Carlsberg A/S

CPSE:CARL B Stock Report

Market Cap: DKK 122.9b

Carlsberg Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of CARL B when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: CARL B (DKK914.8) is trading below our estimate of future cash flow value (DKK2357.11)

Significantly Below Future Cash Flow Value: CARL B is trading below future cash flow value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for CARL B. This is calculated by dividing CARL B's market cap by their current earnings.
What is CARL B's PE Ratio?
PE Ratio20.3x
EarningsDKK 5.96b
Market CapDKK 122.91b

Price to Earnings Ratio vs Peers

How does CARL B's PE Ratio compare to its peers?

The above table shows the PE ratio for CARL B vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.1x
RBREW Royal Unibrew
18.7x7.61%DKK 29.1b
HARB B Harboes Bryggeri
16xn/aDKK 478.0m
2502 Asahi Group Holdings
13.9x8.32%JP¥2.4t
HEIO Heineken Holding
19.8xn/a€18.8b
CARL B Carlsberg
20.3x13.23%DKK 122.9b

Price-To-Earnings vs Peers: CARL B is expensive based on its Price-To-Earnings Ratio (20.3x) compared to the peer average (17.1x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does CARL B's PE Ratio compare vs other companies in the European Beverage Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CARL B 20.3xIndustry Avg. 17.4xNo. of Companies9PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CARL B is expensive based on its Price-To-Earnings Ratio (20.3x) compared to the European Beverage industry average (17.6x).

Price to Earnings Ratio vs Fair Ratio

What is CARL B'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.

CARL B PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.3x
Fair PE Ratio20.1x

Price-To-Earnings vs Fair Ratio: CARL B is expensive based on its Price-To-Earnings Ratio (20.3x) compared to the estimated Fair Price-To-Earnings Ratio (20.1x).

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 CARL B forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentDKK 914.80
DKK 1,052.18
+15.02%
12.71%DKK 1,430.00DKK 780.00n/a22
Feb ’27DKK 853.00
DKK 1,000.57
+17.30%
12.62%DKK 1,390.00DKK 769.00n/a21
Jan ’27DKK 835.20
DKK 992.45
+18.83%
13.44%DKK 1,415.00DKK 756.00n/a20
Dec ’26DKK 810.60
DKK 979.95
+20.89%
14.09%DKK 1,415.00DKK 756.00n/a20
Nov ’26DKK 761.60
DKK 974.20
+27.91%
14.74%DKK 1,415.00DKK 756.00n/a20
Oct ’26DKK 751.80
DKK 972.95
+29.42%
14.33%DKK 1,350.00DKK 723.00n/a19
Sep ’26DKK 781.00
DKK 972.95
+24.58%
14.46%DKK 1,350.00DKK 723.00n/a19
Aug ’26DKK 824.60
DKK 979.29
+18.76%
14.86%DKK 1,350.00DKK 692.00n/a21
Jul ’26DKK 907.60
DKK 975.48
+7.48%
14.00%DKK 1,270.00DKK 692.00n/a21
Jun ’26DKK 939.20
DKK 966.38
+2.89%
15.34%DKK 1,270.00DKK 671.00n/a21
May ’26DKK 897.80
DKK 967.33
+7.74%
15.36%DKK 1,270.00DKK 671.00n/a21
Apr ’26DKK 876.60
DKK 950.95
+8.48%
15.29%DKK 1,190.00DKK 650.00n/a20
Mar ’26DKK 901.40
DKK 936.20
+3.86%
16.45%DKK 1,190.00DKK 650.00DKK 983.2020
Feb ’26DKK 754.60
DKK 934.40
+23.83%
18.02%DKK 1,230.00DKK 620.00DKK 853.0020
Jan ’26DKK 690.00
DKK 971.83
+40.85%
16.67%DKK 1,230.00DKK 620.00DKK 835.2018
Dec ’25DKK 726.80
DKK 1,005.18
+38.30%
12.39%DKK 1,230.00DKK 698.00DKK 810.6017
Nov ’25DKK 761.80
DKK 1,038.41
+36.31%
10.67%DKK 1,230.00DKK 829.49DKK 761.6016
Oct ’25DKK 792.20
DKK 1,041.88
+31.52%
10.20%DKK 1,230.00DKK 870.00DKK 751.8016
Sep ’25DKK 792.00
DKK 1,054.50
+33.14%
11.30%DKK 1,230.00DKK 850.00DKK 781.0016
Aug ’25DKK 829.40
DKK 1,081.25
+30.37%
7.95%DKK 1,230.00DKK 890.00DKK 824.6016
Jul ’25DKK 844.00
DKK 1,082.50
+28.26%
6.64%DKK 1,230.00DKK 970.00DKK 907.6016
Jun ’25DKK 929.00
DKK 1,067.11
+14.87%
8.22%DKK 1,230.00DKK 840.00DKK 939.2018
May ’25DKK 936.20
DKK 1,066.00
+13.86%
8.21%DKK 1,230.00DKK 840.00DKK 897.8018
Apr ’25DKK 943.60
DKK 1,059.89
+12.32%
7.23%DKK 1,150.00DKK 840.00DKK 876.6018
Mar ’25DKK 936.80
DKK 1,060.68
+13.22%
8.22%DKK 1,150.00DKK 840.00DKK 901.4019
DKK 1.05k
Fair Value
13.1% undervalued intrinsic discount
22
Number of Analysts

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/03/05 11:00
End of Day Share Price 2026/03/05 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

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.

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 41 analysts. 21 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Anthony BucaloBanco Santander
Alexandra OldroydBarclays