Carlsberg A/S

BATS-CHIXE:CARLBC Stock Report

Market Cap: DKK 97.0b

Carlsberg Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • 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 (DKK704.5) is trading below our estimate of fair value (DKK2743.4)

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 Ratio13.5x
EarningsDKK 6.80b
Market CapDKK 96.98b

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 Average17.5x
CCH Coca-Cola HBC
18.8x12.6%UK£9.8b
ABF Associated British Foods
10.4x5.8%UK£15.3b
BVIC Britvic
25.7x17.4%UK£3.2b
SHEP Shepherd Neame
15.2x8.0%UK£74.1m
CARLBC Carlsberg
13.5x12.2%DKK 97.0b

Price-To-Earnings vs Peers: CARLBC is good value based on its Price-To-Earnings Ratio (13.5x) compared to the peer average (17.5x).

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 (13.5x) compared to the European Beverage industry average (18x).

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 Ratio13.5x
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 704.50
DKK 971.83
+37.9%
16.7%DKK 1,230.00DKK 620.00n/a18
Dec ’25DKK 725.50
DKK 1,005.18
+38.5%
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 775.00DKK 725.5021
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

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/18 15:54
End of Day Share Price 2024/12/17 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Carlsberg A/S is covered by 57 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Michael Vitfell-RasmussenABG Sundal Collier
Anthony BucaloBanco Santander
Laurence WhyattBarclays