(CARL-B) Carlsberg - CO
Sector: Consumer Defensive | Industry: Beverages - Brewers | Exchange: CO (Denmark) | Market Cap: 111.421m DKK | Total Return: -3.9% in 12m
Avg Turnover: 194M
EPS Trend: 29.4%
Qual. Beats: 0
Rev. Trend: 91.4%
Qual. Beats: 0
Warnings
Altman Z'' 0.57 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
Carlsberg A/S is a Denmark-based global brewer established in 1847 that produces and distributes beer, soft drinks, and other beverages. The company maintains a diversified geographic presence with core operations across Western Europe, Asia, and Central and Eastern Europe.
As a major player in the Consumer Staples sector, Carlsberg operates under a high-volume business model that relies on extensive supply chain logistics and brand equity. The brewing industry is characterized by significant economies of scale and geographic market concentration, where local production facilities are often used to minimize transportation costs for heavy liquid goods.
- Premiumization strategy drives revenue growth through high-margin craft and specialty brands
- Volume growth in Asian markets offsets stagnant demand in Western Europe
- Input cost volatility and energy prices impact operating margins across supply chains
- Strategic acquisitions and brand portfolio expansion enhance market share in emerging economies
| Net Income: 6.16b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA -1.24 > 1.0 |
| NWC/Revenue: -21.66% < 20% (prev -26.27%; Δ 4.61% < -1%) |
| CFO/TA 0.12 > 3% & CFO 18.7b > Net Income 6.16b |
| Net Debt (66.3b) to EBITDA (16.5b): 4.03 < 3 |
| Current Ratio: 0.60 > 1.5 & < 3 |
| Outstanding Shares: last quarter (133.0m) vs 12m ago -1.75% < -2% |
| Gross Margin: 42.33% > 18% (prev 45.91%; Δ -3.58% > 0.5%) |
| Asset Turnover: 66.67% > 50% (prev 66.16%; Δ 0.51% > 0%) |
| Interest Coverage Ratio: 2.52 > 6 (EBIT TTM 11.0b / Interest Expense TTM 4.38b) |
| A: -0.13 (Total Current Assets 29.2b - Total Current Liabilities 48.5b) / Total Assets 154b |
| B: 0.18 (Retained Earnings 28.3b / Total Assets 154b) |
| C: 0.08 (EBIT TTM 11.0b / Avg Total Assets 134b) |
| D: 0.23 (Book Value of Equity 27.8b / Total Liabilities 123b) |
| Altman-Z'' = 0.57 = B |
| DSRI: 1.30 (Receivables 11.1b/7.20b, Revenue 89.1b/75.0b) |
| GMI: 1.08 (GM 45.91% / 42.33%) |
| AQI: 1.13 (AQ_t 0.60 / AQ_t-1 0.53) |
| SGI: 1.19 (Revenue 89.1b / 75.0b) |
| TATA: -0.08 (NI 6.16b - CFO 18.7b) / TA 154b) |
| Beneish M = -2.50 (Cap -4..+1) = A |
As of June 20, 2026, the stock is trading at DKK 833.20 with a total of 194,874 shares traded.
Over the past week, the price has changed by -2.30%,
over one month by +0.24%,
over three months by -1.58% and
over the past year by -3.93%.
Carlsberg has no consensus analysts rating.
P/E Trailing = 18.7751
P/E Forward = 13.0039
P/S = 1.2506
P/B = 3.9817
P/EG = 1.9112
Revenue TTM = 89.1b DKK
EBIT TTM = 11.0b DKK
EBITDA TTM = 16.5b DKK
Long Term Debt = 59.1b DKK (from longTermDebt, last quarter)
Short Term Debt = 9.17b DKK (from shortTermDebt, last quarter)
Debt = 75.8b DKK (from shortLongTermDebtTotal, last quarter) + Leases 2.91b
Net Debt = 66.3b DKK (calculated: Debt 75.8b - CCE 9.59b)
Enterprise Value = 178b DKK (111b + Debt 75.8b - CCE 9.59b)
Interest Coverage Ratio = 2.52 (Ebit TTM 11.0b / Interest Expense TTM 4.38b)
EV/FCF = 24.27x (Enterprise Value 178b / FCF TTM 7.32b)
FCF Yield = 4.12% (FCF TTM 7.32b / Enterprise Value 178b)
FCF Margin = 8.22% (FCF TTM 7.32b / Revenue TTM 89.1b)
Net Margin = 6.91% (Net Income TTM 6.16b / Revenue TTM 89.1b)
Gross Margin = 42.33% ((Revenue TTM 89.1b - Cost of Revenue TTM 51.4b) / Revenue TTM)
Gross Margin QoQ = 38.38% (prev 46.04%)
Tobins Q-Ratio = 1.15 (Enterprise Value 178b / Total Assets 154b)
Interest Expense / Debt = 5.78% (Interest Expense 4.38b / Debt 75.8b)
Taxrate = 22.90% (2.07b / 9.05b)
NOPAT = 8.51b (EBIT 11.0b * (1 - 22.90%))
Current Ratio = 0.60 (Total Current Assets 29.2b / Total Current Liabilities 48.5b)
Debt / Equity = 2.73 (Debt 75.8b / totalStockholderEquity, last quarter 27.8b)
Debt / EBITDA = 4.03 (Net Debt 66.3b / EBITDA 16.5b)
Debt / FCF = 9.05 (Net Debt 66.3b / FCF TTM 7.32b)
Total Stockholder Equity = 25.6b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.61% (Net Income 6.16b / Total Assets 154b)
RoE = 24.08% (Net Income TTM 6.16b / Total Stockholder Equity 25.6b)
RoCE = 13.02% (EBIT 11.0b / Capital Employed (Equity 25.6b + L.T.Debt 59.1b))
RoIC = 7.72% (NOPAT 8.51b / Invested Capital 110b)
WACC = 5.16% (E(111b)/V(187b) * Re(5.63%) + D(75.8b)/V(187b) * Rd(5.78%) * (1-Tc(0.23)))
Discount Rate = 5.63% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -79.57 | Cagr: -1.84%
[DCF] Terminal Value 76.41% ; FCFF base≈7.11b ; Y1≈7.60b ; Y5≈9.12b
[DCF] Fair Price = 749.4 (EV 140b - Net Debt 66.3b = Equity 73.8b / Shares 98.5m; r=8.35% [WACC [floored]]; 5y FCF grow 7.77% → 2.50% )
EPS Correlation: 29.37 | EPS CAGR: 0.96% | SUE: -0.55 | # QB: 0
Revenue Correlation: 91.45 | Revenue CAGR: 16.68% | SUE: -0.07 | # QB: 0
EPS current Quarter (2026-06-30): EPS=23.48 | Chg30d=+0.78% | Revisions=+20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=23.48 | Chg30d=+0.78% | Revisions=+20% | Analysts=1
EPS current Year (2026-12-31): EPS=64.84 | Chg30d=+0.03% | Revisions=+50% | GrowthEPS=+44.4% | GrowthRev=+4.2%
EPS next Year (2027-12-31): EPS=70.73 | Chg30d=-0.21% | Revisions=+13% | GrowthEPS=+9.1% | GrowthRev=+3.6%
[Analyst] Revisions Ratio: +50%