Carlsberg A/S

LSE:0AI4 Stock Report

Market Cap: DKK 101.3b

Carlsberg Valuation

Is 0AI4 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • 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 (DKK724) is trading below our estimate of fair value (DKK2813.75)

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 Ratio14.1x
EarningsDKK 6.80b
Market CapDKK 101.32b

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.
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
0AI4 Carlsberg
14.1x12.2%DKK 101.3b

Price-To-Earnings vs Peers: 0AI4 is good value based on its Price-To-Earnings Ratio (14.1x) compared to the peer average (18x).

Price to Earnings Ratio vs Industry

How does 0AI4's PE Ratio compare vs other companies in the European Beverage Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
0AI4 14.1xIndustry Avg. 17.4xNo. of Companies7PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0AI4 is good value based on its Price-To-Earnings Ratio (14.1x) compared to the European Beverage industry average (17.4x).

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 Ratio14.1x
Fair PE Ratio21.2x

Price-To-Earnings vs Fair Ratio: 0AI4 is good value based on its Price-To-Earnings Ratio (14.1x) 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.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentDKK 717.40
DKK 1,005.18
+40.1%
12.4%DKK 1,230.00DKK 698.00n/a17
Nov ’25DKK 762.80
DKK 1,038.41
+36.1%
10.7%DKK 1,230.00DKK 829.49n/a16
Oct ’25DKK 792.20
DKK 1,041.88
+31.5%
10.2%DKK 1,230.00DKK 870.00n/a16
Sep ’25DKK 792.00
DKK 1,054.50
+33.1%
11.3%DKK 1,230.00DKK 850.00n/a16
Aug ’25DKK 830.49
DKK 1,081.25
+30.2%
8.0%DKK 1,230.00DKK 890.00n/a16
Jul ’25DKK 846.29
DKK 1,082.50
+27.9%
6.6%DKK 1,230.00DKK 970.00n/a16
Jun ’25DKK 927.44
DKK 1,067.11
+15.1%
8.2%DKK 1,230.00DKK 840.00n/a18
May ’25DKK 939.00
DKK 1,066.00
+13.5%
8.2%DKK 1,230.00DKK 840.00n/a18
Apr ’25DKK 943.60
DKK 1,059.89
+12.3%
7.2%DKK 1,150.00DKK 840.00n/a18
Mar ’25DKK 956.93
DKK 1,060.68
+10.8%
8.2%DKK 1,150.00DKK 840.00n/a19
Feb ’25DKK 882.00
DKK 1,019.50
+15.6%
11.8%DKK 1,160.00DKK 775.00n/a20
Jan ’25DKK 847.35
DKK 1,015.30
+19.8%
12.6%DKK 1,200.00DKK 775.00n/a20
Dec ’24DKK 837.29
DKK 1,065.76
+27.3%
15.0%DKK 1,500.00DKK 775.00n/a21
Nov ’24DKK 833.38
DKK 1,079.57
+29.5%
14.2%DKK 1,500.00DKK 775.00DKK 762.8021
Oct ’24DKK 904.49
DKK 1,131.50
+25.1%
12.7%DKK 1,500.00DKK 850.00DKK 792.2022
Sep ’24DKK 993.49
DKK 1,142.83
+15.0%
12.6%DKK 1,500.00DKK 850.00DKK 792.0023
Aug ’24DKK 1,018.36
DKK 1,159.52
+13.9%
12.9%DKK 1,500.00DKK 850.00DKK 830.4923
Jul ’24DKK 1,090.28
DKK 1,164.09
+6.8%
13.2%DKK 1,500.00DKK 850.00DKK 846.2923
Jun ’24DKK 1,052.52
DKK 1,166.39
+10.8%
13.3%DKK 1,500.00DKK 850.00DKK 927.4423
May ’24DKK 1,115.93
DKK 1,135.09
+1.7%
12.1%DKK 1,300.00DKK 850.00DKK 939.0022
Apr ’24DKK 1,069.23
DKK 1,075.83
+0.6%
12.5%DKK 1,269.00DKK 725.00DKK 943.6023
Mar ’24DKK 1,001.50
DKK 1,064.96
+6.3%
12.7%DKK 1,269.00DKK 725.00DKK 956.9324
Feb ’24DKK 983.20
DKK 1,056.75
+7.5%
11.6%DKK 1,250.00DKK 725.00DKK 882.0024
Jan ’24DKK 917.50
DKK 1,060.29
+15.6%
12.6%DKK 1,320.00DKK 725.00DKK 847.3524
Dec ’23DKK 903.21
DKK 1,056.96
+17.0%
12.5%DKK 1,320.00DKK 725.00DKK 837.2924
Nov ’23DKK 891.22
DKK 1,076.39
+20.8%
9.7%DKK 1,320.00DKK 915.00DKK 833.3823

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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