Carlsberg A/S

OTCPK:CABJ.F Stock Report

Market Cap: US$13.5b

Carlsberg Valuation

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

Below Fair Value: CABJ.F ($96.36) is trading below our estimate of fair value ($366.58)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CABJ.F?

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

The above table shows the Price to Earnings ratio for CABJ.F. This is calculated by dividing CABJ.F's market cap by their current earnings.
What is CABJ.F's PE Ratio?
PE Ratio13.5x
EarningsDKK 6.80b
Market CapDKK 96.98b

Price to Earnings Ratio vs Peers

How does CABJ.F's PE Ratio compare to its peers?

The above table shows the PE ratio for CABJ.F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average37.9x
TAP Molson Coors Beverage
12.8x3.8%US$12.2b
SAM Boston Beer Company
42.8x19.6%US$3.5b
PRMB Primo Brands
80.7x107.5%US$11.7b
KOF Coca-Cola FEMSA. de
15.5x12.1%US$17.2b
CABJ.F Carlsberg
13.5x12.2%US$97.0b

Price-To-Earnings vs Peers: CABJ.F is good value based on its Price-To-Earnings Ratio (13.5x) compared to the peer average (37.9x).

Price to Earnings Ratio vs Industry

How does CABJ.F's PE Ratio compare vs other companies in the North American Beverage Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
CABJ.F 13.5xIndustry Avg. 18.4xNo. of Companies3PE01632486480+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CABJ.F is good value based on its Price-To-Earnings Ratio (13.5x) compared to the Global Beverage industry average (18.5x).

Price to Earnings Ratio vs Fair Ratio

What is CABJ.F'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.

CABJ.F PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13.5x
Fair PE Ratio24.7x

Price-To-Earnings vs Fair Ratio: CABJ.F is good value based on its Price-To-Earnings Ratio (13.5x) compared to the estimated Fair Price-To-Earnings Ratio (24.7x).

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 CABJ.F forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$96.36
US$136.41
+41.6%
16.7%US$172.64US$87.02n/a18
Dec ’25US$100.25
US$141.86
+41.5%
12.4%US$173.59US$98.51n/a17
Nov ’25US$107.70
US$150.87
+40.1%
10.7%US$178.71US$120.52n/a16
Oct ’25US$114.70
US$154.60
+34.8%
10.2%US$182.52US$129.10n/a16
Sep ’25US$113.65
US$158.10
+39.1%
11.3%US$184.42US$127.44n/a16
Aug ’25US$122.20
US$157.94
+29.2%
8.0%US$179.66US$130.00n/a16
Jul ’25US$123.70
US$155.86
+26.0%
6.6%US$177.10US$139.66n/a16
Jun ’25US$132.30
US$154.08
+16.5%
8.2%US$177.60US$121.29n/a18
May ’25US$132.25
US$152.77
+15.5%
8.2%US$176.27US$120.38n/a18
Apr ’25US$135.50
US$153.88
+13.6%
7.2%US$166.97US$121.96n/a18
Mar ’25US$135.25
US$154.23
+14.0%
8.2%US$167.22US$122.14n/a19
Feb ’25US$130.25
US$148.60
+14.1%
11.8%US$169.08US$112.96n/a20
Jan ’25US$123.50
US$148.72
+20.4%
12.6%US$175.77US$113.52n/a20
Dec ’24US$121.00
US$156.87
+29.6%
15.0%US$220.78US$114.07US$100.2521
Nov ’24US$116.05
US$152.84
+31.7%
14.2%US$212.36US$109.72US$107.7021
Oct ’24US$128.35
US$160.39
+25.0%
12.7%US$212.62US$120.49US$114.7022
Sep ’24US$145.60
US$166.89
+14.6%
12.6%US$219.05US$124.13US$113.6523
Aug ’24US$146.70
US$172.11
+17.3%
12.9%US$222.65US$126.17US$122.2023
Jul ’24US$157.20
US$170.60
+8.5%
13.2%US$219.83US$124.57US$123.7023
Jun ’24US$149.75
US$167.85
+12.1%
13.3%US$215.86US$122.32US$132.3023
May ’24US$164.10
US$167.10
+1.8%
12.1%US$191.38US$125.13US$132.2522
Apr ’24US$154.00
US$155.90
+1.2%
12.5%US$183.90US$105.06US$135.5023
Mar ’24US$141.50
US$152.64
+7.9%
12.7%US$181.88US$103.91US$135.2524
Feb ’24US$146.40
US$153.88
+5.1%
11.6%US$182.02US$105.57US$130.2524
Jan ’24US$134.75
US$151.45
+12.4%
12.6%US$188.55US$103.56US$123.5024
Dec ’23US$124.45
US$147.95
+18.9%
12.5%US$184.77US$101.48US$121.0024

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 15:53
End of Day Share Price 2024/12/18 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