Carlsberg (CARL B) Stock Overview
Produces and markets beer, soft drinks, and other beverage products in Denmark, China, the United Kingdom, and internationally. More details
| Snowflake Score | |
|---|---|
| Valuation | 3/6 |
| Future Growth | 3/6 |
| Past Performance | 2/6 |
| Financial Health | 1/6 |
| Dividends | 5/6 |
CARL B Community Fair Values
Create NarrativeSee what 44 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Carlsberg A/S Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | DKK 845.60 |
| 52 Week High | DKK 1,015.00 |
| 52 Week Low | DKK 737.40 |
| Beta | 0.65 |
| 1 Month Change | -3.58% |
| 3 Month Change | -9.54% |
| 1 Year Change | -10.14% |
| 3 Year Change | -20.00% |
| 5 Year Change | -23.99% |
| Change since IPO | 135.54% |
Recent News & Updates
Narrative Update • May 16
CARL B: Britvic Acquisition And Bottling Expansion Will Support Future Rerating
Carlsberg's analyst price target has shifted slightly lower to around DKK 1,299 from roughly DKK 1,314, as analysts factor in updated discount rate and valuation assumptions, while still citing support from recent upgrades and the Britvic acquisition story. Analyst Commentary Recent research points to a mixed but generally constructive view on Carlsberg, with the latest price target adjustments framed against the backdrop of new valuation inputs and the Britvic acquisition.
Narrative Update • Apr 29
CARL B: Britvic Acquisition And Non Alcoholic Shift Will Shape Future Multiple
Carlsberg's analyst price target edges up to DKK 1,045, as analysts balance slightly softer revenue growth and profit margin assumptions with a modestly higher future P/E and recent mixed rating and target moves related to the Britvic acquisition and broader sector views. Analyst Commentary Recent research on Carlsberg reflects a mix of optimism around the Britvic acquisition and non-alcoholic exposure, alongside more cautious tweaks to price targets as analysts recalibrate revenue and margin expectations.Narrative Update • Apr 15
CARL B: Non Alcoholic Pivot And Britvic Deal Will Support Rerating
The analyst price target for Carlsberg has been adjusted slightly lower to DKK 1,314 from DKK 1,323, with analysts pointing to modest tweaks in revenue growth, profit margin and future P/E assumptions following recent mixed rating changes and updated views on the Britvic acquisition and broader category mix. Analyst Commentary Recent Street research around Carlsberg has been mixed, but several bullish analysts are highlighting supportive themes around execution, category mix and valuation.Narrative Update • Apr 01
CARL B: Non Alcoholic Shift And Britvic Integration Will Drive Rerating
Carlsberg's analyst price targets have been nudged higher, with several firms moving to more positive ratings and citing the pivot toward non alcoholic categories following the Britvic deal as a key driver for adjusting fair value assumptions around revenue growth, profit margins and future P/E expectations in DKK terms. Analyst Commentary Recent Street research on Carlsberg centers on how the Britvic acquisition reshapes the group toward non alcoholic categories and how that shift might influence valuation, execution risk and growth optionality in Europe.Narrative Update • Mar 17
CARL B: Non Alcoholic Pivot And Britvic Deal May Support Re Rating
Carlsberg’s analyst fair value estimate has increased from DKK 1,259 to DKK 1,323. Analysts link the higher target to the Britvic acquisition and a strategic shift toward non alcoholic categories, which they view as offering a stronger growth profile than beer.Recent updates
Narrative Update • May 16
CARL B: Britvic Acquisition And Bottling Expansion Will Support Future Rerating
Carlsberg's analyst price target has shifted slightly lower to around DKK 1,299 from roughly DKK 1,314, as analysts factor in updated discount rate and valuation assumptions, while still citing support from recent upgrades and the Britvic acquisition story. Analyst Commentary Recent research points to a mixed but generally constructive view on Carlsberg, with the latest price target adjustments framed against the backdrop of new valuation inputs and the Britvic acquisition.Narrative Update • Apr 29
CARL B: Britvic Acquisition And Non Alcoholic Shift Will Shape Future Multiple
Carlsberg's analyst price target edges up to DKK 1,045, as analysts balance slightly softer revenue growth and profit margin assumptions with a modestly higher future P/E and recent mixed rating and target moves related to the Britvic acquisition and broader sector views. Analyst Commentary Recent research on Carlsberg reflects a mix of optimism around the Britvic acquisition and non-alcoholic exposure, alongside more cautious tweaks to price targets as analysts recalibrate revenue and margin expectations.Narrative Update • Apr 15
CARL B: Non Alcoholic Pivot And Britvic Deal Will Support Rerating
The analyst price target for Carlsberg has been adjusted slightly lower to DKK 1,314 from DKK 1,323, with analysts pointing to modest tweaks in revenue growth, profit margin and future P/E assumptions following recent mixed rating changes and updated views on the Britvic acquisition and broader category mix. Analyst Commentary Recent Street research around Carlsberg has been mixed, but several bullish analysts are highlighting supportive themes around execution, category mix and valuation.Narrative Update • Apr 01
CARL B: Non Alcoholic Shift And Britvic Integration Will Drive Rerating
Carlsberg's analyst price targets have been nudged higher, with several firms moving to more positive ratings and citing the pivot toward non alcoholic categories following the Britvic deal as a key driver for adjusting fair value assumptions around revenue growth, profit margins and future P/E expectations in DKK terms. Analyst Commentary Recent Street research on Carlsberg centers on how the Britvic acquisition reshapes the group toward non alcoholic categories and how that shift might influence valuation, execution risk and growth optionality in Europe.Narrative Update • Mar 17
CARL B: Non Alcoholic Pivot And Britvic Deal May Support Re Rating
Carlsberg’s analyst fair value estimate has increased from DKK 1,259 to DKK 1,323. Analysts link the higher target to the Britvic acquisition and a strategic shift toward non alcoholic categories, which they view as offering a stronger growth profile than beer.
