Financials Carlsberg A/S

Equities

CARL B

DK0010181759

Brewers

Real-time Estimate Cboe Europe 08:37:34 2024-07-16 am EDT 5-day change 1st Jan Change
853.6 DKK +0.07% Intraday chart for Carlsberg A/S -1.80% +0.66%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 145,805 142,676 163,149 133,594 122,775 119,976 - -
Enterprise Value (EV) 1 164,584 163,939 182,311 152,920 145,126 145,647 148,504 147,785
P/E ratio 22.7 x 23.7 x 23.8 x -121 x -2.83 x 15.9 x 14.1 x 12.7 x
Yield 2.11% 2.26% 2.12% 2.92% 3.19% 3.18% 3.54% 3.85%
Capitalization / Revenue 2.21 x 2.44 x 2.45 x 1.9 x 1.67 x 1.56 x 1.49 x 1.43 x
EV / Revenue 2.5 x 2.8 x 2.74 x 2.18 x 1.97 x 1.89 x 1.85 x 1.76 x
EV / EBITDA 11 x 11.6 x 11.8 x 9.77 x 9.56 x 9.18 x 8.79 x 8.16 x
EV / FCF 17.5 x 32.4 x 20.5 x 15.5 x 29.8 x 20 x 15.3 x 15 x
FCF Yield 5.72% 3.08% 4.87% 6.46% 3.36% 5.01% 6.55% 6.67%
Price to Book 3.39 x 3.6 x 3.65 x 3.97 x 4.89 x 4.67 x 4.46 x 4.26 x
Nbr of stocks (in thousands) 147,996 145,102 141,892 137,341 134,114 132,079 - -
Reference price 2 993.8 975.2 1,130 923.2 846.8 853.0 853.0 853.0
Announcement Date 2/4/20 2/5/21 2/4/22 2/7/23 2/7/24 - - -
1DKK in Million2DKK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 65,902 58,541 66,634 70,265 73,585 76,911 80,413 84,012
EBITDA 1 15,007 14,085 15,474 15,657 15,179 15,857 16,899 18,107
EBIT 1 10,465 9,699 10,862 11,470 11,105 11,491 12,363 13,300
Operating Margin 15.88% 16.57% 16.3% 16.32% 15.09% 14.94% 15.37% 15.83%
Earnings before Tax (EBT) 1 10,228 9,041 10,228 9,961 9,830 10,429 11,384 12,259
Net income 1 6,569 6,030 6,846 -1,063 -40,788 7,207 7,935 8,642
Net margin 9.97% 10.3% 10.27% -1.51% -55.43% 9.37% 9.87% 10.29%
EPS 2 43.70 41.10 47.40 -7.600 -299.7 53.68 60.50 67.32
Free Cash Flow 1 9,415 5,057 8,876 9,884 4,878 7,298 9,730 9,855
FCF margin 14.29% 8.64% 13.32% 14.07% 6.63% 9.49% 12.1% 11.73%
FCF Conversion (EBITDA) 62.74% 35.9% 57.36% 63.13% 32.14% 46.02% 57.58% 54.43%
FCF Conversion (Net income) 143.32% 83.86% 129.65% - - 101.27% 122.61% 114.03%
Dividend per Share 2 21.00 22.00 24.00 27.00 27.00 27.11 30.20 32.88
Announcement Date 2/4/20 2/5/21 2/4/22 2/7/23 2/7/24 - - -
1DKK in Million2DKK
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 S2 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 Q1 2025 S1 2025 S2
Net sales 1 32,912 28,830 29,711 31,687 19,739 15,208 34,947 - 20,511 35,447 - - 34,818 16,405 21,383 37,788 35,797 22,325 39,476 21,417 16,153 37,532 17,836 41,267 38,896
EBITDA - 6,797 7,288 7,245 - - 8,229 - - 7,705 - - 7,087 - - 8,060 7,119 - 8,426 - - 7,282 - - -
EBIT 5,294 4,615 5,084 5,111 - - 5,751 - - 6,442 - - 5,028 - - 6,272 4,833 - 6,414 - - 5,262 - 6,586 6,194
Operating Margin 16.09% 16.01% 17.11% 16.13% - - 16.46% - - 18.17% - - 14.44% - - 16.6% 13.5% - 16.25% - - 14.02% - 15.96% 15.92%
Earnings before Tax (EBT) 5,375 4,404 4,637 4,674 - - 5,554 - - 5,069 - - - - - 5,771 - - 5,801 - - 4,647 - 6,307 5,676
Net income 1 3,490 2,855 3,175 3,027 1,910 1,910 3,819 -2,638 -2,638 -5,276 2,106 - - - - 3,495 -44,283 2,469 3,947 2,469 1,058 3,213 - 4,289 3,860
Net margin 10.6% 9.9% 10.69% 9.55% 9.67% 12.56% 10.93% - -12.86% -14.88% - - - - - 9.25% -123.71% 11.06% 10% 11.53% 6.55% 8.56% - 10.39% 9.92%
EPS 2 23.40 19.30 21.80 20.90 13.26 13.26 26.50 - - -37.40 15.11 - - - - 25.50 - 18.66 28.62 18.58 8.068 24.95 - 31.50 28.30
Dividend per Share 2 - - - - - 24.00 24.00 - - - - 27.00 - - - - - 6.800 28.13 6.800 6.800 - 7.418 31.47 -
Announcement Date 2/4/20 8/13/20 2/5/21 8/18/21 10/28/21 2/4/22 2/4/22 8/17/22 8/17/22 8/17/22 2/7/23 2/7/23 2/7/23 5/16/23 8/16/23 8/16/23 2/7/24 - - - - - - - -
1DKK in Million2DKK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 18,779 21,263 19,162 19,326 22,351 25,671 28,528 27,810
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.251 x 1.51 x 1.238 x 1.234 x 1.472 x 1.619 x 1.688 x 1.536 x
Free Cash Flow 1 9,415 5,057 8,876 9,884 4,878 7,298 9,730 9,855
ROE (net income / shareholders' equity) 13.9% 15.4% 16.7% 25% 26.9% 29.9% 30.8% 31.7%
ROA (Net income/ Total Assets) 5.46% 4.99% 5.66% -0.88% 6.54% 6.42% 6.91% 7.22%
Assets 1 120,411 120,939 120,886 120,864 -623,965 112,247 114,879 119,652
Book Value Per Share 2 294.0 271.0 310.0 232.0 173.0 183.0 191.0 200.0
Cash Flow per Share 2 81.40 74.80 91.90 92.40 85.10 82.60 81.80 99.20
Capex 1 4,588 4,396 4,221 4,018 4,243 5,031 5,373 5,495
Capex / Sales 6.96% 7.51% 6.33% 5.72% 5.77% 6.54% 6.68% 6.54%
Announcement Date 2/4/20 2/5/21 2/4/22 2/7/23 2/7/24 - - -
1DKK in Million2DKK
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
17
Last Close Price
853 DKK
Average target price
1,081 DKK
Spread / Average Target
+26.76%
Consensus
  1. Stock Market
  2. Equities
  3. CARL B Stock
  4. Financials Carlsberg A/S