Valuation Carlsberg A/S

Equities

Market Closed - Nasdaq Copenhagen Other stock markets 11:20:00 2025-07-15 am EDT			5-day change	1st Jan Change
891.60 ^DKK	-1.70%		-0.98%	+29.22%

Jul. 03	Bernstein Lowers Price Target for Carlsberg to 1,260 Danish Kroner, Reiterates Outperform	FW
Jun. 24	Kepler Raises Target Price for 'Tariff-Free' Carlsberg	FW

Data adjusted to current consolidation scope

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	142,676	163,149	133,594	122,775	95,313	121,447	-	-
Change	-	14.35%	-18.12%	-8.1%	-22.37%	27.42%	-	-
Enterprise Value (EV) ¹	163,939	182,311	152,920	145,126	122,670	181,839	177,890	173,586
Change	-	11.21%	-16.12%	-5.1%	-15.47%	48.23%	-2.17%	-2.42%
P/E ratio	23.7x	23.8x	-121x	-2.83x	10x	16.6x	14.1x	12.7x
PBR	3.6x	3.65x	3.97x	4.89x	3.28x	3.8x	3.34x	2.97x
PEG	-	1.6x	1x	-0x	-0x	-0.8x	0.8x	1.2x
Capitalization / Revenue	2.44x	2.45x	1.9x	1.67x	1.27x	1.32x	1.26x	1.22x
EV / Revenue	2.8x	2.74x	2.18x	1.97x	1.64x	1.98x	1.85x	1.74x
EV / EBITDA	11.6x	11.8x	9.77x	9.56x	7.77x	9.58x	8.73x	7.99x
EV / EBIT	16.9x	16.8x	13.3x	13.1x	10.8x	13.3x	12x	11x
EV / FCF	32.4x	20.5x	15.5x	29.8x	12.5x	24.6x	17.8x	15.9x
FCF Yield	3.08%	4.87%	6.46%	3.36%	7.98%	4.06%	5.62%	6.3%
Dividend per Share ²	22	24	27	27	27	28.43	31.45	34.31
Rate of return	2.26%	2.12%	2.92%	3.19%	3.91%	3.13%	3.47%	3.78%
EPS ²	41.1	47.4	-7.6	-299.7	68.7	54.55	64.27	71.21
Distribution rate	53.5%	50.6%	-355%	-9.01%	39.3%	52.1%	48.9%	48.2%
Net sales ¹	58,541	66,634	70,265	73,585	75,011	91,876	96,249	99,888
EBITDA ¹	14,085	15,474	15,657	15,179	15,781	18,983	20,380	21,724
EBIT ¹	9,699	10,862	11,470	11,105	11,411	13,701	14,781	15,789
Net income ¹	6,030	6,846	-1,063	-40,788	9,116	7,256	8,519	9,417
Net Debt ¹	21,263	19,162	19,326	22,351	27,357	60,393	56,443	52,139
Reference price ²	975.20	1,129.50	923.20	846.80	690.00	907.00	907.00	907.00
Nbr of stocks (in thousands)	145,102	141,892	137,341	134,114	132,079	132,079	-	-
Announcement Date	2/5/21	2/4/22	2/7/23	2/7/24	2/6/25	-	-	-

¹DKK in Million²DKK

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
CARLSBERG A/S	16.63x	1.98x	9.58x	3.13%	19.02B
ANHEUSER-BUSCH INBEV SA/NV	17.3x	3.14x	8.82x	1.84%	134B
HEINEKEN N.V.	17.66x	1.91x	8.65x	2.55%	49.3B
AMBEV S.A.	13.66x	1.95x	6.21x	7.01%	37.18B
CONSTELLATION BRANDS, INC.	13.31x	4.25x	11.11x	2.46%	29.01B
HEINEKEN HOLDING N.V.	13.92x	-	-	-	21.31B
ASAHI GROUP HOLDINGS, LTD.	14.57x	1.34x	9.08x	2.78%	18.9B
BUDWEISER BREWING COMPANY APAC LIMITED	18.4x	1.83x	6.35x	5.31%	14.18B
CHINA RESOURCES BEER (HOLDINGS) COMPANY LIMITED	15.35x	1.94x	7.94x	3.79%	11.32B
Average	15.64x	2.29x	8.47x	3.61%	37.12B
Weighted average by Cap.	16.17x	2.63x	8.61x	2.99%