Carlsberg Brewery Malaysia Berhad

KLSE:CARLSBG Stock Report

Market Cap: RM 6.2b

Carlsberg Brewery Malaysia Berhad Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • 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 CARLSBG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CARLSBG (MYR20.6) is trading below our estimate of fair value (MYR28.11)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for CARLSBG. This is calculated by dividing CARLSBG's market cap by their current earnings.
What is CARLSBG's PE Ratio?
PE Ratio18.7x
EarningsRM 336.32m
Market CapRM 6.24b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for CARLSBG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average19.6x
HEIM Heineken Malaysia Berhad
16.9x3.5%RM 7.2b
F&N Fraser & Neave Holdings Bhd
18.9x6.9%RM 10.4b
GENP Genting Plantations Berhad
18.7x5.2%RM 5.0b
FGV FGV Holdings Berhad
23.9x5.7%RM 4.2b
CARLSBG Carlsberg Brewery Malaysia Berhad
18.7x6.4%RM 6.2b

Price-To-Earnings vs Peers: CARLSBG is good value based on its Price-To-Earnings Ratio (18.7x) compared to the peer average (19.6x).

Price to Earnings Ratio vs Industry

How does CARLSBG's PE Ratio compare vs other companies in the Asian Beverage Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
CARLSBG 18.7xIndustry Avg. 18.7xNo. of Companies27PE01632486480+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CARLSBG is expensive based on its Price-To-Earnings Ratio (18.7x) compared to the Asian Beverage industry average (18.7x).

Price to Earnings Ratio vs Fair Ratio

What is CARLSBG'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.

CARLSBG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.7x
Fair PE Ratio16.7x

Price-To-Earnings vs Fair Ratio: CARLSBG is expensive based on its Price-To-Earnings Ratio (18.7x) compared to the estimated Fair Price-To-Earnings Ratio (16.7x).

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 CARLSBG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRM 20.60
RM 24.49
+18.9%
10.5%RM 31.08RM 22.87n/a8
Nov ’25RM 19.60
RM 23.78
+21.3%
11.4%RM 30.12RM 21.00n/a8
Oct ’25RM 19.78
RM 23.78
+20.2%
11.4%RM 30.12RM 21.00n/a8
Sep ’25RM 19.20
RM 23.35
+21.6%
12.1%RM 30.12RM 20.05n/a9
Aug ’25RM 18.62
RM 23.24
+24.8%
12.8%RM 30.12RM 19.95n/a9
Jul ’25RM 18.84
RM 23.24
+23.3%
12.8%RM 30.12RM 19.95n/a9
Jun ’25RM 19.80
RM 23.24
+17.4%
12.8%RM 30.12RM 19.95n/a9
May ’25RM 18.68
RM 23.25
+24.4%
11.6%RM 30.31RM 19.95n/a10
Apr ’25RM 18.48
RM 23.41
+26.7%
10.8%RM 30.31RM 21.00n/a10
Mar ’25RM 18.98
RM 23.82
+25.5%
11.4%RM 30.31RM 21.00n/a10
Feb ’25RM 19.24
RM 24.40
+26.8%
11.7%RM 30.31RM 20.96n/a10
Jan ’25RM 19.28
RM 24.40
+26.6%
11.7%RM 30.31RM 20.96n/a10
Dec ’24RM 19.00
RM 24.40
+28.4%
11.7%RM 30.31RM 20.96n/a10
Nov ’24RM 19.82
RM 24.59
+24.1%
11.7%RM 30.77RM 21.30RM 19.6011
Oct ’24RM 20.00
RM 24.52
+22.6%
11.2%RM 30.77RM 21.30RM 19.7811
Sep ’24RM 20.10
RM 24.66
+22.7%
10.8%RM 30.77RM 21.30RM 19.2012
Aug ’24RM 21.00
RM 24.94
+18.7%
11.5%RM 30.77RM 21.40RM 18.6212
Jul ’24RM 20.36
RM 24.56
+20.6%
12.4%RM 30.77RM 20.00RM 18.8413
Jun ’24RM 20.98
RM 25.03
+19.3%
13.1%RM 30.77RM 20.00RM 19.8013
May ’24RM 21.14
RM 25.42
+20.2%
12.1%RM 30.77RM 20.00RM 18.6813
Apr ’24RM 21.54
RM 25.50
+18.4%
11.6%RM 30.77RM 21.00RM 18.4813
Mar ’24RM 22.58
RM 25.57
+13.2%
11.3%RM 30.77RM 21.00RM 18.9813
Feb ’24RM 23.54
RM 26.59
+12.9%
12.0%RM 30.77RM 21.00RM 19.2413
Jan ’24RM 22.88
RM 26.40
+15.4%
15.6%RM 30.77RM 16.00RM 19.2812
Dec ’23RM 22.98
RM 26.40
+14.9%
15.6%RM 30.77RM 16.00RM 19.0012
Nov ’23RM 21.94
RM 26.12
+19.1%
13.8%RM 30.00RM 16.00RM 19.8212

Analyst Forecast: Target price is less than 20% higher than the current share price.

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