Carlsberg Valuation

Q: What is the Fair Price of 0AI4 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

0AI4 (DKK694.6) is trading below our estimate of [[fair value]] (DKK2704.93)

Is 0AI4 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 0AI4 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0AI4 (DKK694.6) is trading below our estimate of fair value (DKK2704.93)

Significantly Below Fair Value: 0AI4 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0AI4?

Key metric: As 0AI4 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0AI4. This is calculated by dividing 0AI4's market cap by their current earnings.
What is 0AI4's PE Ratio?
PE Ratio	13.5x
Earnings	DKK 6.80b
Market Cap	DKK 96.98b

0AI4 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/Revenue	1.7x
Enterprise Value/EBITDA	8.9x
PEG Ratio	1.1x

Price to Earnings Ratio vs Peers

How does 0AI4's PE Ratio compare to its peers?

The above table shows the PE ratio for 0AI4 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	17.5x
CCH Coca-Cola HBC	18.8x	12.6%	UK£9.8b
ABF Associated British Foods	10.5x	5.8%	UK£15.3b
BVIC Britvic	25.7x	17.4%	UK£3.2b
SHEP Shepherd Neame	15.2x	8.0%	UK£74.1m
0AI4 Carlsberg	13.5x	12.2%	DKK 97.0b

Price-To-Earnings vs Peers: 0AI4 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 0AI4's PE Ratio compare vs other companies in the European Beverage Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 0AI4 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 0AI4'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.

0AI4 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	13.5x
Fair PE Ratio	21.2x

Price-To-Earnings vs Fair Ratio: 0AI4 is good value based on its Price-To-Earnings Ratio (13.5x) compared to the estimated Fair Price-To-Earnings Ratio (21.2x).

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 0AI4 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	DKK 694.60	DKK 971.83 +39.9%	16.7%	DKK 1,230.00	DKK 620.00	n/a	18
Dec ’25	DKK 726.80	DKK 1,005.18 +38.3%	12.4%	DKK 1,230.00	DKK 698.00	n/a	17
Nov ’25	DKK 762.80	DKK 1,038.41 +36.1%	10.7%	DKK 1,230.00	DKK 829.49	n/a	16
Oct ’25	DKK 792.20	DKK 1,041.88 +31.5%	10.2%	DKK 1,230.00	DKK 870.00	n/a	16
Sep ’25	DKK 792.00	DKK 1,054.50 +33.1%	11.3%	DKK 1,230.00	DKK 850.00	n/a	16
Aug ’25	DKK 830.49	DKK 1,081.25 +30.2%	8.0%	DKK 1,230.00	DKK 890.00	n/a	16
Jul ’25	DKK 846.29	DKK 1,082.50 +27.9%	6.6%	DKK 1,230.00	DKK 970.00	n/a	16
Jun ’25	DKK 927.44	DKK 1,067.11 +15.1%	8.2%	DKK 1,230.00	DKK 840.00	n/a	18
May ’25	DKK 939.00	DKK 1,066.00 +13.5%	8.2%	DKK 1,230.00	DKK 840.00	n/a	18
Apr ’25	DKK 943.60	DKK 1,059.89 +12.3%	7.2%	DKK 1,150.00	DKK 840.00	n/a	18
Mar ’25	DKK 956.93	DKK 1,060.68 +10.8%	8.2%	DKK 1,150.00	DKK 840.00	n/a	19
Feb ’25	DKK 882.00	DKK 1,019.50 +15.6%	11.8%	DKK 1,160.00	DKK 775.00	n/a	20
Jan ’25	DKK 847.35	DKK 1,015.30 +19.8%	12.6%	DKK 1,200.00	DKK 775.00	n/a	20
Dec ’24	DKK 837.29	DKK 1,065.76 +27.3%	15.0%	DKK 1,500.00	DKK 775.00	DKK 726.80	21
Nov ’24	DKK 833.38	DKK 1,079.57 +29.5%	14.2%	DKK 1,500.00	DKK 775.00	DKK 762.80	21
Oct ’24	DKK 904.49	DKK 1,131.50 +25.1%	12.7%	DKK 1,500.00	DKK 850.00	DKK 792.20	22
Sep ’24	DKK 993.49	DKK 1,142.83 +15.0%	12.6%	DKK 1,500.00	DKK 850.00	DKK 792.00	23
Aug ’24	DKK 1,018.36	DKK 1,159.52 +13.9%	12.9%	DKK 1,500.00	DKK 850.00	DKK 830.49	23
Jul ’24	DKK 1,090.28	DKK 1,164.09 +6.8%	13.2%	DKK 1,500.00	DKK 850.00	DKK 846.29	23
Jun ’24	DKK 1,052.52	DKK 1,166.39 +10.8%	13.3%	DKK 1,500.00	DKK 850.00	DKK 927.44	23
May ’24	DKK 1,115.93	DKK 1,135.09 +1.7%	12.1%	DKK 1,300.00	DKK 850.00	DKK 939.00	22
Apr ’24	DKK 1,069.23	DKK 1,075.83 +0.6%	12.5%	DKK 1,269.00	DKK 725.00	DKK 943.60	23
Mar ’24	DKK 1,001.50	DKK 1,064.96 +6.3%	12.7%	DKK 1,269.00	DKK 725.00	DKK 956.93	24
Feb ’24	DKK 983.20	DKK 1,056.75 +7.5%	11.6%	DKK 1,250.00	DKK 725.00	DKK 882.00	24
Jan ’24	DKK 917.50	DKK 1,060.29 +15.6%	12.6%	DKK 1,320.00	DKK 725.00	DKK 847.35	24
Dec ’23	DKK 903.21	DKK 1,056.96 +17.0%	12.5%	DKK 1,320.00	DKK 725.00	DKK 837.29	24

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

Data	Last Updated (UTC time)
Company Analysis	2024/12/18 15:40
End of Day Share Price	2024/12/18 00:00
Earnings	2024/06/30
Annual Earnings	2023/12/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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.

Analyst	Institution
Michael Vitfell-Rasmussen	ABG Sundal Collier
Anthony Bucalo	Banco Santander
Laurence Whyatt	Barclays