Carlsberg A/S

CPSE:CARL B Stock Report

Mkt Cap: kr.160.2b

We’ve recently updated our valuation analysis.

Carlsberg Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

CARL B key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.6x
Enterprise Value/EBITDA14x
PEG Ratio3.1x

Price to Earnings Ratio vs Peers

How does CARL B's PE Ratio compare to its peers?

The above table shows the PE ratio for CARL B vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average24.1x
RBREW Royal Unibrew
28.2x9.6%kr.30.4b
291 China Resources Beer (Holdings)
33.2x16.4%HK$163.5b
HEIO Heineken Holding
17.8x18.3%€23.9b
2502 Asahi Group Holdings
16.2x6.8%JP¥2.7t
CARL B Carlsberg
21.2x6.8%kr.160.2b

Price-To-Earnings vs Peers: CARL B is good value based on its Price-To-Earnings Ratio (21.2x) compared to the peer average (24.1x).

Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a9.0%
 n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a9.0%
 n/an/an/a
No more companies

Price-To-Earnings vs Industry: CARL B is expensive based on its Price-To-Earnings Ratio (21.2x) compared to the European Beverage industry average (19.2x)

Price to Earnings Ratio vs Fair Ratio

What is CARL B'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.

CARL B PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio21.2x
Fair PE Ratio19.5x

Price-To-Earnings vs Fair Ratio: CARL B is expensive based on its Price-To-Earnings Ratio (21.2x) compared to the estimated Fair Price-To-Earnings Ratio (19.5x).

Share Price vs Fair Value

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

Below Fair Value: CARL B (DKK1085) is trading below our estimate of fair value (DKK1481.83)

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

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 CARL B forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentkr.1,085.00
kr.1,166.39
+7.5%
13.3%kr.1,500.00kr.850.00n/a23
May ’24kr.1,132.50
kr.1,135.09
+0.2%
12.1%kr.1,300.00kr.850.00n/a22
Apr ’24kr.1,063.00
kr.1,075.83
+1.2%
12.5%kr.1,269.00kr.725.00n/a23
Mar ’24kr.1,001.50
kr.1,064.96
+6.3%
12.7%kr.1,269.00kr.725.00n/a24
Feb ’24kr.983.20
kr.1,056.75
+7.5%
11.6%kr.1,250.00kr.725.00n/a24
Jan ’24kr.923.20
kr.1,060.29
+14.8%
12.6%kr.1,320.00kr.725.00n/a24
Dec ’23kr.895.00
kr.1,056.96
+18.1%
12.5%kr.1,320.00kr.725.00n/a24
Nov ’23kr.886.20
kr.1,076.39
+21.5%
9.7%kr.1,320.00kr.915.00n/a23
Oct ’23kr.893.80
kr.1,093.52
+22.3%
10.3%kr.1,320.00kr.915.00n/a23
Sep ’23kr.943.80
kr.1,087.43
+15.2%
10.2%kr.1,320.00kr.915.00n/a23
Aug ’23kr.952.20
kr.1,031.61
+8.3%
11.3%kr.1,275.00kr.835.00n/a23
Jul ’23kr.907.20
kr.1,031.61
+13.7%
11.3%kr.1,275.00kr.835.00n/a23
Jun ’23kr.860.00
kr.1,026.50
+19.4%
11.7%kr.1,275.00kr.835.00n/a22
May ’23kr.908.40
kr.1,038.55
+14.3%
14.8%kr.1,350.00kr.760.00kr.1,132.5022
Apr ’23kr.837.20
kr.1,034.18
+23.5%
15.9%kr.1,350.00kr.760.00kr.1,063.0022
Mar ’23kr.937.00
kr.1,214.81
+29.6%
10.7%kr.1,380.00kr.883.00kr.1,001.5021
Feb ’23kr.1,062.00
kr.1,232.18
+16.0%
11.3%kr.1,400.00kr.883.00kr.983.2022
Jan ’23kr.1,129.50
kr.1,219.00
+7.9%
11.0%kr.1,370.00kr.883.00kr.923.2022
Dec ’22kr.1,026.00
kr.1,219.68
+18.9%
11.0%kr.1,370.00kr.883.00kr.895.0022
Nov ’22kr.1,089.50
kr.1,216.18
+11.6%
10.9%kr.1,370.00kr.883.00kr.886.2022
Oct ’22kr.1,035.50
kr.1,220.18
+17.8%
10.8%kr.1,350.00kr.880.00kr.893.8022
Sep ’22kr.1,110.00
kr.1,259.82
+13.5%
8.5%kr.1,350.00kr.880.00kr.943.8022
Aug ’22kr.1,159.50
kr.1,226.82
+5.8%
10.0%kr.1,340.00kr.810.00kr.952.2022
Jul ’22kr.1,178.00
kr.1,217.95
+3.4%
9.7%kr.1,340.00kr.810.00kr.907.2022
Jun ’22kr.1,116.00
kr.1,195.45
+7.1%
9.6%kr.1,300.00kr.810.00kr.860.0022
May ’22kr.1,085.50
kr.1,181.48
+8.8%
9.8%kr.1,300.00kr.810.00kr.908.4021

Analyst Forecast: Target price is less than 20% higher than the current share price.

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