CPSE:CARL B

Stock Analysis Report

Executive Summary

Carlsberg A/S produces and sells beer and other beverage products in Western Europe, Eastern Europe, and Asia.

Snowflake

Fundamentals

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


Market Performance


7 Day Return

-3.5%

CPSE:CARL B

-1.0%

DK Beverage

-1.1%

DK Market


1 Year Return

29.4%

CPSE:CARL B

15.7%

DK Beverage

5.7%

DK Market

CARL B outperformed the Beverage industry which returned 16.3% over the past year.

CARL B outperformed the Market in Denmark which returned 5.6% over the past year.


Share holder returns

CARL BIndustryMarket
7 Day-3.5%-1.0%-1.1%
30 Day-2.2%-0.09%-0.3%
90 Day10.1%2.9%-0.6%
1 Year32.3%29.4%18.0%15.7%8.9%5.7%
3 Year69.6%59.7%16.6%9.2%30.2%19.4%
5 Year95.9%78.8%49.8%34.0%59.5%36.1%

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

Valuation

Is Carlsberg undervalued based on future cash flows and its price relative to the stock market?

32%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Carlsberg's share price is below the future cash flow value, and at a moderate discount (> 20%).

Carlsberg's share price is below the future cash flow value, but not at a substantial discount (< 40%).


Price Based on Earnings

Carlsberg is overvalued based on earnings compared to the Europe Beverage industry average.

Carlsberg is overvalued based on earnings compared to the Denmark market.


Price Based on Expected Growth

Carlsberg is poor value based on expected growth next year.


Price Based on Value of Assets

Carlsberg is overvalued based on assets compared to the Europe Beverage industry average.


Next Steps

Future Growth

How is Carlsberg expected to perform in the next 1 to 3 years based on estimates from 19 analysts?

6.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Carlsberg's revenue is expected to grow by 4% yearly, however this is not considered high growth (20% yearly).

Carlsberg's earnings are expected to grow by 6.9% yearly, however this is not considered high growth (20% yearly).

Carlsberg's revenue growth is positive but not above the Denmark market average.

Carlsberg's earnings growth is positive but not above the Denmark market average.

Carlsberg's earnings growth is expected to exceed the low risk savings rate of 0.2%.


Earnings per Share Growth Estimates


Future Return on Equity

Carlsberg is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has Carlsberg performed over the past 5 years?

8.6%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Carlsberg's year on year earnings growth rate has been positive over the past 5 years.

Carlsberg's 1-year earnings growth exceeds its 5-year average (314.9% vs 8.6%)

Carlsberg's earnings growth has exceeded the Europe Beverage industry average in the past year (314.9% vs 4.5%).


Return on Equity

Carlsberg has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Carlsberg used its assets less efficiently than the Europe Beverage industry average last year based on Return on Assets.


Return on Capital Employed

Carlsberg has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Carlsberg's financial position?


Financial Position Analysis

Carlsberg's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

Carlsberg's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

Carlsberg's level of debt (52.7%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has been reduced over the past 5 years (58.3% vs 52.7% today).

Debt is well covered by operating cash flow (45.9%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 23.4x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0.9x debt.


Next Steps

Dividend

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

2.26%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Carlsberg's pays a higher dividend yield than the bottom 25% of dividend payers in Denmark (1.67%).

Carlsberg's dividend is below the markets top 25% of dividend payers in Denmark (5.03%).

Dividends per share have been stable in the past 10 years.

Dividends per share have increased over the past 10 years.


Current Payout to Shareholders

Dividends paid are well covered by earnings (2.2x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be covered by earnings (2x coverage).


Next Steps

Management

What is the CEO of Carlsberg's salary, the management and board of directors tenure and is there insider trading?

3.1yrs

Average management tenure


CEO

Cees ´t Hart (61yo)

4.3yrs

Tenure

ø52,500,000

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

Cees's remuneration is higher than average for companies of similar size in Denmark.

Cees's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

3.1yrs

Average Tenure

53yo

Average Age

The tenure for the Carlsberg management team is about average.


