CARL-B Stock Analysis: Carlsberg | CO
Beverages - Brewers | CO, Denmark | Market Cap: 115.677m DKK | 12M Return: 17.1% | DK0010181759 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 191M
EPS Trend: 29.4%
Qual. Beats: 0
Rev. Trend: 92.7%
Qual. Beats: 1
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Carlsberg A/S (CARL-B) is a Denmark-headquartered beverage company founded in 1847, producing and marketing beer, soft drinks, and other beverage products across Western Europe, Asia, Central and Eastern Europe, India, and other international markets. Classified within the Consumer Staples sector and the Brewers sub-industry, it is a large-cap stock with a market capitalization of approximately $17.1 billion USD.
As a global brewer, Carlsberg operates in a sector characterized by mature demand in developed Western European markets and growth potential in emerging regions such as Asia and Eastern Europe. The inclusion of soft drinks and other non-alcoholic beverages in its portfolio reflects a broader industry trend among major brewers to diversify revenue streams beyond traditional beer, reducing exposure to alcohol-specific regulatory or consumption risks.
- Russia exit completed, capital returns to shareholders accelerate
- Premium beer volumes drive Asia and India revenue growth
- Aluminum and barley costs pressure gross margins
| Net Income: 6.39b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA 1.34 > 1.0 |
| NWC/Revenue: -20.72% < 20% (prev -18.32%; Δ -2.41% < -1%) |
| CFO/TA 0.09 > 3% & CFO 15.0b > Net Income 6.39b |
| Net Debt (66.8b) to EBITDA (16.6b): 4.02 < 3 |
| Current Ratio: 0.66 > 1.5 & < 3 |
| Outstanding Shares: last quarter (132.2m) vs 12m ago -2.33% < -2% |
| Gross Margin: 42.11% > 18% (prev 45.81%; Δ -3.70% > 0.5%) |
| Asset Turnover: 56.73% > 50% (prev 53.07%; Δ 3.66% > 0%) |
| Interest Coverage Ratio: 3.77 > 6 (EBIT TTM 10.8b / Interest Expense TTM 2.87b) |
| A: -0.11 (Total Current Assets 36.0b - Total Current Liabilities 54.7b) / Total Assets 164b |
| B: 0.17 (Retained Earnings 28.3b / Total Assets 164b) |
| C: 0.07 (EBIT TTM 10.8b / Avg Total Assets 159b) |
| D: 0.22 (Book Value of Equity 28.5b / Total Liabilities 132b) |
| Altman-Z'' = 0.49 = B |
| DSRI: 1.42 (Receivables 18.4b/11.8b, Revenue 90.3b/82.1b) |
| GMI: 1.09 (GM 45.81% / 42.11%) |
| AQI: 0.99 (AQ_t 0.57 / AQ_t-1 0.58) |
| SGI: 1.10 (Revenue 90.3b / 82.1b) |
| TATA: -0.05 (NI 6.39b - CFO 15.0b) / TA 164b) |
| Beneish M = -2.54 (Cap -4..+1) = A |
As of September 08, 2026, the stock is trading at DKK 871.00 with a total of 218,382 shares traded. Over the past week, the price has changed by -1.40%, over one month by -8.26%, over three months by +5.52% and over the past year by +17.12%.
Current recommended Stop Loss: 841.80 (which is 3.4% or 1.5 ATR below the current price).
Carlsberg has no consensus analysts rating.
P/E Trailing = 18.169
P/E Forward = 11.9904
P/S = 1.284
P/B = 2.7563
P/EG = 1.9112
Revenue TTM = 90.3b DKK
EBIT TTM = 10.8b DKK
EBITDA TTM = 16.6b DKK
Long Term Debt = 59.1b DKK (from longTermDebt, last fiscal year)
Short Term Debt = 8.97b DKK (from shortTermDebt, last quarter)
Debt = 76.5b DKK (from shortLongTermDebtTotal, last quarter) + Leases 2.91b
Net Debt = 66.8b DKK (calculated: Debt 76.5b - CCE 9.65b)
Enterprise Value = 183b DKK (116b + Debt 76.5b - CCE 9.65b)
Interest Coverage Ratio = 3.77 (Ebit TTM 10.8b / Interest Expense TTM 2.87b)
EV/FCF = 21.40x (Enterprise Value 183b / FCF TTM 8.53b)
FCF Yield = 4.67% (FCF TTM 8.53b / Enterprise Value 183b)
FCF Margin = 9.45% (FCF TTM 8.53b / Revenue TTM 90.3b)
Net Margin = 7.08% (Net Income TTM 6.39b / Revenue TTM 90.3b)
Gross Margin = 42.11% ((Revenue TTM 90.3b - Cost of Revenue TTM 52.3b) / Revenue TTM)
Gross Margin QoQ = 45.53% (prev 38.38%)
Tobins Q-Ratio = 1.11 (Enterprise Value 183b / Total Assets 164b)
Interest Expense / Debt = 3.75% (Interest Expense 2.87b / Debt 76.5b)
Taxrate = 22.88% (2.14b / 9.36b)
NOPAT = 8.32b (EBIT 10.8b * (1 - 22.88%))
Current Ratio = 0.66 (Total Current Assets 36.0b / Total Current Liabilities 54.7b)
Debt / Equity = 2.69 (Debt 76.5b / totalStockholderEquity, last quarter 28.5b)
Debt / EBITDA = 4.02 (Net Debt 66.8b / EBITDA 16.6b)
Debt / FCF = 7.83 (Net Debt 66.8b / FCF TTM 8.53b)
Total Stockholder Equity = 27.3b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.02% (Net Income 6.39b / Total Assets 164b)
RoE = 23.45% (Net Income TTM 6.39b / Total Stockholder Equity 27.3b)
RoCE = 12.49% (EBIT 10.8b / Capital Employed (Equity 27.3b + L.T.Debt 59.1b))
RoIC = 7.34% (NOPAT 8.32b / Invested Capital 113b)
WACC = 4.52% (E(116b)/V(192b) * Re(5.59%) + D(76.5b)/V(192b) * Rd(3.75%) * (1-Tc(0.23)))
Discount Rate = 5.59% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -91.44 | Cagr: -2.92%
[DCF] Terminal Value 77.97% ; FCFF base≈7.51b ; Y1≈8.61b ; Y5≈12.7b
[DCF] Fair Price = 1.26k (EV 191b - Net Debt 66.8b = Equity 124b / Shares 98.5m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 29.37 | EPS CAGR: 0.96% | SUE: -0.55 | # QB: 0
Revenue Correlation: 92.72 | Revenue CAGR: 19.92% | SUE: 2.19 | # QB: 1
EPS current Quarter (2025-06-30): EPS=12.57 | Chg30d=+2.87% | Revisions=-25% | Analysts=1
EPS next Quarter (2025-09-30): EPS=20.72 | Chg30d=+0.07% | Revisions=+25% | Analysts=1
EPS current Year (2025-12-31): EPS=57.97 | Chg30d=-0.08% | Revisions=-29% | GrowthEPS=+12.3% | GrowthRev=+19.6%
EPS next Year (2026-12-31): EPS=64.39 | Chg30d=-0.81% | Revisions=+0% | GrowthEPS=+43.4% | GrowthRev=+3.8%
[Analyst] Revisions Ratio: -21% (up=10, down=16)