 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
  • Implied Market Cap: kr.136.104b
  • Shares outstanding: 140.48m
  • Website: https://www.carlsberggroup.com

Number of Employees


Location

  • Carlsberg A/S
  • 1 J. C. Jacobsens Gade
  • Copenhagen V
  • Copenhagen
  • Capital Region of Denmark
  • 1799
  • Denmark

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/05/17 00:00
End of Day Share Price2022/05/17 00:00
Earnings2021/12/31
Annual Earnings2021/12/31


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.