Valuation Carlsberg A/S

Equities

Market Closed - Nasdaq Copenhagen Other stock markets 16:20:00 13/05/2026 BST			5-day change	1st Jan Change
830.60 ^DKK	-1.63%		-4.99%	-0.55%

05-12	Fitch Ratings upgrades Carlsberg outlook to stable	FW
05-07	The Rally Spreads

Data adjusted to current consolidation scope

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Capitalization ¹	163,149	133,594	122,775	95,313	113,844	115,491	-	-
Change	-	-18.12%	-8.1%	-22.37%	19.44%	1.45%	-	-
Enterprise Value (EV) ¹	182,311	152,920	145,126	122,670	175,461	171,999	168,041	164,477
Change	-	-16.12%	-5.1%	-15.47%	43.03%	-1.97%	-2.3%	-2.12%
P/E ratio	23.8x	-121x	-2.83x	10x	18.5x	13.7x	12.3x	11.2x
PBR	3.65x	3.97x	4.89x	3.28x	3.97x	3.28x	2.95x	2.72x
PEG	-	1x	-0x	-0x	-0.5x	0.4x	1.1x	1.1x
Capitalization / Revenue	2.45x	1.9x	1.67x	1.27x	1.28x	1.24x	1.2x	1.16x
EV / Revenue	2.74x	2.18x	1.97x	1.64x	1.97x	1.85x	1.75x	1.65x
EV / EBITDA	11.8x	9.77x	9.56x	7.77x	9.34x	8.65x	7.99x	7.41x
EV / EBIT	16.8x	13.3x	13.1x	10.8x	13.1x	11.9x	10.9x	10x
EV / FCF	20.5x	15.5x	29.8x	12.5x	-8.1x	20.3x	17.9x	16x
FCF Yield	4.87%	6.46%	3.36%	7.98%	-12.3%	4.93%	5.58%	6.25%
Dividend per Share ²	24	27	27	27	29	31.25	34.09	37.05
Rate of return	2.12%	2.92%	3.19%	3.91%	3.47%	3.76%	4.1%	4.46%
EPS ²	47.4	-7.6	-299.7	68.7	45.1	60.72	67.38	74.39
Distribution rate	50.6%	-355%	-9.01%	39.3%	64.3%	51.5%	50.6%	49.8%
Net sales ¹	66,634	70,265	73,585	75,011	89,095	92,805	96,201	99,783
EBITDA ¹	15,474	15,657	15,179	15,781	18,784	19,883	21,025	22,197
EBIT ¹	10,862	11,470	11,105	11,411	13,356	14,508	15,440	16,385
Net income ¹	6,846	-1,063	-40,788	9,116	5,955	7,869	8,777	9,582
Net Debt ¹	19,162	19,326	22,351	27,357	61,617	56,508	52,550	48,987
Reference price ²	1,129.50	923.20	846.80	690.00	835.20	830.60	830.60	830.60
Nbr of stocks (in thousands)	141,892	137,341	134,114	132,079	132,079	132,172	-	-
Announcement Date	04/02/22	07/02/23	07/02/24	06/02/25	04/02/26	-	-	-

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	13.91x	1.88x	8.77x	3.7%	18.5B
ANHEUSER-BUSCH INBEV SA/NV	17.33x	3.33x	9.21x	1.8%	156B
AMBEV S.A.	16.05x	2.53x	7.53x	5.82%	51.07B
HEINEKEN N.V.	13.89x	1.7x	7.52x	3.12%	41.25B
CONSTELLATION BRANDS, INC.	12.3x	3.85x	10.19x	2.96%	24.54B
ASAHI GROUP HOLDINGS, LTD.	14.68x	1.21x	8.79x	3.34%	14.08B
KIRIN HOLDINGS COMPANY, LIMITED	11.6x	1.11x	7.78x	3.19%	12.65B
CHINA RESOURCES BEER (HOLDINGS) COMPANY LIMITED	13.26x	1.78x	6.75x	4.58%	11.32B
Average	14.13x	2.17x	8.32x	3.56%	41.12B
Weighted average by Cap.	15.66x	2.73x	8.63x	3%