Valuation Carlsberg A/S

Equities

Real-time Estimate Cboe Europe Other stock markets 10:05:07 14/01/2026 GMT			5-day change	1st Jan Change
849.80 ^DKK	+1.55%		+4.09%	+1.82%

01-13	Next Heineken CEO needs to get beer sales flowing again	RE
01-13	Next Heineken CEO needs to get beer sales flowing again	RE

Data adjusted to current consolidation scope

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	142,676	163,149	133,594	122,775	95,313	116,023	116,023	-
Change	-	14.35%	-18.12%	-8.1%	-22.37%	21.73%	0%	-
Enterprise Value (EV) ¹	163,939	182,311	152,920	145,126	122,670	175,929	172,376	167,992
Change	-	11.21%	-16.12%	-5.1%	-15.47%	43.42%	-2.02%	-2.54%
P/E ratio	23.7x	23.8x	-121x	-2.83x	10x	15.6x	13.4x	12.1x
PBR	3.6x	3.65x	3.97x	4.89x	3.28x	3.52x	3.11x	2.75x
PEG	-	1.6x	1x	-0x	-0x	-0.7x	0.8x	1.1x
Capitalization / Revenue	2.44x	2.45x	1.9x	1.67x	1.27x	1.3x	1.25x	1.2x
EV / Revenue	2.8x	2.74x	2.18x	1.97x	1.64x	1.96x	1.85x	1.74x
EV / EBITDA	11.6x	11.8x	9.77x	9.56x	7.77x	9.4x	8.78x	8.02x
EV / EBIT	16.9x	16.8x	13.3x	13.1x	10.8x	12.9x	12x	10.9x
EV / FCF	32.4x	20.5x	15.5x	29.8x	12.5x	27x	20x	17.1x
FCF Yield	3.08%	4.87%	6.46%	3.36%	7.98%	3.7%	5%	5.85%
Dividend per Share ²	22	24	27	27	27	28.62	30.89	33.86
Rate of return	2.26%	2.12%	2.92%	3.19%	3.91%	3.42%	3.69%	4.05%
EPS ²	41.1	47.4	-7.6	-299.7	68.7	53.57	62.3	69.44
Distribution rate	53.5%	50.6%	-355%	-9.01%	39.3%	53.4%	49.6%	48.8%
Net sales ¹	58,541	66,634	70,265	73,585	75,011	89,534	93,049	96,379
EBITDA ¹	14,085	15,474	15,657	15,179	15,781	18,714	19,640	20,943
EBIT ¹	9,699	10,862	11,470	11,105	11,411	13,606	14,329	15,401
Net income ¹	6,030	6,846	-1,063	-40,788	9,116	7,245	8,411	9,390
Net Debt ¹	21,263	19,162	19,326	22,351	27,357	59,906	56,353	51,969
Reference price ²	975.20	1,129.50	923.20	846.80	690.00	836.80	836.80	836.80
Nbr of stocks (in thousands)	145,102	141,892	137,341	134,114	132,079	132,079	132,079	-
Announcement Date	05/02/21	04/02/22	07/02/23	07/02/24	06/02/25	-	-	-

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	15.62x	1.96x	9.4x	3.42%	18.07B
ANHEUSER-BUSCH INBEV SA/NV	19.73x	3.17x	8.86x	1.88%	130B
HEINEKEN N.V.	18.06x	1.79x	8.12x	2.81%	43.07B
AMBEV S.A.	14.39x	2.19x	6.73x	6.81%	40.24B
CONSTELLATION BRANDS, INC.	14.87x	4.13x	11.16x	2.67%	26.56B
HEINEKEN HOLDING N.V.	17.77x	-	-	-	19.68B
ASAHI GROUP HOLDINGS, LTD.	14.05x	1.25x	8.7x	3.09%	15.18B
BUDWEISER BREWING COMPANY APAC LIMITED	21.46x	1.82x	6.56x	5.36%	13.17B
KIRIN HOLDINGS COMPANY, LIMITED	12.95x	1.11x	8.51x	3.17%	12.06B
Average	16.54x	2.18x	8.50x	3.65%	35.38B
Weighted average by Cap.	17.61x	2.61x	8.58x	3.11%