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

-0.5%

CARL B

-0.5%

DK Beverage

-0.02%

DK Market


1 Year Return

37.6%

CARL B

21.6%

DK Beverage

13.3%

DK Market

Return vs Industry: CARL B exceeded the Danish Beverage industry which returned 21.6% over the past year.

Return vs Market: CARL B exceeded the Danish Market which returned 13.3% over the past year.


Share holder returns

CARL BIndustryMarket
7 Day-0.5%-0.5%-0.02%
30 Day1.1%-0.9%-2.1%
90 Day10.9%1.6%0.4%
1 Year40.6%37.6%24.0%21.6%16.8%13.3%
3 Year72.9%62.8%13.0%5.8%36.3%24.8%
5 Year118.6%99.6%57.9%41.2%74.8%49.8%

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?

35%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Undervalued: CARL B (DKK999) is trading below our estimate of fair value (DKK1531.49)

Significantly Undervalued: CARL B is trading below fair value, but not by a significant amount.


Price Based on Earnings

PE vs Industry: CARL B is poor value based on its PE Ratio (25.7x) compared to the Beverage industry average (22.6x).

PE vs Market: CARL B is poor value based on its PE Ratio (25.7x) compared to the Danish market (14.9x).


Price Based on Expected Growth

Low PEG Ratio: CARL B is poor value based on its PEG Ratio (3.6x)


Price Based on Value of Assets

PB vs Industry: CARL B is overvalued based on its PB Ratio (3.4x) compared to the XE Beverage industry average (1.8x).


Next Steps

Future Growth

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

7.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Earnings vs Savings Rate: CARL B's forecast earnings growth (7.1% per year) is above the savings rate (0.2%).

Earnings vs Market: CARL B's earnings (7.1% per year) are forecast to grow slower than the Danish market (11.8% 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 (7% 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 Estimates


Future Return on Equity

High Future ROE: CARL B's Return on Equity is forecast to be low in 3 years time (17.4%).


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

Earnings Trend: CARL B's earnings have grown by 8.6% per year over the past 5 years.

Accelerating Growth: CARL B's earnings growth over the past year (314.9%) exceeds its 5-year average (8.6% per year).

Earnings vs Industry: CARL B earnings growth over the past year (314.9%) exceeded the Beverage industry 3.3%.


Return on Equity

High ROE: CARL B's Return on Equity (14.5%) is considered low.


Return on Assets

ROA vs Industry: CARL B's Return on Assets is below or equal to the Beverage industry average last year.


Return on Capital Employed

ROCE Improving: CARL B has significantly improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is Carlsberg's financial position?


Financial Position Analysis

Short Term Liabilities: CARL B's short term assets (DKK21.5B) do not cover its short term liabilities (DKK39.7B)

Long Term Liabilities: CARL B's short term assets (21.5B) do not cover its long term liabilities (39.0B)


Debt to Equity History and Analysis

Debt Level: CARL B's debt to equity ratio (52.7%) is considered high

Reducing Debt: CARL B's debt to equity ratio has reduced from 58.3% to 52.7% over the past 5 years.

Debt Coverage: CARL B's debt is well covered by operating cash flow (45.9%).

Interest Coverage: CARL B's interest payments on its debt are well covered by EBIT (23.4x 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 0.9x debt).


Next Steps

Dividend

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

2.23%

Expected Dividend Yield


Dividend Yield vs Market

company1.8%marketbottom25%1.7%markettop25%5.3%industryaverage2.3%forecastin3Years2.2%

Current dividend yield vs market & industry


Dividend Yield and Payments Analysis

Notable Dividend: CARL B's dividend (1.8%) is higher than the bottom 25% of dividend payers in the Danish market (1.71%).

High Dividend: CARL B's dividend (1.8%) is low compared to the top 25% of dividend payers in the Danish market (5.35%).

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 (46.3%), 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 (50.1% payout ratio).


Next Steps

Management

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

3.2yrs

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

Compensation vs. Market: Cees's total compensation ($USD7.77M) is about average for companies of similar size in the Danish market ($USD2.16M).

Compensation vs Earnings: Cees's compensation has increased by more than 20% in the past year.


Management Age and Tenure

3.2yrs

Average Tenure

53yo

Average Age

Experienced Management: CARL B's management team is considered experienced (3.2 years average tenure).


Board Age and Tenure

7.6yrs

Average Tenure

63.5yo

Average Age

Experienced Board: CARL B's board of directors are considered experienced (7.6 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown


Management Team

  • Nancy Cruickshank (49yo)

    Senior Vice President of Digital Business Transformation

    • Tenure: 1.4yrs
  • Chris Warmoth (60yo)

    Executive Vice President of Western Europe

    • Tenure: 1.8yrs
  • Jacek Pastuszka (56yo)

    Executive Vice President of Eastern Europe

    • Tenure: 4.8yrs
  • Lars Lehmann (53yo)

    Executive Vice President of Eastern Europe

    • Tenure: 0.4yrs
  • Peter Kondrup

    Vice President of Investor Relations

    • Tenure: 10.8yrs
  • Graham Fewkes (51yo)

    Executive Vice President of Asia

    • Tenure: 4.8yrs
  • 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: 3.8yrs
    • Compensation: ø28.40m
  • Jessica Alice Spence (44yo)

    Executive Vice President of Group Commercial

    • Tenure: 1.6yrs
  • Phil Hodges (53yo)

    Executive Vice President of Supply Chain

    • Tenure: 2.7yrs

Board Members

  • Richard George Burrows (73yo)

    Non-Executive Independent Member of the Supervisory Board

    • Tenure: 10.8yrs
  • Eva Decker (55yo)

    Employee Representative Member of Supervisory Board

    • Tenure: 5.8yrs
  • Hans Andersen (64yo)

    Employee Representative Member of Supervisory Board

    • Tenure: 21.8yrs
  • Flemming Besenbacher (67yo)

    Chairman of Supervisory Board

    • Tenure: 7.6yrs
  • Lars Jørgensen (53yo)

    Deputy Chair of Supervisory Board

    • Tenure: 0.6yrs
  • Peter Petersen (50yo)

    Employee Representative Member of Supervisory Board

    • Tenure: 9.6yrs
  • Lars Stemmerik (63yo)

    Non-Executive Non-Independent Member of Supervisory Board

    • Tenure: 9.8yrs
  • Søren-Peter Olesen (64yo)

    Non-Executive Non-Independent Member of Supervisory Board

    • Tenure: 7.6yrs
  • Finn Lok (61yo)

    Employee Representative Member of Supervisory Board

    • Tenure: 5.6yrs
  • Carl Bache (66yo)

    Non-Executive Non-Independent Member of Supervisory Board

    • Tenure: 5.8yrs

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: ø147.507b
  • Shares outstanding: 148.90m
  • 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 Analysis2019/10/13 20:50
End of Day Share Price2019/10/11 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.

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