CARL-B Stock Analysis: Carlsberg | CO
Beverages - Brewers | CO, Denmark | Market Cap: 122.497m DKK | 12M Return: 10.8% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 174M
EPS Trend: 29.4%
Qual. Beats: 0
Rev. Trend: 91.4%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 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: 6.16b 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 (64.0b) to EBITDA (16.5b): 3.89 < 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: 1.25 (Receivables 10.7b/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 = -2.54 (Cap -4..+1) = A |
As of July 29, 2026, the stock is trading at DKK 914.00 with a total of 120,986 shares traded. Over the past week, the price has changed by -1.44%, over one month by +4.53%, over three months by +13.46% and over the past year by +10.75%.
Current recommended Stop Loss: 887.60 (which is 2.9% or 1.3 ATR below the current price).
Carlsberg has no consensus analysts rating.
P/E Trailing = 20.9935
P/E Forward = 14.556
P/S = 1.3796
P/B = 4.4086
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 = 73.5b DKK (from shortLongTermDebtTotal, last quarter) + Leases 2.91b
Net Debt = 64.0b DKK (calculated: Debt 73.5b - CCE 9.59b)
Enterprise Value = 186b DKK (122b + Debt 73.5b - CCE 9.59b)
Interest Coverage Ratio = 2.52 (Ebit TTM 11.0b / Interest Expense TTM 4.38b)
EV/FCF = 25.46x (Enterprise Value 186b / FCF TTM 7.32b)
FCF Yield = 3.93% (FCF TTM 7.32b / Enterprise Value 186b)
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 = 1.21 (Enterprise Value 186b / Total Assets 154b)
Interest Expense / Debt = 5.96% (Interest Expense 4.38b / Debt 73.5b)
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 = 2.64 (Debt 73.5b / totalStockholderEquity, last quarter 27.8b)
Debt / EBITDA = 3.89 (Net Debt 64.0b / EBITDA 16.5b)
Debt / FCF = 8.73 (Net Debt 64.0b / 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 = 5.15% (E(122b)/V(196b) * Re(5.48%) + D(73.5b)/V(196b) * Rd(5.96%) * (1-Tc(0.23)))
Discount Rate = 5.48% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -91.24 | Cagr: -1.84%
[DCF] Terminal Value 76.41% ; FCFF base≈7.11b ; Y1≈7.60b ; Y5≈9.12b
[DCF] Fair Price = 772.8 (EV 140b - Net Debt 64.0b = Equity 76.1b / 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 (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=64.85 | Chg30d=+0.02% | Revisions=+0% | GrowthEPS=+44.4% | GrowthRev=+4.2%
[Analyst] Revisions Ratio: -18% (up=12, down=18)