Carlsberg A/S

BATS-CHIXE:CARLBC Stock Report

Market Cap: DKK 100.9b

Carlsberg Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: CARLBC (DKK719.2) is trading below our estimate of fair value (DKK2812.88)

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

Key Valuation Metric

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

Key metric: As CARLBC is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CARLBC. This is calculated by dividing CARLBC's market cap by their current earnings.
What is CARLBC's PE Ratio?
PE Ratio14x
EarningsDKK 6.80b
Market CapDKK 100.89b

Price to Earnings Ratio vs Peers

How does CARLBC's PE Ratio compare to its peers?

The above table shows the PE ratio for CARLBC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18x
CCH Coca-Cola HBC
19x11.9%UK£10.0b
ABF Associated British Foods
11.1x4.2%UK£16.1b
BVIC Britvic
24.5x13.0%UK£3.2b
SHEP Shepherd Neame
17.5x8.0%UK£85.1m
CARLBC Carlsberg
14x12.2%DKK 100.9b

Price-To-Earnings vs Peers: CARLBC is good value based on its Price-To-Earnings Ratio (14x) compared to the peer average (18x).

Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No. of Companies7PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CARLBC is good value based on its Price-To-Earnings Ratio (14x) compared to the European Beverage industry average (17.4x).

Price to Earnings Ratio vs Fair Ratio

What is CARLBC'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.

CARLBC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate CARLBC's Price-To-Earnings Fair Ratio for valuation analysis.

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 CARLBC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentDKK 719.20
DKK 1,005.18
+39.8%
12.4%DKK 1,230.00DKK 698.00n/a17
Nov ’25DKK 764.50
DKK 1,038.41
+35.8%
10.7%DKK 1,230.00DKK 829.49n/a16
Oct ’25DKK 825.60
DKK 1,041.88
+26.2%
10.2%DKK 1,230.00DKK 870.00n/a16
Sep ’25DKK 792.60
DKK 1,054.50
+33.0%
11.3%DKK 1,230.00DKK 850.00n/a16
Aug ’25DKK 834.20
DKK 1,081.25
+29.6%
8.0%DKK 1,230.00DKK 890.00n/a16
Jul ’25DKK 871.60
DKK 1,082.50
+24.2%
6.6%DKK 1,230.00DKK 970.00n/a16
Jun ’25DKK 921.60
DKK 1,067.11
+15.8%
8.2%DKK 1,230.00DKK 840.00n/a18
May ’25n/a
DKK 1,066.00
0%
8.2%DKK 1,230.00DKK 840.00n/a18
Apr ’25DKK 949.20
DKK 1,059.89
+11.7%
7.2%DKK 1,150.00DKK 840.00n/a18
Mar ’25DKK 959.30
DKK 1,060.68
+10.6%
8.2%DKK 1,150.00DKK 840.00n/a19
Feb ’25n/a
DKK 1,019.50
0%
11.8%DKK 1,160.00DKK 775.00n/a20
Jan ’25n/a
DKK 1,015.30
0%
12.6%DKK 1,200.00DKK 775.00n/a20
Dec ’24n/a
DKK 1,065.76
0%
15.0%DKK 1,500.00DKK 775.00n/a21
Nov ’24n/a
DKK 1,079.57
0%
14.2%DKK 1,500.00DKK 775.00DKK 764.5021
Oct ’24n/a
DKK 1,131.50
0%
12.7%DKK 1,500.00DKK 850.00DKK 825.6022
Sep ’24n/a
DKK 1,142.83
0%
12.6%DKK 1,500.00DKK 850.00DKK 792.6023
Aug ’24DKK 1,020.00
DKK 1,159.52
+13.7%
12.9%DKK 1,500.00DKK 850.00DKK 834.2023
Jul ’24DKK 1,092.50
DKK 1,164.09
+6.6%
13.2%DKK 1,500.00DKK 850.00DKK 871.6023
Jun ’24DKK 1,053.00
DKK 1,166.39
+10.8%
13.3%DKK 1,500.00DKK 850.00DKK 921.6023
May ’24DKK 1,129.50
DKK 1,135.09
+0.5%
12.1%DKK 1,300.00DKK 850.00n/a22
Apr ’24DKK 1,046.50
DKK 1,075.83
+2.8%
12.5%DKK 1,269.00DKK 725.00DKK 949.2023
Mar ’24DKK 989.20
DKK 1,064.96
+7.7%
12.7%DKK 1,269.00DKK 725.00DKK 959.3024
Feb ’24DKK 983.40
DKK 1,056.75
+7.5%
11.6%DKK 1,250.00DKK 725.00n/a24
Jan ’24DKK 917.00
DKK 1,060.29
+15.6%
12.6%DKK 1,320.00DKK 725.00n/a24
Dec ’23DKK 890.80
DKK 1,056.96
+18.7%
12.5%DKK 1,320.00DKK 725.00n/a24
Nov ’23DKK 885.80
DKK 1,076.39
+21.5%
9.7%DKK 1,320.00DKK 915.00n/a23

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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