Narrative Update • Mar 03
CARL B: Richer P E And Softer Margins Will Cap Share Upside
Carlsberg's analyst price target has been nudged higher to DKK 785 from about DKK 769, as analysts balance slightly more cautious assumptions on growth and margins with higher expected P/E multiples, reflected in recent target raises from Citi, Deutsche Bank, RBC and BNP Paribas, alongside a downgrade from Nordea. Analyst Commentary Recent research on Carlsberg is mixed.Narrative Update • Feb 17
CARL B: Mixed Rating Shifts Will Shape Multiple Expectations Into 2026
The analyst price target for Carlsberg has been raised from DKK 992 to about DKK 1,042, as analysts factor in recent target increases from several banks and slightly higher assumed future P/E, while also using a higher discount rate and more cautious revenue growth and margin assumptions. Analyst Commentary Recent Street research around Carlsberg points to a mixed but generally constructive set of views, with several bullish analysts lifting price targets while a few more cautious voices adjust ratings or targets down.Analysis Article • Feb 12
Carlsberg's (CPH:CARL B) Conservative Accounting Might Explain Soft Earnings
The market was pleased with the recent earnings report from Carlsberg A/S ( CPH:CARL B ), despite the profit numbers...Narrative Update • Feb 03
CARL B: Higher Margins And Rich P E Leave Little Upside Potential
Carlsberg’s updated analyst price targets show a mixed but generally constructive shift, with modest adjustments around DKK 1,000 as analysts point to slightly firmer revenue, profit margins and forward P/E assumptions in their latest models. Analyst Commentary Recent research on Carlsberg reflects a mix of optimism and caution, with price targets clustered around DKK 1,000 and some variation in how much upside, if any, analysts see from current levels.Analysis Article • Jan 30
Many Still Looking Away From Carlsberg A/S (CPH:CARL B)
It's not a stretch to say that Carlsberg A/S' ( CPH:CARL B ) price-to-earnings (or "P/E") ratio of 16.8x right now...Narrative Update • Jan 20
CARL B: Higher Margins And Mixed Ratings Will Shape Fairly Valued Shares
The analyst fair value estimate for Carlsberg has edged up from DKK 756 to DKK 769, as analysts factor in recent Street research that balances slightly softer revenue growth assumptions with higher profit margin expectations and a lower implied future P/E, along with mixed but generally supportive price target revisions from major banks. Analyst Commentary Recent Street research on Carlsberg presents a mix of optimism and caution, with headline price targets stretching from DKK 769 in the analyst fair value estimate to above DKK 1,000 in some bank research.Narrative Update • Jan 06
CARL B: Overweight Upgrade Signals Stronger Beer Sector Support Into 2026
Analysts have raised their price target for Carlsberg to DKK 975 from DKK 850, citing more supportive views on the beer sector heading into 2026. Analyst Commentary Bullish analysts are leaning into a more constructive view on Carlsberg, using the higher DKK 975 price target to frame what they see as an improved setup for the shares heading into 2026.Narrative Update • Dec 18
CARL B: Share Gains Will Likely Overshoot Weaker European Volume Prospects
Analysts have raised their fair value estimate for Carlsberg from DKK 723 to DKK 756, reflecting a more constructive outlook on revenue growth and sector sentiment that aligns with recent Street upgrades and higher external price targets heading into 2026. Analyst Commentary The recent upgrade of Carlsberg to Overweight at JPMorgan, alongside a higher price target of DKK 975 from DKK 850, underscores a strengthening long term conviction in the brewer’s ability to execute on its growth strategy and benefit from supportive sector dynamics in tobacco and beer heading into 2026.Analysis Article • Dec 05
Is Carlsberg (CPH:CARL B) Using Too Much Debt?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Narrative Update • Dec 04
CARL B: Rising Sector Confidence Will Support Multiple Expansion Into 2026
Analysts have nudged their price target for Carlsberg higher, from about DKK 973 to DKK 992, citing a more constructive long term view on the beer sector and a slightly richer future valuation multiple despite modestly softer growth expectations. Analyst Commentary Analyst reactions to Carlsberg's updated outlook reflect a generally constructive stance, with particular focus on the company’s positioning into 2026 and its ability to sustain disciplined execution in a slower growth environment.Analysis Article • Oct 28