Board Age and Tenure

7.5yrs

Average Tenure

63.5yo

Average Age

The tenure for the Carlsberg board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Ownership Breakdown


Management Team

  • Nancy Cruickshank (49yo)

    Senior Vice President of Digital Business Transformation

    • Tenure: 1.3yrs
  • Chris Warmoth (60yo)

    Executive Vice President of Western Europe

    • Tenure: 1.7yrs
  • Jacek Pastuszka (56yo)

    Executive Vice President of Eastern Europe

    • Tenure: 4.7yrs
  • Lars Lehmann (53yo)

    Executive Vice President of Eastern Europe

    • Tenure: 0.3yrs
  • Peter Kondrup

    Vice President of Investor Relations

    • Tenure: 10.7yrs
  • Graham Fewkes (51yo)

    Executive Vice President of Asia

    • Tenure: 4.7yrs
  • Cees ´t Hart (61yo)

    CEO, President & Member of Executive Board

    • Tenure: 4.3yrs
    • Compensation: ø52.50m
  • Heine Dalsgaard (48yo)

    CFO & Member of Executive Board

    • Tenure: 3.7yrs
    • Compensation: ø28.40m
  • Jessica Alice Spence (44yo)

    Executive Vice President of Group Commercial

    • Tenure: 1.5yrs
  • Phil Hodges (53yo)

    Executive Vice President of Supply Chain

    • Tenure: 2.6yrs

Board Members

  • Richard George Burrows (73yo)

    Non-Executive Independent Member of the Supervisory Board

    • Tenure: 10.7yrs
  • Eva Decker (55yo)

    Employee Representative Member of Supervisory Board

    • Tenure: 5.7yrs
  • Hans Andersen (64yo)

    Employee Representative Member of Supervisory Board

    • Tenure: 21.7yrs
  • Flemming Besenbacher (67yo)

    Chairman of Supervisory Board

    • Tenure: 7.5yrs
  • Lars Jørgensen (53yo)

    Deputy Chair of Supervisory Board

    • Tenure: 0.5yrs
  • Peter Petersen (50yo)

    Employee Representative Member of Supervisory Board

    • Tenure: 9.5yrs
  • Lars Stemmerik (63yo)

    Non-Executive Non-Independent Member of Supervisory Board

    • Tenure: 9.7yrs
  • Søren-Peter Olesen (64yo)

    Non-Executive Non-Independent Member of Supervisory Board

    • Tenure: 7.5yrs
  • Finn Lok (61yo)

    Employee Representative Member of Supervisory Board

    • Tenure: 5.5yrs
  • Carl Bache (66yo)

    Non-Executive Non-Independent Member of Supervisory Board

    • Tenure: 5.7yrs

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: ø145.169b
  • Shares outstanding: 149.30m
  • Website: https://www.carlsberggroup.com

Number of Employees


Location

  • Carlsberg A/S
  • 100 Ny Carlsberg Vej
  • Copenhagen V
  • Copenhagen
  • Capital Region of Denmark
  • 1799
  • Denmark

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CABJ.FOTCPK (Pink Sheets LLC)YesClass B SharesUSUSDJan 1992
CARLWBAG (Wiener Boerse AG)YesClass B SharesATEURJan 1992
CARLBSWX (SIX Swiss Exchange)YesClass B SharesCHCHFJan 1992
CARL BCPSE (OMX Nordic Exchange Copenhagen)YesClass B SharesDKDKKJan 1992
CARLBCBATS-CHIXE (BATS 'Chi-X Europe')YesClass B SharesGBDKKJan 1992
CBGBDB (Deutsche Boerse AG)YesClass B SharesDEEURJan 1992
0AI4LSE (London Stock Exchange)YesClass B SharesGBDKKJan 1992
CABH.FOTCPK (Pink Sheets LLC)Class A SharesUSUSDJan 1992
CBGADB (Deutsche Boerse AG)Class A SharesDEEURJan 1992
CARLACBATS-CHIXE (BATS 'Chi-X Europe')Class A SharesGBDKKJan 1992
CARL ACPSE (OMX Nordic Exchange Copenhagen)Class A SharesDKDKKJan 1992
0AI3LSE (London Stock Exchange)Class A SharesGBDKKJan 1992
CABG.YOTCPK (Pink Sheets LLC)SPONSORED ADRUSUSDMar 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  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/09/16 20:40
End of Day Share Price2019/09/16 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.