Sentiment Still Eluding Carlsberg A/S (CPH:CARL B)
There wouldn't be many who think Carlsberg A/S' ( CPH:CARL B ) price-to-earnings (or "P/E") ratio of 15.4x is worth a...Narrative Update • Sep 04
India And China Expansion Will Unlock Premium Market Potential
With both consensus revenue growth (7.2% p.a.) and net profit margin (9.97%) forecasts unchanged, analysts have left Carlsberg’s fair value estimate steady at DKK972.95. Valuation Changes Summary of Valuation Changes for Carlsberg The Consensus Analyst Price Target remained effectively unchanged, at DKK972.95.Analysis Article • Jul 14
Returns On Capital Are Showing Encouraging Signs At Carlsberg (CPH:CARL B)
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Amongst other...Analysis Article • Jun 16
Carlsberg A/S' (CPH:CARL B) Business Is Trailing The Market But Its Shares Aren't
With a price-to-earnings (or "P/E") ratio of 18x Carlsberg A/S ( CPH:CARL B ) may be sending bearish signals at the...
New Narrative • Feb 09
Accelerate SAIL Strategy And Britvic Acquisition Will Strengthen Future Market Position
Strategic acquisitions and market entries are poised to drive long-term growth, supporting revenue and market expansion.Shareholder Returns
| CARL B | DK Beverage | DK Market | |
|---|---|---|---|
| 7D | -1.6% | -3.5% | 0.4% |
| 1Y | -10.1% | -4.2% | -16.8% |
Return vs Industry: CARL B underperformed the Danish Beverage industry which returned -4.2% over the past year.
Return vs Market: CARL B exceeded the Danish Market which returned -16.8% over the past year.
Price Volatility
| CARL B volatility | |
|---|---|
| CARL B Average Weekly Movement | 4.0% |
| Beverage Industry Average Movement | 3.9% |
| Market Average Movement | 4.9% |
| 10% most volatile stocks in DK Market | 9.2% |
| 10% least volatile stocks in DK Market | 2.9% |
Stable Share Price: CARL B has not had significant price volatility in the past 3 months compared to the Danish market.
Volatility Over Time: CARL B's weekly volatility (4%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1847 | 36,527 | Jacob Aarup-Andersen | www.carlsberggroup.com |
Carlsberg A/S produces and markets beer, soft drinks, and other beverage products in Denmark, China, the United Kingdom, and internationally. The company offers abbey beer, alcohol-free drinks, ale, American dark lager, Belgian ale, Belgian pale ale, bock, Bosomian Pilsners, brown ale, cider, dark lager, dubbel, energy drink, English pale ale, European dark and strong lager, European lager and pale lager, fruit beer, golden ale, hard seltzer, Hefeweizen, India pale ale, juices, Kellerbier, Kvass, lager, light beer, light pilsners, march beer, mead, mild lager, Münich, organic, pale ale, pale lager, pilsner, radler, ready-to-drink, red ale, seasonal brews, session, soft drink, sour, specialty, stout, strong pilsner, Vienna, water, wheat beer, white lager, and witbier under various brands. The company was founded in 1847 and is headquartered in Copenhagen, Denmark.
Carlsberg A/S Fundamentals Summary
| CARL B fundamental statistics | |
|---|---|
| Market cap | DKK 117.84b |
| Earnings (TTM) | DKK 5.96b |
| Revenue (TTM) | DKK 89.10b |
18.8x
P/E Ratio1.3x
P/S RatioIs CARL B overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| CARL B income statement (TTM) | |
|---|---|
| Revenue | DKK 89.10b |
| Cost of Revenue | DKK 48.86b |
| Gross Profit | DKK 40.24b |
| Other Expenses | DKK 34.28b |
| Earnings | DKK 5.96b |
Last Reported Earnings
Dec 31, 2025
Next Earnings Date
Aug 19, 2026
| Earnings per share (EPS) | 45.05 |
| Gross Margin | 45.16% |
| Net Profit Margin | 6.68% |
| Debt/Equity Ratio | 220.7% |
How did CARL B perform over the long term?
See historical performance and comparisonDividends
3.4%
Current Dividend Yield64%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/02 17:24 |
| End of Day Share Price | 2026/06/02 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
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.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* 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.
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 Github.
Analyst Sources
Carlsberg A/S is covered by 43 analysts. 22 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| null null | ABG Sundal Collier |
| Anthony Bucalo | Banco Santander |
| Alexandra Oldroyd | Barclays |